Ascent Resources filed a request for arbitration against Slovenia; The compensation claim exceeds 500 million euros
Author: Joe Hoppe
Ascent Resources PLC announced on Monday that it has formally filed an arbitration request against Slovenia, which includes an updated claim for damages in excess of 500 million euros ($512.9 million).
The energy company, listed on the London Stock Exchange, announced that Slovenia’s measures against fracking have harmed Ascent’s investments in its energy sector. The company announced that the measures are contrary to Slovenia’s obligations under international law and the bilateral investment agreement between the United Kingdom and Slovenia and the Energy Charter Treaty.
Ascent announced that it submitted the dispute with Slovenia to arbitration led by the International Center for the Resolution of Investment Disputes.
In May, the company announced that it had entered into an indemnification agreement with Enya Law LL to pursue a claim in a no-win, fee-free financing arrangement.
“The company remains open to discussing a settlement with the Republic of Slovenia following its review of the matter or otherwise pursuing our compensation claim until a binding result for the company,” said CEO Andrew Dennan.
Shares were up 0.78 pence, or 16%, at 5.60 pence at 14:35 GMT, having been up for most of the session.
The Slovenian government did not immediately respond to a request for comment.
Email Joe Hoppe at [email protected]