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LONDON (Alliance News) - Ascent Resources PLC shares plummeted on Friday after it said it believes there has been at least one objection against its plans to install a gas gathering and separation station at its Peti?ovci field in Slovenia but said it has not been formally notified as of yet.
Ascent shares were down 27% to 0.190 pence per share on Friday afternoon, the worst performer in the AIM All-Share.
Ascent is trying to obtain an Integrated Pollution Prevention and Control permit from the Environmental Agency in Slovenia for the gas plant.
"The company understands that there has been at least one objection to the award... Ascent has yet to receive formal notification of such objections," it said in a statement.
Ascent said the permit award will now likely be referred to the Environment Minister in the first instance for further consideration and potentially thereafter to the Slovenian Courts before it is declared legally valid, regardless whether any formal objections have been made.
"While the outcome and timing of this process is uncertain, the Board continues in the expectation that the issuance of the Integrated Pollution Prevention and Control permit will be finally confirmed," said Ascent.
The Peti?ovci project lies in the north-east corner of Slovenia between Hungary and Croatia.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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