Mon, 22nd Feb 2021 12:32
22 February 2021
Ascent Resources plc
("Ascent" or the "Company")
Slovenia Dispute Settlement Update
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company, provides an update on Ascent Resources Plc and its subsidiary Ascent Slovenia Ltd. (together "the Investors") dispute with the Republic of Slovenia under the UK-Slovenia Bilateral Investment Treaty and the Energy Charter Treaty.
As announced in prior updates (on 22 October 2020, 5 February 2021 and 11 February 2021), the Investors remain in direct negotiations with the Republic of Slovenia with a view to potentially settling their claim in an amicable manner in the short term. Further to the continuing negotiations and ongoing exchange of correspondence, the Republic of Slovenia notified the Investors on 19 February 2021 that it shall be in a position to respond formally to the Investors' proposed settlement terms by the 19 March 2021, and has accordingly requested that the Investors do not initiate any arbitration proceedings before the 19 March 2021. The Investors have as a consequence agreed to postpone the initiation of international arbitration until at least such date, and expect that settlement discussions will conclude around the end of this four week period with a view to signing binding settlement documents as soon as practical thereafter.
The Investors reiterate that, although they continue to sincerely hope that an amicable solution can be found to the present dispute, at this stage there can be no certainty that an amicable settlement will be achieved with the Republic of Slovenia and fully reserve all of their rights and remedies arising out of Slovenia's treaty breaches should an attractive settlement offer not be forthcoming. Further updates will be made in due course.
Ascent Resources plc
Via Vigo Communications
WH Ireland, Nominated Adviser & Broker
James Joyce / Chris Savidge
0207 220 1666
Novum Securities, Joint Broker
0207 399 9400