Ascent Resources PLC - onshore Caribbean, Hispanic American and European-focused natural resources company - Formally submits request for arbitration against the Republic of Slovenia, which includes an updated preliminary damages assessment in excess of €500 million.

‘We have, today, formally initiated arbitration proceedings against the Republic of Slovenia, following the closing of our ’no win - no fee‘ style funding arrangement in May. The formal request for arbitration is a detailed thirty two page document, plus supporting materials, setting out our case and includes an initial estimate of damages in excess of €500 million,’ said Chief Executive Officer Andrew Dennan.

‘The company remains amenable to discussing settlement with the Republic of Slovenia following its review of the matter or otherwise pursing our damages claim through to a binding result for the company,’ Dennan added.

Current stock price: 5.83 pence, up 21% on Monday

12-month change: up 14%

Copyright 2022 Alliance News Limited. All Rights Reserved.