REG - Ascent Resources PLC - Slovenia ECT Claim: ATE insurance contracted

Ascent ResourcesAnnouncement

22/09/2023 12:15

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RNS Number : 3973N  Ascent Resources PLC  22 September 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.

 

22 September 2023

Ascent Resources plc

("Ascent" or the "Company")

Slovenia ECT Claim: ATE insurance contracted

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European
focussed energy and natural resources company is pleased to announce that it
has secured an after the event ("ATE") insurance policy in relation to the
Company's €656.5 million Energy Charter Treaty damages claim against the
Republic of Slovenia. It should be cautioned that in the event the Company is
successful in its claim any amount actually received may be significantly
lower than the full claim.

ATE insurance is a protective policy for claimants which is expected to
provide cover against the majority, if not all, of an award to pay adverse
legal costs and disbursements in the event a claim is unsuccessful and is an
insurance product with the potential to provide a highly effective mechanism
by which parties involved in arbitration can manage their financial risk. The
Company has secured this policy following the filing of its memorial and
supporting evidence in July and as a pre-emptive action to secure proof of
ability to pay adverse costs ahead of the respondent potentially requesting
the claimants to do so. The upfront portion of the premium payable on the
policy is financed via the damages-based agreement to appoint Enyo Law LLP,
which has been modified to allow the insurer to receive a deferred contingent
premium (calculated as a percentage of the notional amount that the policy
covers) which is payable out of the damages received in the event of a
successful claim.

 

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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