Ascent settles part of claim against Slovenia's Geoenergo

Geoenergo has agreed to pay in full a 1.7 million euro ($1.85 million) claim for its non-payment of agreed hydrocarbon revenues owed to Ascent from January 2022 to February 2023, the UK-listed company said in a notice with the London Stock Exchange.

At the same time, the 2.1 million euro claims of Petrol, through its subsidiary Petrol Geo, against Geoenergo over disputed and rejected invoices claimed since 2019 through to February 2023, have been settled for 1.4 million euro, Ascent said.

Ascent in this way immediately recognised further net revenues of 288,689 euro in cash in addition to 857,000 euro revenue already received in August relating to the production volumes of PG-10 and PG-11A wells in Slovenia's Petisovci tight gas field.

Ascent holds a 75% interest in the Petisovci project, which lies in the northeastern corner of Slovenia between Hungary and Croatia, and Geoenergo owns the remaining 25%. In July 2022, Ascent and Geoenergo initiated mediation process under a dispute resolution mechanism regarding alleged contractual breaches caused by the restrictions on hydraulic stimulation of gas extraction in the country.

($ = 0.91698 euro)