Colin Hutchinson, CEO of Ascent Resources plc, commented: “This is a deeply disappointing and flawed decision which again has been communicated to the media before the partners had been informed. If the decision is officially confirmed, the Board will consider next steps including legal action.”
The Board of Ascent would like to provide the following update to shareholders on permitting in Slovenia.
A report has appeared on a Slovenian government website that the partners appeal against the issuance of the permit to re-stimulate Pg-10 and Pg-11A has been denied by the Environment Ministry.
The Company has not received any direct official confirmation from the Environment Ministry.
If the report is officially confirmed the Board will consider all potential courses of action including arbitration and a claim for damages against the Republic of Slovenia. This claim will not just consider the investment in the project to date of around €50 million but should take into account the projected future value of the project which was expected to be a multiple of this amount.
