Shares of Ascent Resources PLC (AIM: AST) saw an uptick in Friday morning’s trading following the company’s announcement of an escalated claim against the Republic of Slovenia.
The firm declared in a statement that its legal representative, Enyo Law LLP, has on behalf of the litigants, validated an increased damage assessment to €656.5 million as part of the formal submission of its claim.
Ascent, however, issued a caveat stating that if the company is successful in its claim, the actual amount received could be substantially less than the total claim.
The company further elaborated, “This claim document is a comprehensive file that presents the narrative and legal reasoning behind how Slovenia has unjustly targeted and expropriated the investors’ assets.
This has been done by changing mining laws to ban any kind of hydraulic stimulation for hydrocarbon production. It includes testimonies from key individuals and independent third-party technical and quantum expert reports.”
In London, Ascent shares saw an increase of just over 10%, trading at 3.69p each, which puts the company’s valuation at just under £6 million.
