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Ascent Resources PLC - Permitting Update

RNS Number : 6798F
Ascent Resources PLC
16 July 2019
 

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

16 July 2019

Ascent Resources plc

("Ascent" or the "Company")

Permitting update

The Board of Ascent would like to confirm that an appeal has been filed against the recent decision of the Environment Ministry.

As reported on 14 June 2019, the Environment Ministry in Slovenia rejected the appeal from the joint venture partners against the decision of the Slovenian Environmental Agency (ARSO) to require a full environmental impact assessment for well stimulation of the existing wells, Pg-10 and Pg-11A.

The deadline for filing an appeal to the Administrative Court was 15 July 2019 and the partners have filed their appeal.

The decision of ARSO 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 that the project fell within a conservation area and misapplied EU case law in relation to mitigation measures.

 

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 Resources plc

Colin Hutchinson, CEO

Dr John Buggenhagen, COO

Dr Cameron Davies, Chairman

0207 251 4905

 

WH Ireland, Nominated Adviser & Broker

James Joyce / Chris Savidge

0207 220 1666

SP Angel, Joint Broker                                                                  

Richard Redmayne / Richard Hail

0203 470 0470

 

 


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Quick facts: Ascent Resources PLC

Price: 2.4

Market: AIM
Market Cap: £1.42 m
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