Slovenian litigation funding update

RNS Number : 4689J

Ascent Resources PLC

14 April 2020

 

Ascent Resources plc

("Ascent" or the "Company")

Slovenian Litigation Funding Update

14 April 2020

Ascent Resources Plc (LON: AST) the onshore European and Caribbean / Hispanic American oil and gas company, announces that, further to the Company's announcement of 9 April 2020 and following further discussions between the Company and the litigation funder over the Easter weekend, the funder has now elected to withdraw from further discussions at this time, requiring a further regulatory announcement by the Company to update the Company's previous understanding as contained in its announcement of 9 April. This is understood not to be related to the substantive elements of the case and is despite the funder previously issuing the non binding LOI and recent email correspondence where the parties agreed to continue discussions after the forthcoming Slovenian visit. 

As previously announced, the Company continues to assess the merits of litigation versus developing the Petisovci gas project collaboratively with the government and its partners.  The Company remains confident, as demonstrated by receipt of this LOI and the strength of its case, that it can secure such funding either from this funder at a later date or other prospective funders if it elects to pursue a litigation led strategy in Slovenia.

Andrew Dennan, the Company's Chief Executive, commented : "The receipt of the original LOI demonstrates the strength of the Company's claim.  There are often such twists and turns in any funding negotiation.  In any event as a new Board we had always planned to first assess the merits of litigation versus the alternatives and we look forward to the dialogue with our partners in country and the new Slovenian government."

Enquiries:

Ascent Resources plc Andrew Dennan	Via Vigo Commications
WH Ireland, Nominated Adviser & Broker James Joyce / Chris Savidge	0207 220 1666
SP Angel, Joint Broker Richard Hail, Caroline Rowe	0203 470 0470

 

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