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Ascent Resources Share Chat (AST)



Share Price: 0.275Bid: 0.25Ask: 0.30Change: 0.00 (0.00%)No Movement on Ascent Res.
Spread: 0.05Spread as %: 20.00%Open: 0.275High: 0.275Low: 0.275Yesterday’s Close: 0.275


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Ray1234
Posts: 691
Opinion:No Opinion
Price:0.275
RE: Production not stopped
Today 21:54
Taken from an article 30 may 19 in relation to a company whom invested 12m in the development of power plants whom once again Slovenia changed their mind on.
 
Hargreaves Lansdown
Ray1234
Posts: 691
Opinion:No Opinion
Price:0.275
RE: Production not stopped
Today 21:52
Sounds like the Ministers are laughing at investors whom think they are claiming for damages.
Ray1234
Posts: 691
Opinion:No Opinion
Price:0.275
RE: Production not stopped
Today 21:51
"Without a valid national zoning plan, nothing can be constructed, not even the power stations," he said, recalling this was in line with the coalition agreement, in which the coalition parties pledged there would be no power stations on the Mura.

Environmentalists, who have campaigned for this for years, welcomed the decision, hoping it would be followed up by stripping the investor, power utility Dravske Elektrarne Maribor (DEM), of the licence to build eight power station on the Mura.

Andreja Slameršek of the Let's Save the Mura! campaign said she expected DEM to seek the reimbursement of the funds it had already invested in the project.

Environment Ministry data shows the company has so far spent over EUR 12 million on a variety of studies, measurements and other activities related to the project.

But this is nothing "compared to preserving the Mura, the sources of drinking water and possibilities for sustainable development of the people in the Mura area", she said.

However, Zajc said he was not afraid of the potential claims for the invested funds. "They can of course demand it, but they have no legal grounds to do so."

DEM regretted today's decision, attributing it to pursuing partial interests of one sector (the environment) to the detriment of other broader goals (social, agricultural, climate and energy ones).
jester16
Posts: 9,007
Opinion:No Opinion
Price:0.275
RE: Production not stopped
Today 21:46
In your opinion ray. He must be disheartened wouldn't you all he wants is to progress this field unhindered. Just a simple task of getting permits made excruciatingly hard to get because of idiots in power haven't a clue has to what they are actually doing in other words not fit for office self serving hypocrites..
Ray1234
Posts: 691
Opinion:No Opinion
Price:0.275
RE: Production not stopped
Today 21:39
Really sounds like colin has give up.
retrosec
Posts: 4
Opinion:No Opinion
Price:0.275
RE: Production not stopped
Today 21:30
It was at the agm today. He was asked the question and said that production had not been stopped yet.
Sol633
Posts: 74
Opinion:No Opinion
Price:0.275
RE: Statement
Today 21:15
We will never know the Brit government, Foriegn commonwelth bigger picture on investment, a lot of these diplomats are weak and just want a tick in the box to progress.

All ******
New_2_LSE2018
Posts: 2,336
Opinion:No Opinion
Price:0.275
RE: Email to Colin
Today 21:05
9. if the permits do get granted, which the board acknowledged is now highly unlikely, then the board will reconsider but the general message was that AST is moving to establish a position out of Slovenia.
- would we carry out the EIA, what is the cost and timescales of doing it? You need to lay out your plan for the appeal to the Admin Court, timescales for response and then action plan following it, ie if rejected and an EIA is mandatory, then what?

“ Ascent added that it welcomes ARSO acknowledging in its decision that the proposed project cannot be regarded as "fracking" as defined by the European Commission in its recommendation in 2014.”
The methods used with the compressor should be being used to bleed as much of the gas out within the field license timescales? Why are you winding operations down??

Regards,
New_2_LSE2018
Posts: 2,336
Opinion:No Opinion
Price:0.275
Email to Colin
Today 21:02
Colin,

Good evening and I hope you are well, you will be satisfied with all resolutions passed at the AGM. Have a couple of questions from you with regards to your comments at the AGM-

1. Operations to be "run down" in Slovenia with the company refocusing on other potential opportunities in the region including Croatia.
- Field licenses are valid till 2022, so why are we winding down operations. You sold the dream that the compressor can extract gas without need for permits, there are also other opportunities to exploit the asset without permits? So why aren’t we doing that, after spending 50m we need to get something back. Will we be applying for the extension to the field license? What is the plan for the field license beyond 2022??? When does a decision get made? What protection was offered in the original licenses, must have been something otherwise we have sank 50m into an asset which we knew could have been taken off us.

2. Litigation funding will be from a successful claim if the lawyers feel there is a chance of success. However lawyers have not reached a decision on this at the time of the AGM.
- timeframe for decision? If the lawyers aren’t confident would AST continue to fund the case?

3. seismic reworking not completed yet J.Buggenhagen not at meeting due to poor health.
- appreciate Jon Bs illness hasn’t helped, but again a timeframe on this?

4. Compressor sourced and contract in place but if Slovenian operations are being "rundown" then it may not be commercially viable to utilise the compressor.
- why the decision to run down the asset at Petisovci, again the field license expires at 2022, why not exploit the asset to at least get some benefit? The gas with the compressor quoted rates were more than enough to cover costs, so why would it not continue to just fund itself?

5. All BOD members committed to purchasing shares when legally able to do so. Apparently, the proposed change in direction of the company prevents them from buying at the moment.
- been hearing this for years. Be honest and just say no I am not buying shares, end of. Gives a good impression of your faith in the company.

6. costs to be cut, including salaries to be replaced by share options to maintain motivation
- again Colin proofs in the pudding.

7. 750,000 in bank to cover current costs.
- what does this give us? The BOD salaries for a year I believe this wouldn’t cover. Are all the staff in Slovenia being sacked? Due to government. Is this being publicised?

8. CH indicated he would like to stay in place but board discussion required to agree this.
- Best of luck whatever you decide, I know you went looking for new opportunities before.

9. if the permits do get granted, which the board acknowledged is now highly unlikely, then the board will reconsider but the general message was that AST is moving to establish a position out of Slovenia.
- would we carry out the EIA, what is the
jester16
Posts: 9,007
Opinion:No Opinion
Price:0.275
RE: So they let us spend 50 mill
Today 20:53
I think colin needs to make a statement with regards forward plan and an interview wouldn't go amiss.
jester16
Posts: 9,007
Opinion:No Opinion
Price:0.275
Running down operations
Today 20:51
Says alot for the seismics. I thought we had wells that could be reentered and wasnt the need for stimulation... it beggars belief.. the 2 wells we have operating were high pressure high temp I wonder why they are on their a r se considering weve never reached or used the wells to their full potential? The idea was to throttle them so theyd last longer... just check out the flow tests on these wells..
New_2_LSE2018
Posts: 2,336
Opinion:No Opinion
Price:0.275
RE: So they let us spend 50 mill
Today 20:47
The winding down I can’t understand. Appeal the decision in Slovenian Admin Court, the ministers comments aren’t actually an issue as-

“Ascent added that it welcomes ARSO acknowledging in its decision that the proposed project cannot be regarded as "fracking" as defined by the European Commission in its recommendation in 2014.”

This is where it works in Ascents favour, the whole debacle is that ARSO have said that it’s not fracking. Want answers on the field license extension.
Zebediah16
Posts: 1,604
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 20:44
HawaiifiveO: At the shareholder event it was stated the compressor is a much sort after piece of kit and retains value - so no 'worries' there.

does that mean it can be sold on, at cost, if not needed?
jester16
Posts: 9,007
Opinion:No Opinion
Price:0.275
So they let us spend 50 mill
Today 20:40
Then they ban fracking I thought we was hydraulic stimulation which is essentially not classed as fracking. I think we need to make a massive claim against them and pack up and leave them to it. Once were gone you watch geo takeover and progress the field it's so obvious what the slovenian government wants.. let's make a claim in the EU courts get our money back and spend it wisely in countries that are accommodating. I'd be doing interviews expressing my concerns of investment in Slovenia if I was colin give them bad publicity... 10yrs of no hassle then all of a sudden we come across hypocrites...
HotShot69
Posts: 3,288
Opinion:No Opinion
Price:0.275
Just...
Today 20:30
Seen the messages today re: the AGM and the state of play in Slovenia. What a complete mess. Running down in Slovenia... looking for assets in other countries, legals still being considered (no-win, no-fee), compressor still on order but probably not required?? Good heavens, it's not good... and all because we cannot get permission to get the wells stimulated (not fracked!). Beggars belief. Sophie Honey is sympathetic of course... but diplomacy prevents her from assisting further. Not sure where we go now... we need some Divine help I think!! :) GLA.
Zebediah16
Posts: 1,604
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 20:28
Trump might get on the case but AST cant wait for Trump to get re-elected.

Seriously the only course of action is a claim for damages
New_2_LSE2018
Posts: 2,336
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 20:21
There will come a time, and I hope it’s soon, America will force Europe to not take Russia’s cheap gas, which is being used as a tool to influence Europe, then will see what happens.
The European Union imports 69% of its natural gas, according to the European Commission. The latest available data shows 37% of the imported gas comes from Russia, about 33% from Norway, and 11% from Algeria.
Choke it, then see what happens to all the rats. These environmentalists also need to ensure all their gas comes from countries that aren’t fracking as they are so bothered about the environment. :-)
Durham
Posts: 188
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 20:07
Hydraulic fracturing is fracking.
Fracking is hydraulic fracturing.

The technique uses water, sand and chemicals.
New_2_LSE2018
Posts: 2,336
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 19:53
Nothing. The major point is the minister pushing for a fracking ban, even though it isn’t fracking, they are making their own rules up. If he wins in that regard the field becomes worthless, look at what happened in France. We need a bit of luck now nothing else will give us hope, the admin court overrules and says it’s not fracking that’s our only hope....
Zebediah16
Posts: 1,604
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 19:17
whats the value of the Slovenia asset if AST walked away right now? Bearing in mind it will be a firesale
Zebediah16
Posts: 1,604
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 19:14
*AST*
Zebediah16
Posts: 1,604
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 19:13
when you run down operations all capex is suspended

the real issue/ question is the legal action and its chances of success. Thats Zens major asset now
HawaiifiveO
Posts: 1,159
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 19:12
At the shareholder event it was stated the compressor is a much sort after piece of kit and retains value - so no 'worries' there.
Zebediah16
Posts: 1,604
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 19:11
if they are running down operations then the compressor is not needed
jester16
Posts: 9,007
Opinion:No Opinion
Price:0.275
RE: Compressor
Today 19:11
So compressor still ordered but rundown of operations and they dont know whether it makes economic sense? Do they seriously know what they are doing. Indecisiveness will cost us. We need to be confident in our execution and not have contradictory statements. Make a claim and take them to cleaners our lawyers are looking at whether we have a case too right we do the length of time it's taken time get an answer for 1 ignoring 6 governing bodies for 2 and anything else anyone would like to add. Gla




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