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LONDON - Ascent Resources Plc (LON:AST) has won a domestic arbitration case against its former Slovenian joint venture partner Geoenergo d.o.o., securing an award of €4.99 million plus interest, the company announced Thursday.
The arbitration tribunal ruled in favor of Ascent’s subsidiary, Ascent Slovenia Limited (ASL), confirming the company’s interpretation of the Restated Joint Operating Agreement was correct. The awarded amount represents revenues owed to ASL from production above the baseline production profile.
This sum comes in addition to €2.89 million already accepted by Geoenergo’s administrator and approved by the relevant insolvency court. Geoenergo has been in administration since January 2024.
The tribunal also awarded ASL costs of €79,234.83, which are expected to become approved creditor claims in Geoenergo’s insolvency estate, plus an additional €56,825 ordered to be paid in cash within 15 days.
Recovery of the full awarded amount remains uncertain as it depends on the finalization of Geoenergo’s administration process, according to the company’s press release statement.
Separately, ASL has been invited by the insolvency court to enter mediation with Geoenergo’s administrator regarding challenges to the arbitration tribunal’s jurisdiction. The company stated it believes the administrator’s position on this matter is "manifestly wrong."
Ascent Resources continues to pursue additional disputes with Geoenergo’s connected party and joint venture service provider Petrol Geo d.o.o., with outcomes expected in the coming weeks.
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