ICSID Tribunal issues Final Award

ICSID Tribunal issues Final Award in Ascent Resources Plc and Ascent Slovenia Ltd v. Republic of Slovenia (ICSID Case No. ARB/22/21)

Ascent Resources Plc (LON: AST), the onshore US focused oil and gas company, announces that the Arbitral Tribunal (the "Tribunal") constituted under the auspices of the International Centre for Settlement of Investment Disputes ("ICSID") has issued its unanimous Award dated 7 July 2026 (the "Award") in the above-referenced arbitration.

Key findings of the Tribunal

The Tribunal unanimously decided as follows:

• All of the Respondent's (Republic of Slovenia) jurisdictional objections are denied. The Tribunal confirmed its jurisdiction over the totality of the Claimants' claims under the Energy Charter Treaty ("ECT").
• All of the Claimants' claims under Articles 10 (Fair and Equitable Treatment and National Treatment) and 13 (Expropriation) of the ECT are denied.
• The Claimants' claim for compensation is denied.
• The Claimants (Ascent Resources Plc and Ascent Slovenia Ltd) shall pay the Respondent the sum of EUR 3,000,000 in respect of the Respondent's own costs.
• The Parties shall bear the costs of the arbitration in equal shares.
• All other claims are dismissed.

The Award is final and binding on the Parties.

Background

The arbitration concerned claims brought by Ascent Resources Plc and its subsidiary Ascent Slovenia Ltd against the Republic of Slovenia under the ECT in relation to regulatory measures affecting the Petišovci oil and gas field in Slovenia, including the 2022 amendments to the Slovenian Mining Act that introduced a ban on hydraulic stimulation.

The Company is reviewing the full Award and its implications and will provide a further update to shareholders in due course and as appropriate.