(Alliance News) - Ascent Resources PLC on Monday said it signed a damages-based agreement to appoint specialist arbitration and litigation firm Enyo Law LLP, regarding a claim against the Republic of Slovenia.
The onshore Caribbean, Hispanic American and European-focused natural resources company said the "no win no fee" deal would allow the firm to immediately advance its material damages claim against Slovenia in an international forum.
Ascent Resources shares were up 6.2% at 3.88 pence each on Monday morning in London.
Chief Executive Officer Andrew Dennan said: "We are delighted to have secured this arrangement on behalf of our shareholders and which now positions Ascent's equity holders with material upside exposure to a claim seeking damages of several hundred million dollars."
Earlier this month, its subsidiary Ascent Slovenia Ltd formally notified the government of Slovenia of further breaches under the UK-Slovenia bilateral investment treaty and the Energy Charter Treaty.
Ascent had commented at that time: "The company remains committed to defending its investment of over EUR50 million in Slovenia and following the expected imminent completion of the damages-based agreement with Enyo Law LLP, the company will vigorously pursue its damages claim through international arbitration."
By Xindi Wei; xindiwei@alliancenews.com
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Ascent Resources (AST)