Ascent Resources Provides Update on JV Partner's Insolvency Proceedings

Source: www.gulfoilandgas.com 1/19/2024, Location: Europe

Ascent Resources Plc, the onshore Hispanic American and European focussed energy and natural resources company announces that it was informed that Geoenergo d.o.o., the Slovenian joint venture partner, has had its application to enter insolvency approved.

Further to the Company's announcements of 8 and 15 January 2024, relating to the JV partners application to enter into self-declared insolvency, the Company has today been notified that the relevant court has cancelled the hearing which was scheduled for 23 February (as announced by the Company on 15) and has issued a resolution on the commencement of bankruptcy proceedings of Geoenergo d.o.o. alongside the appointment of an administrator.

The Company is now filing an appeal against the decision of the court in relation to this unprecedented situation and will register its claim with the competent court, whilst continuing to pursue civil and criminal areas of redress against the former management and stakeholders of Geoenergo d.o.o.

Further announcements will be made as necessary.


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