Ascent Resources PLC - onshore Caribbean, Hispanic American and European-focused natural resources company - Says it and subsidiary Ascent Slovenia Ltd formally notify government of Slovenia of further breaches under the UK-Slovenia bilateral investment treaty and the Energy Charter Treaty. "In particular, the government of Slovenia has been notified of the fact that their latest actions, which include amendments to the mining law which specifically prohibit holders of mining rights from carrying out the exploration or exploitation of hydrocarbons with the use of any hydraulic stimulation, have caused further considerable harm to the investors' investments in Slovenia," it says. Ascent believes it is "the specific target" of these actions.
"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 in international arbitration," it says.
Current stock price: 3.80 pence, up 1.3% on Thursday
12-month change: down 18%
By Lucy Heming;Â lucyheming@alliancenews.com
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Ascent Resources (AST)