UK Ascent Mulls Legal Action Against Slovenia
UK Ascent Resources is considering legal action including arbitration against the government of Slovenia, it said June 13. It saw a report on a government website to the effect that the environment ministry had rejected Ascent's appeal against a refusal to re-stimulate two wells.
The announcement was the first that Ascent learned of the decision, it said.
If the report is officially confirmed, Ascent said it will "consider all potential courses of action including arbitration and a claim for damages against the Republic of Slovenia. This claim will not just consider the investment in the project to date of around €50mn ($56mn) but should take into account the projected future value of the project which was expected to be a multiple of this amount."
CEO Colin Hutchinson said the decision was "deeply disappointing and flawed" and should not have been communicated to the media before the partners had been informed. "If the decision is officially confirmed, the board will consider next steps including legal action," he said.