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Took a few off the table too. Was expecting a final decision along with the cash not an interim with a final decision next april and cash awarded some time after.
Gambling the market will be thinking the same.
Cant blame people for taking profits, i have. Probably a bit of a retrace, then im back in for the Big One..
Oh Dear, Oh Dear.
Result.
Bodes well for the big claim.
Geo now likely to try to get AST out of the JV. Also means that from AST's point of view it might be worth doing some work on wells to increase production.
DYOR
Rock and roll
25 October 2023
Ascent Resources plc
("Ascent" or the "Company")
Successful Revenue Recognition Arbitration
Ascent Resources Plc (LON: AST), the onshore Hispanic American and European focussed energy and natural resources company is delighted to announce receipt of a positive Arbitration Tribunal binding interim decision, confirming Ascent Slovenia Limited (ASL)'s entitlement to proceeds above the baseline production profile from all wells in the concession area.
As previously announced, in June 2023 ASL had its Arbitration Tribunal hearing against Geoenergo regards the different interpretations of the RJOA relating to ASL's entitlement to production above the baseline production profile, as set out in the 2013 Restated Joint Operating Agreement, for all wells in the concession area whilst it is in preferential recovery mode (i.e. until it has recovered its investment of over ?50 million).
The Arbitration Tribunal has now issued a binding interim decision which confirms that ASL's interpretation of the RJOA is the correct one. This confirms that, whilst ASL is in a preferential recovery position, ASL is entitled to a 90% share of the hydrocarbons produced above the baseline production profile from all of the wells on the concession area (except for the Pg-1 well which is included in the baseline production). This means that in addition to the PG-10 and PG-11A revenues the Company has been receiving it will now also be entitled to receive on-going monthly revenues from incumbent wells, i.e. Pg-3, Pg-5, PG-6, Pg-7, Pg-9 (if it produces again) and the Dolina and Pt wells.
The Arbitration Tribunal will now decide the final award in the second stage of the bifurcated procedure. ASL has proposed to the Arbitration Tribunal to instruct Geoenergo to produce specific production and financial information so the exact quantum of the award for the proceeds ASL is entitled to since December 2019 (being the three-year statutory limit for claims triggered by the December 2022 arbitration filing date) can be verified and awarded. The second stage of the arbitration process is expected to complete by 11 April 2024. As previously announced, ASL continues to estimate that these proceeds, which have already been received by Geoenergo, are likely to be in the magnitude of in excess of ? 3.5 million due to ASL, although any actual monies receivable would be determined by the Arbitration Tribunal. Further updates will be announced in due course.
Andrew Dennan, Chief Executive Officer comments;
"We are very pleased to have received this multi million euro arbitration tribunal decision, which underlines what has been evident to the current Ascent team for some time and now and finally is being resolved formally and in a binding way."
Andrew Dennan, Chief Executive Officer comments;
"We are very pleased to have received this multi million euro arbitration tribunal decision, which underlines what has been evident to the current Ascent team for some time and now and finally is being resolved formally and in a binding way."
Well he's fixed F all here! its part of a club or non achieving directors who hang around in a little group doing F all , but get paid very decent fees for it. The link is usually Parsons who has made an exceptional amount of money from abject failure in most of the companies he has got his hands on ..Thus costing all or most of the shareholder big loses ..He is the master of promoting fools gold.. IMHO
Interesting departure. I would love to know what the terms of reference for these jobs are.
Stephen Birrell - Iconic Coro AST - known as a fixer.
Dog breath...I repeat...I don't have a wife.
Kashdog is who you have confused me with.
Your comments on this board though typify AIM! Well done!
Pong, you lost 85% . I am up 20% . The proof a. Your own posts and mine. Look at the price i bought in at and look at it now.
You are a typical sad bitter loser, that uses his wife as an excuse.
Talk about Dodgy.Ponguser uses the excuse that his wife has some shares in AST, to visit the BB. He has it down as a sell why doesn't she sell, doesn't she trust him. Smart woman. Soon to be ex Mrs Pong, as i understand. You know what they say , small mind small ...
If you are actually James consider investing your ill gotten gains in ear pin back surgery & consider changing your hair style from the greasy looking dodgy dealer type you are. Everywhere the man goes there is nothing to show for it!!!
Hmmm. Buys appearing out of nowhere... Could AST's dodgy BOD be up to something??? Definitely not an incoming update on their metals strategy?!
And out of thin air it appears again. Could it actually be James Parsons in disguise?? The cheerleader appears from nowhere???
I'm not even going to respond....it keeps referring to my wife having shares....again I'm not married & it has confused me with someone else.
I'm waiting for some actual progress & increased sales revenue - that will drive the share price. The current BOD...see how well they're doing in their other part time roles.
Exhibit A....Just look at Echo Energy...
I couldn't care less in DogFathers opinion...he appears out of thin air in the last 2 weeks & rates himself as a tipster to how AST will turn around!
Hmm, Pong , what a loser. Bitter and not interested in getting a 10 bagger, due to previous mistakes.
24-Oct-23 15:07:47 3.15 250,000 Unknown* 3.10 3.30 7,875 A buy, or else why would it rise 13%.
Possibly a buyer is the Slovenian Government (:
The case is enough. Even 10% settlement value will make AST a 10 Bagger. Its a very good risk reward play.
Apart from the case, what else do AST have?
The chart shows it is going the right way and that is up and up
Think when Align Research have been tipping this share to reach 18p for months it probably shows that they're as deluded as the AST BOD!! They are really a marketing outfit after all!
Any association with James Parsons is detrimental to this share 's performance.
So nothing has changed .. a part from a guy from SA throwing away £1.5 m .. WTF have the board been doing for the last 3 years …you got it nothing .. a guess what ? They will be in the same position next year and the year after.. this in my view is a life style come …period ……imho
This BOD has certainly figured out how to manipulate the share price to keep their palms greased.
Nothing Parson's has done has worked out well for the shareholder other than the odd very short term spike and i don't see that changing. Especially with a basket case like AST. He couldn't make a success at Sound when he had plenty of cash . So really don't see him doing it here. And as for the CEO he's never done anything anywhere .... As far as i can see ..IMHO
So, someone thinks a large chunk is worth a 3.5p sp? We might find who later. I suppose it's only what it was 10 weeks ago. Maybe should have topped up 2.5p, hmm.