Slovenia arbitration ruling awards Ascent Resources €5 million

Published 03/07/2025, 07:22
Slovenia arbitration ruling awards Ascent Resources €5 million

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.