Ascent Resources (GB:AST) has released an update.
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Ascent Resources PLC has announced that its joint venture partner Geoenergo d.o.o. is in administration, leading to the termination of their Restated Joint Operating Agreement and the company is expecting the mining rights to be transferred to the Ministry of Natural Resources. Ascent has proactively filed a claim in the Geoenergo insolvency process for approximately €11 million, which includes claims for shared JV property and monies owed prior to Geoenergo’s insolvency. Further updates from the company will follow as the situation develops.
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