REG - Ascent Resources PLC - Filing of ECT Damages Claim Memorial

Ascent ResourcesAnnouncement

21/07/2023 08:00

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RNS Number : 7808G  Ascent Resources PLC  21 July 2023

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

21 July 2023

Ascent Resources plc

("Ascent" or the "Company")

Filing of ECT Damages Claim Memorial and Increase in Damages Assessment

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European
focussed energy and natural resources company announces the formal filing of
its claim memorial and a significant increase in the quantum of the damages
assessment by an independent expert, both-in relation to Ascent Resources PLC
and Ascent Slovenia Limited's (together the "Claimants" or the "Investors")
Energy Charter Treaty damages claim against the Republic of Slovenia.

The Company is pleased to announce that Enyo Law LLP has filed, on behalf of
the Claimants, the arbitration memorial.  This memorial is a lengthy
document, which includes the narrative and legal reasoning of how the
Investors' investments in Slovenia have been unfairly targeted and
expropriated by Slovenia (pursuant to its actions to change the mining laws to
prohibit the use of any kind of hydraulic stimulation for the purpose of
producing hydrocarbons), as well as witness statements from key individuals
and independent third party technical and quantum expert reports.  The
independent damages assessment has now validated a €656.5 million damages
claim. It should be cautioned that in the event the Company is successful in
its claim any amount actually received by the Company may be significantly
lower than the full claim.

 

Further updates will be announced in due course.

 

 

Enquiries:

 Ascent Resources plc                        Via Vigo Communications

 Andrew Dennan
 WH Ireland, Nominated Adviser & Broker      0207 220 1666

 James Joyce / Sarah Mather
 Novum Securities, Joint Broker              0207 399 9400

 Jon Belliss

 

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