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Ascent Resources PLC (AST)

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Thursday 13 June, 2019

Ascent Resources PLC

Permitting update

RNS Number : 0346C
Ascent Resources PLC
13 June 2019
 

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

13 June 2019

Ascent Resources plc

("Ascent" or the "Company")

Permitting update

The Board of Ascent would like to provide the following update to shareholders on permitting in Slovenia.

A report has appeared on a Slovenian government website that the partners appeal against the issuance of the permit to re-stimulate Pg-10 and Pg-11A has been denied by the Environment Ministry.

The Company has not received any direct official confirmation from the Environment Ministry.

If the report is officially confirmed the Board will consider all potential courses of action including arbitration and a claim for damages against the Republic of Slovenia.  This claim will not just consider the investment in the project to date of around €50 million but should take into account the projected future value of the project which was expected to be a multiple of this amount.

Colin Hutchinson, CEO of Ascent Resources plc, commented:

"This is a deeply disappointing and flawed decision which again has been communicated to the media before the partners had been informed. If the decision is officially confirmed, the Board will consider next steps including legal action."

 

Ascent Resources plc

Colin Hutchinson, CEO

John Buggenhagen, COO

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

Yellow Jersey, Financial PR and IR

Tim Thompson / Harriet Jackson / Henry Wilkinson

0203 004 9512

 

 


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