REG - Ascent Resources PLC - Signature of Slovenian Claim Funding

Ascent ResourcesAnnouncement

08/11/2021 07:05

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211108:nRSH5714Ra&default-theme=true

RNS Number : 5714R  Ascent Resources PLC  08 November 2021

8 November
2021

Ascent Resources plc

("Ascent" or the "Company")

Non Recourse Funding Secured for Claim against the Republic of Slovenia

 

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and
European focused energy and natural resources company, is pleased to announce
that it has signed a binding damages-based agreement to pursue the Company's
ECT and Slovenia-UK BIT arbitration claim against the Republic of Slovenia.

Further to the Company's announcement on 27 May 2021, the Company is now
pleased to announce that it has signed a binding damages-based agreement with
Enyo Law LLP ("Enyo" or "the Firm"), the specialist arbitration and litigation
legal firm who filed the Notice of Dispute and represented the Company in the
pre-arbitration negotiations, to commence the arbitration proceedings against
the Republic of Slovenia under the Energy Charter Treaty and UK-Slovenia
Bilateral Investment Treaty. The Firm - which will also be advancing the
disbursements which are expected to be incurred in the pursuit of the claim -
will only be paid out of the proceeds of the arbitration in the event of a
successful damages award or execution of a binding settlement agreement (if
achieved sooner).

Completion of the damages-based agreement is expected to occur shortly once
the condition precedents, which include certain conditions the completion of
which does not depend on Ascent, are met.

Further announcements will be made on completion and as the case progresses
and key milestones are achieved.

James Parsons, Executive Chairman, commented :

"This agreement represents an important milestone for Ascent and its
shareholders as it seeks to pursue its claim against Slovenia. Ascent has
secured for itself a non-equity dilutive and, subject to completion, a fully
funded non-recourse position through this damages-based arrangement which
gives its shareholders no financial risk and potentially highly material
reward. We will continue to work closely with Enyo to pursue our claim in as
effective a manner as possible, and will keep investors updated as we progress
the case.'

 

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

 John Belliss

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBLBDBRSGDGBR