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#AST: Board changes and new strategy for Ascent as Hutchinson looks at new projects


Ascent CEO Colin Hutchinson to claim damages from Slovenian Government

The long-running saga over permits for fracking and a new gas processing plant being sought by AIM-listed gas producer Ascent Resources took a new twist today, with CEO Colin Hutchinson telling London South East that if the permits are not forthcoming they will pursue a claim for damages against the Slovenian Government in the courts. "Lawyers have been briefed both in London and Lubjiana and a case is actively being built" said Mr Hutchinson.

The Strategic Review which the company started in April hasn't been succesful, "mainly because the permitting situation was just too unpredictable from an investor perspective. The investors viewed Slovenia as a high risk environment for foreign investors".

However, after four years of trying, Mr Hutchinson still remains hopeful that the Slovenian Environment Agency ARSO will grant the two permits requested.

 

 



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