Ascent Resources Regulatory News (AST)

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

28 November 2017

Ascent Resources plc

("Ascent" or "the Company")

Favourable Decision on IPPC Permit Preliminary Screening Appeal

The Board of Ascent Resources plc (AIM: AST), the European focused oil & gas exploration and production company is pleased to report that the appeal against the correctness of preliminary screening procedures in relation to the IPPC Permit has been rejected by the Administrative Court. As such we look forward to the Environmental Agency awarding the permit in due course.

In addition, we note that the body which has repeatedly objected at every stage in the process, and whose objections have been consistently rejected as being without merit on every occasion, has recently had their preferential status in Slovenia as an NGO revoked. This will bar them from making any further spurious objections.

The IPPC Permit is required for the construction of a processing facility adjacent to the Petišovci field. The processing facility will enable the partners to treat gas to a standard suitable for transmission into the Slovenian & European gas transmission network.

The IPPC Permit, will remove the last regulatory barrier to producing Slovenian gas for the Slovenia market. Additionally it is likely to significantly improve the margin realised on gas production, as currently our gas is being sold untreated and therefore at a discount to the market price.

Colin Hutchinson, CEO of Ascent, commented: 

"We are pleased that the Administrative Court confirmed the correctness of the preliminary screening process and now we can look forward to the Environmental Agency awarding the permit in due course. The award of the permit will enable the construction of our own processing facility in Slovenia which underpins the full field development plan."

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