Filing of ECT Damages Claim Memorial

Ascent Resources PLC

21 July 2023

 

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

21 July 2023

Ascent Resources plc

("Ascent" or the "Company")

Filing of ECT Damages Claim Memorial and Increase in Damages Assessment

Ascent Resources Plc (LON: AST), the onshore Hispanic American and European focussed energy and natural resources company announces the formal filing of its claim memorial and a significant increase in the quantum of the damages assessment by an independent expert, both-in relation to Ascent Resources PLC and Ascent Slovenia Limited's (together the "Claimants" or the "Investors") Energy Charter Treaty damages claim against the Republic of Slovenia.

The Company is pleased to announce that Enyo Law LLP has filed, on behalf of the Claimants, the arbitration memorial.  This memorial is a lengthy document, which includes the narrative and legal reasoning of how the Investors' investments in Slovenia have been unfairly targeted and expropriated by Slovenia (pursuant to its actions to change the mining laws to prohibit the use of any kind of hydraulic stimulation for the purpose of producing hydrocarbons), as well as witness statements from key individuals and independent third party technical and quantum expert reports.  The independent damages assessment has now validated a €656.5 million damages claim. It should be cautioned that in the event the Company is successful in its claim any amount actually received by the Company may be significantly lower than the full claim.

Further updates will be announced in due course.

Enquiries:

Ascent Resources plc Andrew Dennan	Via Vigo Communications
WH Ireland, Nominated Adviser & Broker James Joyce / Sarah Mather	0207 220 1666
Novum Securities, Joint Broker Jon Belliss	0207 399 9400

 

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