Ascent Resources PLC - Permitting update
("Ascent" or the "Company")
The IPPC permit is important to the Company and to
Natural gas is the least polluting fossil fuel and will be of growing importance over the next thirty years as
While the final award of the IPPC Permit would be very welcome the partners also require the well permits to develop the project.
The well permits are required to re-stimulate the existing wells with low volume hydraulic stimulation and we continue to hope that this permit is awarded without further unnecessary delay as the process is well understood and carries no significant risk to the environment according to third party experts.
· There is a long history of Oil and Gas production at the Petišovci field since the 1940s with over 160 wells drilled. Low volume hydraulic stimulation has been carried out on at least 50 wells since 1956 without incident.
· The process is commonplace across the region and is specifically permitted under EU Regulation.
· There was an Environmental Impact Assessment carried out by the
· During the current preliminary screening application process, six independent government bodies were consulted by ARSO and all six concluded that the process carried no significant environmental risk.
· A significant level of additional information has already been provided by the partners to ARSO in a spirit of full co-operation and disclosure.
· We have materially exceeded the level of scrutiny normally required and a process which should take two months has taken close to two years.
Forcing the partners to carry out a further environmental impact assessment is therefore unnecessary and contrary to Slovenian and EU Law. It would further delay the development of a project which has significant benefit to the Company and to
"The proper development of the Petišovci natural gas field poses no significant environmental risk and will benefit the Slovenian environment as the country switches to cleaner gas from more polluting energy sources. At the same time the project will benefit the Slovenian economy by creating jobs, investment and tax revenue. The project is also important strategically for
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0207 251 4905
WH Ireland, Nominated Adviser & Broker
0207 220 1666
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0203 004 9512
This information is provided by RNS, the news service of the
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