Ascent Resources plc plans to appoint US-based geologist David Patterson as chief executive officer and director following the company’s next general meeting. STRATEGY He replaces Andrew Dennan who decided not to stand for re-election at the forthcoming general meeting as the company refocuses its interests on the USA. Mr Dennan continues to work with the […]
Tag: Slovenia
Ascent raises £600,000 via placing and restructures debt
Ascent Resources plc has raised £600,000 in a placing and restructured its debt with lender Riverfort. DISCOUNT The company issued 15,000,000 new ordinary shares of 0.5 pence each to new and existing shareholders, at a price of 4 pence per placing share. The placing price represents an approximate 5% discount to the closing mid-market price […]
Ascent JV initiates mediation process in Slovenia
Ascent Resources plc today said that it and its local joint venture (JV) partner, Geoenergo, had agreed to initiate the dispute resolution mechanism in their contract and initiated the mediation process in Slovenia. The company added that a Court of Appeal, High Court Ljubljana judge had now been appointed as the mediator between the joint […]
Ascent completes legal funding for Slovenia claim
Ascent Resources plc said it had signed a binding damages-based “no win no fee” agreement to appoint Enyo Law LLP for its arbitration claim against Slovenia. TREATIES The claim is based on breaches of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral Investment Treaty (BIT). Enyo represented Ascent in last year’s pre-arbitration negotiations with Slovenia. FRUSTRATION […]
Ascent notifies Slovenia of further treaty breaches
Ascent Resources plc said it had formally notified the Slovenian Government of further claims of treaty breaches over its hydrocarbon operations in the country. COMMITTED The company refers to the UK-Slovenia Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT). Ascent added that Slovenia’s recent actions include a ban on “holders of mining rights […]
Ascent faces legal block to some gas workstreams in Slovenia
Ascent Resources plc said that, due to a legal amendment, it did not expect to complete certain work relating to hydraulic stimulation of its operating gas wells in Slovenia. LAW AMENDMENTS The company also expects to increase its claim for damages due to a further breach of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral […]