Ascent Resources PLC (LSE:AST) has issued an update regarding its ongoing legal and commercial disputes connected to its former Slovenian joint venture partner, Geoenergo d.o.o., which is currently undergoing insolvency proceedings. The company has obtained a binding arbitration award granting it entitlement to approximately €7.8 million in hydrocarbon production proceeds. However, the timing and extent of recovery remain dependent on the conclusion of Geoenergo’s administrative process.
In parallel, Ascent is defending claims brought by Petrol Geo d.o.o. and pursuing reimbursement of prepaid costs, along with enforcement of contractual rights under the Framework Build Operate Transfer Agreement. The company has indicated that it is exploring potential amicable solutions, which could include a full exit from its remaining Slovenian interests.
About Ascent Resources
Ascent Resources PLC is an onshore oil and gas exploration and production company with a strategic focus on the United States. The company aims to unlock value from its energy assets while efficiently managing legacy joint venture disputes and optimizing financial outcomes through disciplined asset management and legal resolution strategies.
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