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LONDON (Alliance News) - Ascent Resources PLC said Wednesday it has been unable to contact the Slovenian Environment Minister after he announced last week his department would review Ascent's permit applications.
The department will review both Ascent's integrated pollution prevention & control permit application for its Petisovci project and an application to re-enter wells Pg-10 and Pg-11A.
The oil and gas explorer and producer, with a focus on European onshore projects, said it was made aware of Minister Jure Leben's decision but most offices were partially closed in Slovenia last week for public holidays.
Ascent said it is "unlikely" there will be any substantive developments this week, as people "key to the process" are not available to meet.
"I ask again for shareholders to show restraint at what we appreciate is a difficult time, we look forward to meeting with those responsible for the process to address any concerns they may have and hopefully find a way forward," said Colin Hutchinson, chief executive officer.
Ascent also said it has been in regular contact with the British Chamber of Commerce and the British Embassy to understand the reasons for the intervention and to assess what the likely impact will be on its permit applications.
The company pleaded with shareholders to not directly contact elected official and public servants in Slovenia.
Ascent warned the "volume" of communications and "occasionally aggressive tone" of the messages "does nothing to further the cause". The company said the messages could be "taken by some as a reason to delay the process further".
Ascent stressed the IPPC application is for the installation of a new treatment facility and the concession has a "long history" of oil and gas production.
Ascent accepted environmental concerns have been raised about the practices at the project but said it has been done many times in the history of the Petisovci field with no recorded negative environmental impact.
The company believes the comparisons between its operations and the shale gas operations in North America is "so different as to render such comparisons irrelevant".
Ascent said: "While environmental scare stories may sell newspapers and generate website traffic, they are not supported by the facts. Any environment concerns raised during the permitting process by the Slovenian Environment Agency have been answered to their satisfaction."
Production at Petisovci was three times higher October than it was in September, due to planned maintenance in the previous month.
Total production in October increased to 679,191 cubic metres from 232,228 cubic metres in September.
Ascent expects a revenue to almost double to EUR149,000 compared to EUR69,559 the previous month.
At September 30, the company had cash of GBP579,000, with GBP401,000 as reportable cash and GBP178,000 restricted. At June, Ascent had cash of GBP577,000.
Ascent has been seeking an integrated pollution prevention & control permit for its Petisovci project for five years.
Since August, it said in late October, it has received "repeated" private assurances from senior government officials, especially at the Environment Agency, that it would be getting permitting soon.
Ascent said then Petisovci is not a complex project, with many other similar ones already operating in Europe, and would create "significant" energy independence for a country which imports effectively all of its gas, mainly from Russia.
Shares in Ascent Resources were up 0.4% Wednesday at 0.48 pence each.
