Ascent Resources Remains "Hopeful" Of Securing Slovenian Permits

LONDON (Alliance News) - Ascent Resources PLC on Monday said it remains hopeful that the ...

Alliance News 4 February, 2019 | 12:06PM
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LONDON (Alliance News) - Ascent Resources PLC on Monday said it remains hopeful that the Slovenian authorities will grant the company the permits it applied for "without a further unnecessary delay".

The company applied for two separate permits which would allow it to install a processing facility to treat gas produced from the field to a standard suitable for the Slovenian national grid. The second is a re-stimulation permit which would allow the existing wells to be worked over in order to bring their production back to their potential.

The firm said it has continued to engage with the Slovenian Environment Agency in relation to both permits and is awaiting response.

The company is positive that it will receive the permits but, should this not be the case, the board will seek to protect shareholders' interests through legal action for damages, it said.

"While the pace of progress in Slovenia remains frustratingly slow, as we continue to follow the process and provide those responsible for making the permitting decision with all of the information they require, based on the unarguable benefits for the country I remain hopeful the permits will be awarded in due course," Chief Executive Officer Colin Hutchinson said.

In January, Ascent said it produced 412,763 cubic metres and revenue for the month is expected to be around EUR70,000. This was slightly lower than in December when the firm produced 420,559 cubic metres for EUR84,144.

Ascent shares were trading down 15% at 0.26 pence each on Monday.

By Elena Cherubini; elenacherubini@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Ascent Resources PLC 0.38 GBX -24.02 -
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