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Ascent Resources ( (GB:AST) ) just unveiled an update.
Ascent Resources PLC has provided an update on its ongoing disputes related to its former Slovenian joint venture partner, Geoenergo d.o.o., which is undergoing insolvency. The company has secured a binding arbitration award entitling it to approximately €7.8 million in hydrocarbon production proceeds, though full recovery is contingent on the completion of Geoenergo’s administration. Additionally, Ascent is defending against claims from Petrol Geo d.o.o. and is seeking reimbursement for prepaid costs and fulfillment of contractual obligations under the Framework Build Operate Transfer Agreement. The company is exploring an amicable resolution to these matters, which may include exiting its remaining interests in Slovenia.
More about Ascent Resources
Ascent Resources PLC is an onshore US-focused oil and gas company engaged in the exploration and production of hydrocarbons. The company has been involved in joint ventures and has a market focus on leveraging its assets and resolving disputes to optimize its financial outcomes.
Average Trading Volume: 5,097,491
Technical Sentiment Signal: Sell
Current Market Cap: £4.05M
For an in-depth examination of AST stock, go to TipRanks’ Overview page.