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Ascent Resources advances following permit award in Slovenia

"This is a major step forward in the development of the Petišovci project,” Clive Carver says

Petišovci's gas needs to be processed to be accepted into the network

Ascent Resources (LON:AST) shares advanced 35% in Wednesday’s early deals after the Petišovci project was provisionally granted a permit.

The Integrated Pollution Prevention and Control Permit, awarded by the Slovenian authorities, will allow the company to progress plans for a gas processing facility associated with Petišovci.

The facility will enable the gas produced from two wells at Petišovci to be sufficiently upgraded so that it can be accepted into the Slovenia’s national network.

A 30-day period now follows the provisional permit award. This allows time for any opposition appeals. Ascent says it will advance with procurement and construction work once the permit becomes legally valid.

Chief executive Clive Carver, in a statement, said it is now only a matter of time before work could start on the gas gathering and separation station.

"This is a major step forward in the development of the Petišovci project,” he added.

“The award has been made after many months in-depth consideration by the Slovenian authorities of all the issues in the development of the project including detailed submissions from objectors to the project.”

On AIM, Ascent shares were up 0.06p, 35.48%, at 0.21p.

Quick facts: Ascent Resources PLC

Price: 2.5 GBX

Market: AIM
Market Cap: £1.48 m

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