Ascent Resources PLC Serving of Notice of Dispute (3693K)
05 May 2022 - 4:01PM
UK Regulatory
TIDMAST
RNS Number : 3693K
Ascent Resources PLC
05 May 2022
5 May 2022
Ascent Resources plc
("Ascent" or the "Company")
Serving of Notice of Dispute
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic
American and European focussed energy and natural resources
company, announces that Ascent Resources Plc and its subsidiary
Ascent Slovenia Ltd (together "the Investors"), have today formally
notified the Government of the Republic of Slovenia (the
"Government of Slovenia") of further breaches under the UK -
Slovenia bilateral investment treaty (the "BIT") and the Energy
Charter Treaty (the "ECT").
In particular, the Government of Slovenia has been notified of
the fact that their latest actions, which include amendments to the
mining law which specifically prohibit holders of mining rights
from carrying out the exploration or exploitation of hydrocarbons
with the use of any hydraulic stimulation, have caused further
considerable harm to the Investors' investments in Slovenia. The
Company believes it is the specific target of these actions, having
been referred to as the "British Corporation" in the parliamentary
discussions which took place around the subject, and such actions
deprive the Investors of realising the full value of their
investment in the country, given that the Company and its JV
partner, Geoenergo, have always expected to conduct the historic
practice of mechanically stimulating the tight gas reservoir to
produce hydrocarbons. These actions by the Government of Slovenia
constitute further breaches of the protections established by the
BIT and the ECT, including, inter alia the prohibition of
expropriation, the guarantee that the investments would be accorded
fair and equitable treatment and Slovenia's guarantee that the
management, maintenance, use, enjoyment or disposal of the
investments would not be impaired by arbitrary, unreasonable or
discriminatory measures.
The Company remains committed to defending its investment of
over EUR 50 million in Slovenia and following the expected imminent
completion of the damages-based agreement with Enyo Law LLP, the
Company will vigorously pursue its damages claim through in
international arbitration. The Investors continue to sincerely hope
that an amicable solution can be found to the present dispute and
following the failure of earlier negotiations with the Government
of Slovenia in Q4 2020 and Q1 2021, the Investors welcome any
constructive proposals that compensate the Investors for their
losses. The Investors remain ready to re-engage at a senior level
with the Government of Slovenia at the earliest possible
opportunity for meaningful and prompt discussions. The Investors'
fully reserve all of their rights and remedies arising out of what
they strongly believe to be Slovenia's treaty breaches.
A copy of the Notice is available at the Company's website
https://www.ascentresources.co.uk/investors/presentations-documents/
Enquiries:
Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Sarah Mather 0207 220 1666
Novum Securities, Joint Broker
Jon Belliss 0207 399 9400
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCEAXSLEDDAEFA
(END) Dow Jones Newswires
May 05, 2022 02:01 ET (06:01 GMT)
Ascent Resources (LSE:AST)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ascent Resources (LSE:AST)
Historical Stock Chart
From Apr 2023 to Apr 2024