Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company,is pleased to provide shareholders with an update on the funding of its dispute with the Republic of Slovenia.
Further to the Company’s announcement on 19 March 2021, the Company is pleased to report that it is advancing towards initiating international arbitration proceedings against the Republic of Slovenia under the Energy Charter Treaty and UK-Slovenia Bilateral Investment Treaty.
Accordingly, the Company has signed non-binding heads of terms with Enyo Law LLP, a specialist arbitration and litigation legal firm (the “Firm”) pursuant to which the Company intends to instruct the Firm to pursue the Company’s claims on a fully contingent basis through a damages-based agreement. Upon completion of definitive documentation, the Firm 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.
This non-equity dilutive, non-recourse and full funding proposal is the preferred solution from the Company’s perspective, notwithstanding that the Company has other alternative offers also under discussion.
Further updates will be announced in due course.
