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.’
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