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That other case that Enyo Law were running just received its award:

https://www.linkedin.com/posts/ogeltdmjournals_icsid-activity-7469717952280518656-wOMF?utm_source=share&utm_medium=member_desktop&rcm=ACoAADUOdVwB0uTsnorrr1STM5DqkHoGQiCkcTU

looks like they received an award of sunk costs plus interest:

https://globalarbitrationreview.com/article/kyrgyzstan-avoids-bulk-of-damages-in-uranium-dispute

Without trying to jinx things, i am rather pleased the time taken to hand down an award is dragging out a little. The hardest part of such an award is probably determining the quantum of damages due to all the variables. One such press release from Ascent talked of "complexity" in the award which would support my thinking...

for an example of what not to like, have a look at Silver Bull Resources listed in Canada. They had their final ruling in October 2025 and got there award by the end of May 2026, so like 7 months. And the outcome, thrown out for lack of jurisdiction so they did not even need to assess the merits of the case.

Back at Ascent, hearing in what April 2025 and award due sometime this month. So unlikely that this one is summarily dismissed...

yes getting paid still going to take some time from here, GreenX Metals good example..

Let’s see how good our lawyers are. The same team sat on this case which had its proceedings declared closed just a couple of days ago:

https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/22/25

Not across the details of the case, so unable to assess any merits.

https://www.linkedin.com/posts/evgeniya-rubinina_proud-to-have-completed-the-merits-hearing-activity-7261697860297969664-dUdI?utm_source=share&utm_medium=member_desktop&rcm=ACoAADUOdVwB0uTsnorrr1STM5DqkHoGQiCkcTU

Https://www.petrol.eu/binaries/content/assets/skupina-petrol-eng/publications/2025/08/report-on-the-operations-of-the-petrol-group-and-petrol-d.d.%2C-ljubljana-january-june-2025.pdf

Page 72. Relevant to the partnership arbitration?

Hearing can be viewed here

https://www.youtube.com/live/xUoeRDg1nQk?si=HE8ThOPuyyT6Bs9W

Https://appleinsider.com/articles/25/11/19/apple-attacks-whichs-lawsuit-backer-in-2-billion-uk-app-store-hearing

“Apple has already lost and will face costs”

Has this case been adjudicated?

He was also president on Cairn Energy which got a lousy BILLION out of India. Ripper!

Https://x.com/kologieldy/status/1957518704272724153

Arbitrator update out on the ICSID platform…

Https://youtu.be/NupJVzO28VA?si=Th-sV94Bgt4F06L2

Yes, but equally the one they lost was probably also meant to be a GreenX size win…

Remember the size of the win is largely reflective of the time it has taken to resolve (not the quantum of damanges)

What you have to remember is the similarities with this business to that of a thanksgiving turkeys life. It looks good up until the point at which it doesn’t.

They never fund a case that they don’t expect to win, therefore by definition they expect to win everything they fund (with margin for error).

Do not ever make the mistake of assuming it’s “in the bag” before it is. They made this mistake themselves earlier this year on a claim they wrote up the fair value of quite strongly. Then they got reminded that the only persons opinion that matters is that of the judge!

Page 8:

https://www.csvf.com.au/wp-content/uploads/2025/07/Collins-St-Asset-Management-June-2025-Quarterly-Report.pdf?vgo_ee=1MrV%2BIqCeLGU1P0GQfi1V6QqF8KQSDHM%2F76OQZjDZKQ%2FrNDYg1PsrFsI%3AHaHl8kxwSaXRlaa8LQVYTWk%2BmD3gzP51

Hi Kenji,

Reading the RNS’s around this time, it is clear the frustration with permitting delays and the likes. These efforts are what you see when it comes to indirect expropriations. As for the “if funding was available,” funny thing is that if Geoenergo had been living up to its end of the cash-flow sharing agreement, Ascent might have just had the money to do so.

ARSO then taking more than 2 years to rule on the application to re-stimulate when it should have only taken 2 months, all these actions detract from shareholder value. It would be very easy to have raised the capital had there been no government interference.

I also need to make a correction to a previous statement I made. I previously said the stimulation took place 30 times prior to Ascent ownership. Its actually more than 100 times, quite the precedent!

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/rmmgqnr

Kenj you are correct, probably the one "weakness" in this case, in isolation that would probably be a concern, but given other events, i don't think so.

lets follow the bread crumbs.

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/xpl2pmw

2nd June 2020, as you say, "The Company is in the process of beginning preparations for submission of an EIA"

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/w68noqr

24th July 2020 - Company notifies Slovenia of a dispute

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/x4zpeor

10 September 2020 - Update on dispute (cooling off process etc and "As previously announced the Company appointed an expert technical team to design the re-stimulation plans for the PG10 and PG11A wells and draft a revised Field Development Plan. The outcome of this work is expected to be delivered by the end of September and will likely form the basis of an environmental impact assessment submission. The Executives expect to be in Slovenia later this month and are meeting key partners and other in-country stakeholders."

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/w3g982x

22 October 2020 - enters settlement negotiations with Slovenia. I think you can safely say that by this point in time, there is just no point in submitting an EIA.

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/rnp922x

5 February 2021 - more negitiations.

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/xlqj4gw

10 March 2021 - JV partner issues disputes. I mean by this stage, you are up against the Slovenian government directly, and your JV partner which is the Slovenian government indirectly. You know you are not welcome in the country so its impossible to invest in it.

https://polaris.brighterir.com/public/ascent_resources/news/rns/story/xqod7qr

16 March 2022 - Slovenia moves to legislate against all stimulation "for the purpose of exploration or exploitation of HYDROCARBONS." I believe there is a geothermal license in the country and they had no issues with stimulation there. This was specific to Ascent as the only producer of hydrocarbons in the country.

It will be an interesting outcome regardless!

Certainly not in my wheelhouse of expertise, but if a company strips money out of itself before declaring bankruptcy in an effort to defraud creditors, then you can go after the directors or parent company.

What this does show though is a pattern of discrimination and that is going to be a very important factor in the energy charter treaty claim. If AST can prove they were treated differently to a domestic investor (the JV partners for instance), Slovenia is in big trouble.

The Slovenian gas field was hydraulic stimulated some 30 times prior to ascent ownership, they allowed ascent to drill and stimulate PG10 & 11 without an EIA, then changed their mind on that when Ascent sourced an evacuation route for gas out of the country. Was this an arbitrary change and did Ascent have “legitimate expectations” of being able to continue the practice of hydraulic stimulation? You would have to say that hydraulic stimulation was a well established practice in this gas field!

Nice result on the partner arbitration certainly.

The ECT claim is the one that will move the needle…

Don’t like these acquisitions. What the hell happened to the last ones?

All hopes for me now on the ECT claim (which was always the case), just thought I would not need to blow up so much money…

Perfectly valid questions. Funny they managed to do a roadshow of the US assets recently. What the hell did they talk about? Do we even own an asset???

Https://www.afr.com/companies/financial-services/class-action-brewing-against-former-asx-executives-over-chess-failures-20250516-p5lzvj