Ascent Resources PLC Permitting update (0346C)
June 13 2019 - 1:01AM
UK Regulatory
TIDMAST
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 EUR50
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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END
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