Ascent Resources Rises on Agreement With Law Firm to Pursue Slovenia Dispute - MarketWatch
Ascent Resources PLC shares rose Monday after it said that it has signed a binding damages-based agreement with Enyo Law LLP, to pursue its claims in its dispute with Slovenia's government.
Shares at 0833 GMT were up 0.25 pence, or 5.5% at 4.8 pence, having risen as much as 15% earlier in the session.
The oil-and-gas company said the specialist arbitration and litigation firm will only be paid out of the claim proceeds in the event of a successful damages award or a binding settlement agreement.
"Ascent has secured for itself a non-equity dilutive and, subject to completion, a fully funded non-recourse position through this damages-based arrangement which gives its shareholders no financial risk and potentially highly material reward," Executive Chairman James Parsons said.
In March, the company said it would begin arbitration proceedings against the Slovenian state over disputes under the U.K.-Slovenia Bilateral Investment Treaty and the Energy Charter Treaty, and submit damages for 100 million euros ($115.7 million).
In 2020, the company said a local court ruled an environmental assessment was needed for two wells at its Petisovci project, and this decision had hurt its investments, resulting in a significant loss of revenue.
Write to Joe Hoppe at [email protected]
Corrections & Amplifications
This article was corrected at 0849 GMT to reflect the proper country of Slovenia. The original stated Slovakia.
Ascent Resources has signed a binding damages-based agreement with Enyo Law LLP to pursue its claims in its dispute with Slovenia's government. "Ascent Resources Rises on Agreement With Law Firm to Pursue Slovakia Dispute," at 0837 GMT, incorrectly stated in the headline that the dispute was with the government of Slovakia.
source: https://www.marketwatch.com/story/ascent-resources-rises-on-agreement-with-law-firm-to-pursue-slovakia-dispute-271636360674
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