(Alliance News) - Ascent Resources PLC on Friday said it has received a first payment from its Slovenian joint venture partner following a dispute over revenue recognition.
Shares in the onshore Caribbean, Hispanic American and European-focused natural resources company were up 7.3% to 4.13 pence each in London on Friday morning.
At the start of August, Ascent said it will receive EUR1.7 million amid the resolution of a dispute with joint venture partner Geoenergo. The figure relates to hydrocarbon revenues from the PG-10 and PG-11A wells for the period April 2020 through to June 2022, which Ascent is entitled to 90% of.
On Friday, Ascent said it has received its first net cash payment of EUR650,560, in relation to the period from April 2020 through to December 2021. The net payment is calculated as EUR832,168 less EUR180,607 of joint venture costs relating to historic concession and legal fees, the company explained.
The second and final payment, totalling a further net cash payment of EUR857,617, is expected "shortly".
By Sophie Rose; sophierose@alliancenews.com
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Ascent Resources (AST)