Ascent Resources Announces Geoenergo Administration: RJOA Status & Filing of Claim

Source: www.gulfoilandgas.com 4/18/2024, Location: Europe

Ascent Resources Plc the onshore American and European focussed energy and natural resources company, provides an update on Ascent Slovenia Limited ("ASL") joint venture ("JV") partner Geoenergo d.o.o. ("Geoenergo") administration.

The Geoenergo administrator ("Administrator") has now informed ASL's lawyers that the Restated Joint Operating Agreement (the governing document and rules for the joint venture as amended in 2013) ("RJOA") is terminated under default rules of Slovenian Obligations Code as of the date of the opening of the insolvency proceedings. The Administrator has also made an explicit declaration of withdrawal from the RJOA which needs to be confirmed by the court. The Administrator has also terminated the service agreement with field operator Petrol GEO. The Company now expects that the mining right (which is held by Geoenergo) will be taken on by the Ministry of Natural Resources on or after 19 April 2024.

ASL has now filed its claim in the Geoenergo insolvency process (the "Claim"), ahead of the deadline. The Claim is for a total amount of approximately €11million (inclusive of late interest costs), of which approximately €3million relates to claims for ASL's share of JV property. This part of the claim has been filed as a precautionary measure in the event a suitable termination agreement is not concluded following the Administrator's termination of the RJOA. The remainder of the Claim relates to monies received by Geoenergo and owed to ASL ahead of their insolvency. Further announcements will be made as necessary.


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