9th Apr 2020 11:34
(Alliance News) - Ascent Resources PLC has received a preliminary offer for up to EUR3 million in litigation funding for company's claims against Slovenia, the oil & gas explorer said Thursday.
Shares in Ascent were up 37% at 4.30 pence each in London.
The London-based company is currently seeking legal damages from Slovenia for forcing the company and its partners to carry out an "unnecessary" environmental impact assessment for well stimulation work at the Petisovci project located in Slovenia.
Ascent Resources has received the Letter of Intent for the funding from a specialist litigation funding partner. The EUR3 million funding is expected to cover all the costs of pursuing a claim, the company noted.
The litigation funding is conditional upon due diligence and on the completion of execution documents.
"The new board intends to make a decision regarding its strategy in Slovenia and consequently its need for the proposed litigation funding post meetings with key relationships in the country which are being scheduled, subject to Covid-19 related European travel restrictions. The funding partner is aware of this and has agreed to extend the LOI validity until after the restrictions have been lifted to enable these meetings," Ascent said.
Ascent separately on Wednesday said it has received the remaining GBP200,000 from the relevant investor who had bought shares in the company's March share placing. The company raised GBP700,000 in total under its share placing, including the GBP200,000 now received.
By Tapan Panchal; [email protected]
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