Ascent Resources plc, the AIM quoted onshore Caribbean, Hispanic American and European energy and natural resources focussed company ("Company") is pleased to report its interim results for the six months ended 30 June 2022(the "Period" or "H1 2022").
Highlights:
· Launch of ESG Metals Strategy as a new target sector within its natural resource focussed business, the Company continues to evaluate a number of ESG Metal transactions.
· Signing of a non-binding head of terms with Enyo Law LLP, a specialist arbitration and litigation legal firm, to advance a fully funded non-recourse damages-based agreement for the arbitration proceedings against the Republic of Slovenia.
· Raised £0.6m before expenses by way of a subscription and placement with existing and new investors.
Post Period end highlights:
· Launched arbitration proceedings against the Republic of Slovenia under the Energy Charter Treaty and UK-Slovenia bilateral investment treaty with regards to breaches causing significant monetary damages in excess of €500 million. 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.
· Receipt of the first net cash payment of €650,560 from Slovenian partner in relation to production hydrocarbon production revenues from the PG-10 and PG-11A wells from April 2020 through to December 2021.
