Ascent Resources Share Discussion Threads

[linesal2] 03/1/2023 18:13

Due to the imminent re-drilling, I am poised to buy more on the potential of unleashing new supply at a great price, my only concern (if you can call it that) is surely this is restimulation.

[russell crowe] 22/12/2022 10:34

According to pending cases viewed via the ICSID website, Slovenia has now appointed their arbitrator to the 3 member panel.
The arbitrator is Prof Brigitte Stern.
This is the arbitrator whose dissenting opinion for Yukos Capital vs Russia stated, during July 2021.

"I am in agreement with large parts of the Award, as indicated in its operative part.
My main disagreement with my esteemed colleagues concerns the way in which the majority has considered the loss incurred by Yukos Capital, as a consequence of the violation by the Russian State of its international obligations under the ECT.
In my view, the decision of the majority results in an unjust enrichment of Yukos Capital.
It is quite striking for me that the majority of the Tribunal has decided to award Yukos Capital significant amounts of money which would never have been in its possession for more than a few hours if the course of events had been 'business as usual’, i.e., if the Respondent had not violated the ECT.

2. This unfortunate outcome results, in my view, from the fact that the majority has not properly applied international law to the real economic facts of the case, but has instead created a fiction by relying on accounting valuation exercises that it bases on an incomplete and inaccurate picture of the economic business into which Yukos Capital had entered.

3. In other words, Yukos Capital is now, with the Award adopted by the majority, in a much better position than the one it would have been without the illegal acts of the Respondent State: I do not think that this should be the goal of international arbitration."

For AST vs Slovenia it will be interesting who is appointed as the chairperson of the tribunal now that both AST as the claimant & Slovenia as the respondent, have finally gotten around to appointing their arbitrators. Only 1 more arbitrator to be appointed.

[chinese investor] 21/12/2022 08:24

Two down - one to go !

[chinese investor] 21/12/2022 08:19

Slovenia have nominated their arbitrator !

[bencook1] 08/12/2022 16:18

Dilution actually

[iceagefarmer] 07/12/2022 07:31

i see align have sold a load..wonder why

[catabrit] 01/12/2022 13:01

Really fascinating r/r here. £5m market cap vs a £500m damages claim against the Slovenian government. Even adopting a massive haircut (80-90%), deducting fees, and assuming it takes 5-yrs, you're still looking at a very decent IRR. I bought some at 4p as an options bet.

[chinese investor] 01/12/2022 12:20

Remember the stuck tool ?

"The Company is pleased to announce that it has agreed with its JV partner, Geoenergo, to implement an Ascent recommended maintenance and operational program at the PG-11A well, which will include a "fishing" operation.
The fishing operation will seek to remove or bypass a mechanical obstruction which was historically left in the well when it was drilled, as previously announced on 5 April 2018, and the Company believes that this has been impairing production."

[chinese investor] 01/12/2022 12:14

"Once the other two arbitrators are appointed, the details will be published on ICSID's website and the tribunal will be constituted.
The company expects that the procedural first session will take place during the first half of 2023.
Further announcements will be made as required."

[chinese investor] 01/12/2022 09:37

"Klaus Reichert SC specialises in international arbitration and has worked on, both as lead counsel and as arbitrator (frequently as chair), in excess of 250 international disputes right across a broad spectrum of complex subject matters, industries and governing laws involving parties (often sovereigns, or state-owned commercial entities) from all over the World.
He has particular experience arising from multiple cases administered by ICSID, ICC, LCIA, ICDR and the PCA. "

[chinese investor] 01/12/2022 09:34

Arbitration Update November 23, 2022

Appointment by the Claimants :-
Klaus Reichert (German/Irish) accepts his appointment as arbitrator.

[silvergreyhead1] 15/11/2022 21:16

Honestly don't know why I was getting my hopes up.Same old same old with this lot.Pigs in sh.t they are.

[thetoonarmy2] 14/11/2022 10:06

Piggy’s at the trough

[terminator101] 10/11/2022 13:48

This lifestyle pish being dumped at 4p well under bid.

[chinese investor] 28/10/2022 14:55

Even though wholesale natural gas prices are currently tumbling we UK domestic consumers are currently paying top prices because our providers paid for the gas a few months at sky high prices !

[chinese investor] 28/10/2022 14:52

To be fair the update did say "Ascent has a total claim in excess of Euro 4M and expects to make material progress on this domestic arbitration process ahead of the year end" and so I'm still confident we'll get the second payment soon !

[digger2779] 28/10/2022 10:29

Yes we were misled on the proximity of the 2nd payment. However, it's costing the JV partner an extra 100k euros a month until they cough up so one lives in hope it will be dealt with quicker.

[bad gateway] 27/10/2022 17:19

Agree on both counts but don't expect another payment this year now after the last rns.

I know andrew stated earlier in the year they expected the next €830k or so in short order but last rns stated they'd actually been in a toothless high court judge-supervised mediation process and now expect to only "make material progress on this domestic arbitration process ahead of the year end" which isn't the same thing at all imo.

Feeling more than a little misled on that one at the mo so sore point actually.

[digger2779] 27/10/2022 16:46

Maybe the company needs to put out an RNS to clarify the position. Also it's about time the JV partner coughed up the rest.

[bad gateway] 27/10/2022 09:32

Not sure how or even if it will effect their current claim but as new news..


Slovenia ‘very likely’ to withdraw from Energy Charter Treaty
26 October 2022

Slovenia ‘very likely’ to withdraw from Energy Charter Treaty

By Sebastijan R. Maček | sta.si

Slovenia will follow the lead of countries such as the Netherlands, Spain and France and very likely withdraw from the Energy Charter Treaty, Infrastructure Minister Bojan Kumer announced on Tuesday (25 October).

The Energy Charter Treaty, which since 1998 allows investors to sue governments over policies that jeopardise their investments in more than 50 signatory states, has come into the spotlight as countries like Spain, the Netherlands, France and Belgium either announced their withdrawal or their support for leaving.

In Slovenia, the government has expressed similar sentiments.

Kumer pointed to the treaty no longer serving its initial purpose and to all courts being bypassed when investors sue based on the treaty.

“We have to give a clear signal to the capital that states and citizens have matters in our own hands … and that we cannot bypass the law that is protected by European courts,” he also said.

The country is currently being sued by Ascent Resources, a UK gas exploration company which wanted to develop a gas field in eastern Slovenia.

Ascent Resources is seeking €500 million in damages, claiming that Slovenia has taken measures against fracking that have harmed Ascent’s investment and expected benefits, which are protected under the ECT.

[chinese investor] 26/10/2022 08:54

(C) Financial Times

European natural gas prices have dropped below €100/MWh for the first time since Russia slashed supplies this summer, with warm weather and close-to-full gas storage easing concerns over winter shortages.

European gas prices are now 70 per cent below levels seen in August, when they soared above €300/MWh, although they are still well above the €20 to €40/MWh range they largely traded at over the past decade.

[nodoe] 14/10/2022 22:02

Shame someone doesn't drop you !