Ascent Resources To Take Slovenia To Court Over Permit Problems

(Alliance News) - Ascent Resources PLC confirmed Tuesday an appeal against the Slovenian ...

Alliance News 16 July, 2019 | 12:02PM
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(Alliance News) - Ascent Resources PLC confirmed Tuesday an appeal against the Slovenian government's decision to require environmental reports for two wells in the country.

In mid-June, the Slovenian government said they required a full environmental impact assessment for the stimulation of the Pg-10 and Pg-11A wells on the Petisovci project.

Ascent had said it would seek damages for both money spent on the wells and the loss of future value, which could among to EUR50 million. The firm in mid-June confirmed it was in talks with litigation financiers.

"The decision of the Slovenian Environment Agency and the Environment Ministry ignores the opinion of the six independent expert bodies whose advice ARSO sought. In breach of EU law, the decision also mistakenly concluded the project fell within a conservation area and misapplied EU case law in relation to mitigation measures," said Ascent.

"The company is working to prepare legal claims for damages against the Republic of Slovenia for breaches of EU law which will be pursued in domestic and international courts. The board will update shareholders on funding for litigation in due course."

Ascent has had a series of permitting problems in Slovenia, having had to wait several years for a pollution prevention & control licence at Petisovci. This was granted in April.

Shares were down 0.1% on Tuesday at midday in London at a price of 0.30 pence each.

By George Collard; georgecollard@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Ascent Resources PLC 0.23 GBX 0.00 -
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