Ascent Resources PLC IPPC Appeal (3287E)

TIDMAST

RNS Number : 3287E

Ascent Resources PLC

05 May 2017

5 May 2017

Ascent Resources plc

("Ascent" or the "Company")

IPPC Appeal

The Board of Ascent Resources plc (AIM: AST), the European focused oil & gas exploration and production company has been informed by its partners in Slovenia that a further appeal has been lodged with the Slovenian Administrative Court ("Court") by the same individual against the decision of the Slovenian Environment Agency and the Environment Minister that a full Environmental Impact Assessment was not required in relation to the proposed gas treatment facility at the Petisovci gas field.

This was expected given that the appellant has repeatedly objected to the project at every stage despite these objections being consistently rejected by the Environment Agency (twice), the Environment Minister (twice) and the Administrative Court (once). Whilst the Court did ultimately reject the permit but on grounds unrelated to appellants complaint.

As the partners have now rectified the perceived issues identified by the Court during the last hearing we are confident that the Court will again rule in our favour when they reconsider the case, which we hope will occur during the second half of 2017.

This decision does not impact the activities of the Joint Venture which commenced the sale of gas from well Pg-10 in April 2017 and looks forward to sending production through the export pipeline in June this year.

Colin Hutchinson, CEO, commented:

"The decision by this individual to appeal is entirely expected as they have no interest in the rationality of their objections or the harm which their actions have inflicted on the national interests of Slovenia and the local economy. We are pleased that the self-interest of one individual should no longer block the commercial interests of Ascent, even if they delay the principal benefits that will accrue from the project to the Slovenian state."

Enquiries:

 
 Ascent Resources plc 
  Clive Carver, Chairman 
  Colin Hutchinson, CEO                     0207 251 4905 
 Stockdale Securities Limited, Nominated 
  Adviser and Joint Broker 
  Richard Johnson 
  Edward Thomas                             0207 601 6100 
 Northland Capital Partners Limited, 
  Joint Broker 
  Tom Price                                 0203 861 6625 
 IFC Advisory Ltd, Financial PR and 
  IR 
  Tim Metcalfe 
  Heather Armstrong                         0203 053 8671 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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May 05, 2017 06:15 ET (10:15 GMT)