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17 Apr 2025 07:00
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THEΒ UNITED KINGDOMΒ BY VIRTUE OF THEΒ EUΒ (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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17 April 2025
Ascent Resources plc
("Ascent" or the "Company")
Conclusion of ICSID Energy Charter Treaty Arbitration Hearingagainst the Republic of Slovenia
Ascent Resources Plc (LON: AST) is pleased to announce that the arbitration hearing in relation to the International Centre for Settlement of Investment Disputes (ICSID) Energy Charter Treaty (ECT) claim against the Republic of Slovenia by the Company and its 100% owned subsidiary Ascent Slovenia Limited (ECT) (Ascent Resources Plc and Ascent Slovenia Ltd v. Republic of Slovenia (ICSID Case No. ARB/22/21) was held over the 7 to 11 April in Paris. Amongst the matters addressed during the hearing, which is private and confidential in accordance with the rules of the arbitration process, were the merits and quantum evaluations of the claim.
The Company remains highly confident in its claim which relates to the Republic of Slovenia's expropriation of the full investment value of the Company's 75% interest in the PetiΕ‘ovci tight gas field. Any substantive decisions by the Tribunal following the hearing or further updates will be announced as required.
It should be noted that pursuant to the shareholder distributions in Q1 2024 and February 2025, the Company retains a 10% economic interest in the net proceeds to be received in the event of a positive claim outcome and receipt of a damages award. It should be cautioned that in the event of success any amount actually received by the Company may be significantly lower than the full claim amount.
Enquiries:
Ascent Resources plc Andrew Dennan | Via Vigo Communications Β |
Zeus, Nominated Adviser & Broker James Joyce / James Bavister | 0203 829 5000 |
Novum Securities, Joint Broker Jon Belliss / Colin Rowbury Β Β | 0207 399 9400 Corporatebroking@novumsecurities.com Β Β |
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