Ascent Resources plc said its Slovenia partner’s administrator had terminated the restated joint operating agreement (RJOA) on the same date as the opening of its partner’s insolvency proceedings. PRECAUTION The termination is under default rules of Slovenian Obligations Code. The Petišovci onshore gas joint venture is between Ascent Slovenia Ltd (ASL) and Geoenergo d.o.o. which […]
Tag: UK-Slovenia Bilateral Investment Treaty
Ascent secures ATE insurance for €656.5m damages against Slovenia
Ascent Resources plc has secured after the event (ATE) insurance in relation to the €656.5 million Energy Charter Treaty damages claim over gas exploration against the Republic of Slovenia. PRE-EMPTIVE ACTION The company began its action after delays to and a dispute over the joint venture project within the Petišovci concession area. An ATE insurance […]
Ascent completes legal funding for claim against Slovenia
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 secures non-recourse funding for Slovenia claim
Ascent Resources plc announced it had signed a binding damages-based agreement for its arbitration claim against the Republic of Slovenia. ARBITRATION Ascent said that the agreement was with Enyo Law LLP who filed the notice of dispute and represented the company in the pre-arbitration negotiations. The agreement will start arbitration proceedings against Slovenia under the […]