REG - Ascent Resources PLC - Update on ECT claim

Ascent ResourcesAnnouncement

23/02/2024 07:00

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RNS Number : 1859E  Ascent Resources PLC  23 February 2024

 

23 February 2024

Ascent Resources plc

("Ascent" or the "Company")

Update on ECT claim against the Republic of Slovenia

Ascent Resources Plc (LON: AST) confirms that following challenge by the
Republic of Slovenia (the "State") as to the adequacy of Ascent's adverse
claim costs coverage, including the Company's existing ATE insurance, the
Tribunal has robustly rejected the State's application for security for costs.

The Company, as previously announced including most recently on 22 September
2023, is pursuing a €656.5 million Energy Charter Treaty damages claim
against the State.  The Company also announced on 22 September 2023 that it
has successfully contracted after the event ("ATE") insurance for this claim.

The Company now confirms that, as disclosed on the ICSID website between 20
November 2023 and most recently 8 February 2024, the State filed an
application for security for costs (effectively claiming the Company's
existing ATE insurance coverage was insufficient and requesting an order that
the Company post further security to cover the State's alleged costs).
Following multiple submissions by both sides, the Company is delighted to
confirm that the Tribunal has rejected the State's application. There will
therefore be no changes to the existing ATE insurance and no further security
required from the Company at this stage.  The claim is expected to continue
to advance without delay, which includes the upcoming receipt of the State's
response to Ascent's memorial both of which are private and confidential in
accordance with the rules of the arbitration process.

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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