Ascent Resources PLC Slovenia dispute settlement update (9186P)
22 February 2021 - 11:32PM
UK Regulatory
TIDMAST
RNS Number : 9186P
Ascent Resources PLC
22 February 2021
22 February 2021
Ascent Resources plc
("Ascent" or the "Company")
Slovenia Dispute Settlement Update
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic
American and European focused energy and natural resources company,
provides an update on Ascent Resources Plc and its subsidiary
Ascent Slovenia Ltd. (together "the Investors") dispute with the
Republic of Slovenia under the UK-Slovenia Bilateral Investment
Treaty and the Energy Charter Treaty.
As announced in prior updates (on 22 October 2020, 5 February
2021 and 11 February 2021), the Investors remain in direct
negotiations with the Republic of Slovenia w ith a view to
potentially settling their claim in an amicable manner in the short
term. Further to the continuing negotiations and ongoing exchange
of correspondence, the Republic of Slovenia notified the Investors
on 19 February 2021 that it shall be in a position to respond
formally to the Investors' proposed settlement terms by the 19
March 2021, and has accordingly requested that the Investors do not
initiate any arbitration proceedings before the 19 March 2021. The
Investors have as a consequence agreed to postpone the initiation
of international arbitration until at least such date, and expect
that settlement discussions will conclude around the end of this
four week period with a view to signing binding settlement
documents as soon as practical thereafter.
The Investors reiterate that, although they continue to
sincerely hope that an amicable solution can be found to the
present dispute, at this stage there can be no certainty that an
amicable settlement will be achieved with the Republic of Slovenia
and fully reserve all of their rights and remedies arising out of
Slovenia's treaty breaches should an attractive settlement offer
not be forthcoming. Further updates will be made in due course.
Enquiries:
Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Chris Savidge 0207 220 1666
Novum Securities, Joint Broker
John Belliss 0207 399 9400
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