Forte Energy surges on Slovak's subsidiary update

5th Aug 2015 10:07

(ShareCast News) - Mineral explorer Forte Energy said Ludovika Energy, its Slovak subsidiary, is in the process of securing a no-win, no fee deal with lawyers over proceedings against the Ministry of Environment.On 14 June, the London-listed company confirmed lawyers had been instructed to act on its behalf of Ludovika Energy, to file court proceedings against the Slovak Ministry of Environment, after it refused to grant extension permits related to the Kursiskova uranium permit.In a statement released on Wednesday, Forte said Ludovika Energy was close to reach a deal with its lawyers under which the payments of fees related to the proceedings would be deferred until the case reaches a conclusion.Furthermore, the Slovakia-based firm would also be liable to pay the costs in the event of a favourable outcome.Meanwhile, Forte's Slovak subsidiary said the application for exploration licences over the Kuriskova and Novoveska Huta uranium projects are being examined by the Ministry for Rare Earth.Forte shares were up 20% to 0.05p at 0932 BST on Wednesday.