Ascent Resources PLC - Permitting update
("Ascent" or the "Company")
Appeal to the Administrative Court in
The official response from the
The Company will also submit a claim for damages against the
The decision of ARSO and the
The application was submitted in
The Company will be seeking damages for loss of future income from the project which would have been expected to have been a multiple of the historic investment of some
Arbitration claims for damages under the Energy Charter
The Company has been working with legal experts for some months now developing an Investment Treaty Arbitration claim under the Energy Charter Treaty.
It was the strong desire of the Board to avoid such litigation and obtain the permits necessary to develop the field which it was legally entitled to. As it has now become apparent that the possibility of achieving these goals has significantly diminished, the Company will move ahead with filing this claim.
Funding legal action
The level of the claim for damages will mean any legal action will be costly. Over the past months, the board has developed relationships with specialist litigation funding partners. We will now seek to conclude an arrangement to finance legal claims in the least dilutive manner possible.
Communication of the decision
It is deeply disappointing that a decision of this significance was not communicated directly to the partners before it was published on a government website and reported in the Slovenian media. In the view of the board this demonstrates a lack of respect to a foreign investor who has invested more than
Actions by the Company
The focus in
At a PLC level we will be reducing costs including directors' remuneration from the end of
The strategy of the Company remains to maximise the value of its Slovenian asset while seeking to grow the Company in the region.
We will seek to realise value for our Slovenian asset, by aggressively pursuing claims for damages in all available jurisdictions to the fullest extent of the law.
At the same time the Company continues to pursue other opportunities in the region in jurisdictions with established oil & gas industries and a developed regulatory system.
"The decision of the
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0207 251 4905
WH Ireland, Nominated Adviser & Broker
0207 220 1666
SP Angel, Joint Broker
Richard Redmayne / Richard Hail
0203 470 0470
Yellow Jersey, Financial PR and IR
Tim Thompson / Harriet Jackson / Henry Wilkinson
0203 004 9512
This information is provided by RNS, the news service of the
Quick facts: Ascent Resources PLC
Market Cap: £1.7 m
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