|
Ascent Resources PLC shares jumped on Tuesday as it said it has been notified that the tribunal has no further questions in relation to its energy charter treaty claim. The oil and gas exploration and production with principle assets in Slovenia said as a result, no further substantive submissions are expected in the proceedings involving the claim against the Republic of Slovenia. Shares in Ascent Resources closed up 53% at 0.46 pence in London on Tuesday. The claim against the Republic of Slovenia was filed in 2022, alleging that Ascent’s investments had been ‘unfairly targeted and expropriated by Slovenia’. Ascent said that a 2020 change to the country’s mining laws, which prohibited the exploration of hydrocarbons using hydraulic stimulation, also known as fracking, had ‘destroyed the value of the company’s investments in the Slovenian energy sector’. Following a damages assessment, the company said it was seeking €656.5 million from the Slovenian government. The arbitration tribunal must render its award within 240 days of the last submission in the proceedings. As the parties submitted their last submissions in July, the tribunal’s award on merit is currently expected to be received towards the end of the first quarter of 2026. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
