(Alliance News) - Ascent Resources PLC on Thursday said that its subsidiary Ascent Slovenia Ltd filed its claim in the Geoenergo insolvency process.
The oil and gas exploration company focused on European onshore projects said the claim is for about EUR11 million, of which about EUR3 million relate to claims for Ascent Slovenia's share of joint venture property.
Further, it noted that the restated joint operating agreement between Ascent Slovenia and Geonergo is terminated. Geoenergo "made an explicit declaration of withdrawal from the RJOA which needs to be confirmed by the court," Ascent Resources said.
Ascent Resources expects that the mining right held by Geoenergo will be taken on by Slovenia's Ministry of Natural Resources on or later than Friday.
Geoenergo is a joint venture partner of Ascent Slovenia.
Earlier this month, Ascent said that the insolvency of Geonergo received final approval from the high court, with Ascent being owed EUR8.0 million of revenue.
Ascent Resources shares rose 2.1% to 2.40 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Ascent Resources (AST)