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Ascent Resources PLC on Friday said it has received a first payment from its Slovenian joint venture partner following a dispute over revenue recognition.
Shares in the onshore Caribbean, Hispanic American and European-focused natural resources company were up 7.3% to 4.13 pence each in London on Friday morning.
At the start of August, Ascent said it will receive €1.7 million amid the resolution of a dispute with joint venture partner Geoenergo. The figure relates to hydrocarbon revenues from the PG-10 and PG-11A wells for the period April 2020 through to June 2022, which Ascent is entitled to 90% of.
On Friday, Ascent said it has received its first net cash payment of €650,560, in relation to the period from April 2020 through to December 2021. The net payment is calculated as €832,168 less €180,607 of joint venture costs relating to historic concession and legal fees, the company explained.
The second and final payment, totalling a further net cash payment of €857,617, is expected ‘shortly’.
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