Shares in Ascent Resources PLC (AIM:AST) rose 7% after the company announced a favourable arbitration ruling in Slovenia, securing nearly €5mn in additional revenues from its former joint venture partner, Geoenergo.
The tribunal found in favour of Ascent’s subsidiary, Ascent Slovenia Limited (ASL), confirming its interpretation of a key joint operating agreement governing the now-defunct partnership.
The decision awards ASL €4.99 million plus interest, on top of the €2.89 million previously accepted by Geoenergo’s administrator and court.
However, actual recovery will depend on the finalisation of Geoenergo’s ongoing insolvency process.
In addition to the revenue award, ASL will receive €79,235 in approved creditor costs and a further €56,825 in cash within 15 days.
The company is also entering mediation with Geoenergo’s administrator over jurisdictional challenges and continues to pursue related disputes with joint venture service provider Petrol Geo.
Ascent said it remains hopeful for amicable resolutions to the remaining matters.
The shares rose 0.028p to 0.45p.