Shares of Ascent Resources have risen following the announcement that the company has obtained an "after the event" (ATE) insurance policy related to its €656.5 million ($700 million) damages claim against Slovenia under the Energy Charter Treaty.
Share Price Increase
As of 11:37 AM GMT, Ascent Resources' shares have seen a 12% surge, rising by 0.3 pence to reach 2.75 pence.
While Ascent Resources remains optimistic about the outcome of its claim, it is important to acknowledge that the actual amount received, if successful, could be significantly lower than the full claim.
ATE Insurance Explained
ATE insurance serves as a protective policy for claimants, covering most, if not all, of the legal costs and disbursements incurred in the event of an unsuccessful claim.
Energy Charter Treaty
The Energy Charter Treaty is an international agreement that focuses on the energy sector. Ascent Resources alleges that Slovenia has unfairly targeted and expropriated its investments in the country.
At present, there has been no immediate response from Slovenia's environment, climate, and energy ministry regarding Ascent Resources' announcement.
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