Ascent Resources Share Discussion Threads

[ducati2345] 19/6/2019 08:13

I’m afraid anyone still this is Donald du led you’ve lost your money. Any attempts now by ceo are simply to make sure he gets paid for next 2 years forget court case the company can’t afford to fight a government fir two years or more that these cases take and do nt really have a guaranteed case anyway. Sell now and cut your losses. I did a while back and put it somewhere useful it’s a lot of stress and pain for no reason

[chinese investor] 19/6/2019 08:05

Good open honest discussion on lse.
I expect lots of sells today.

[jayrh] 18/6/2019 17:34

Hmmm I somehow dont think they did...

[chinese investor] 18/6/2019 16:12

Statement by British Ambassador Sophie Honey on Ascent Resources

18 June 2019, Ljubljana, Slovenia

I spoke to Ascent Resources CEO Colin Hutchinson yesterday about the latest developments
in Ascent’s case.

He confirmed, as per Ascent’s recent statement, that the company plans to
challenge last week’s decision on permits in court.

This will be a matter for the relevant courts to decide.

Clearly this is a worrying and upsetting time for shareholders, many of whom have invested
significant sums of money.

A number of shareholders have queried whether the Embassy advocates UK investment in Slovenia.

I wanted to be clear on the facts and set some myths straight.

There are two key points:

First, the Embassy does support existing UK investors in Slovenia wherever we properly can.
Ascent is the biggest UK investor so we have been in regular contact with Colin as CEO in
recent years and will maintain contact with Ascent’s management going ahead.
We have not engaged on the question of whether or not a permit should be granted - that is a matter for the Slovene authorities.
But we have stressed to key people across government the need for predictable timelines for decisions, and for decisions to be communicated directly to the company in question not via the media.
These are crucial points for all investors.
I have visited Ascent’s site in Lendava, just as I have visited all British companies with investments in Slovenia.

Second, supporting existing investors is not the same as advocating further UK investment.
The facts are as follows.
Some British companies are successfully invested in Slovenia.
They tell us that they appreciate the skilled local workforce and high levels of English.
But there are also real challenges, as Ascent’s experience shows - several years for a decision either way on a permit.
This is what I explain, both in private and public.
If potential investors approach us we will always give honest and straightforward advice, encouraging them to weigh the risks and benefits, factoring in the experience of previous investors.

I know that this is a difficult time for many people.

I hope that these points help clarify the Embassy’s position.

We will stay in touch with Ascent’s CEO and with all UK companies invested in Slovenia.

[linesal2] 18/6/2019 11:50

"Also I can't see us getting any damages - they've delayed us - that's all - they could plead they wanted reassurances from us for this controversial method !"

6 independant experts advice that EIA was not needed- there rule they have not followed.

[chinese investor] 18/6/2019 11:29

Even so it's not looking good for AST.

Slovenia can unilaterally ban hydraulic fracturing (aka fracking) at anytime.
AST are the only company in Slovenia who want to hydraulically fracture !

Also I can't see us getting any damages - they've delayed us - that's all - they could plead they wanted reassurances from us for this controversial method !

This compression equipment better be good !

[linesal2] 18/6/2019 11:07

Nice timing by Sarec!

Lets see a demonstration of common sense in the hearing, if so it will only last 10 minutes!

[chinese investor] 18/6/2019 10:04

"Slovenian Prime Minister Marjan Šarec agreed with an opposition MP during questions time in parliament on Monday that Slovenia should not allow small environmental groups halt developmentally and environmentally important projects.

He proposes that the Environment Ministry draw up legislation to prevent this.

"Protecting the environment is important, but stopping every project will also not get us far," the prime minister told MPs, adding that Slovenia would have to decide where it would obtain energy from.

Šarec was responding to a question by Dušan Šiško of the opposition National Party (SNS) on the latest in a series of projects that faced opposition from environmental groups.

After the government aborted plans to build hydro power stations on the river Mura in the north-east at the end of May, the latest project stopped by environmentalists is the construction of the Mokrice plant in the south-eastern part of the Sava river.

The Austrian-Canadian automotive multinational Magna Steyr also faced strong opposition from environmentalists before it could build a paint shop in Hoče, north-east.

Referring to the Mokrice case, in which a small, six-member NGO, the Society for Fish Watching, managed to halt the EUR 200 million project by launching an appeal at the Administrative Court, Šiško asked the PM how long will environmental and other groups be able to obstruct investments of national importance.

"We are letting small groups for reasons that are not clear halt developmentally and environmentally important projects under the pretence of environmental protection.

"The state has clearly made a mistake by allowing every group which has a status of a public interest group to take part in procedures and actually work against public interest," Šiško said.

Šarec noted the government had moved to protect Mura, as promised, and would protect a lot more, but "that's not enough for some".

"Every day I get mail from different initiatives to stop this and that construction, close TEŠ 6 and Krško.

I agree this is not the way to go about things," he said.

Šarec thinks the Environment Ministry should prepare legislation that would specify which organisations serve the public interest to introduce some restrictions as to who can act as a stakeholder.

He said common sense should be used when addressing environmental issues.

"Even the fiercest environmentalists use mobile phones, cars and other modern technology.
All these use electricity in a direct or indirect way," he said.

"We're always moving from one extreme to the other.
We used to not care about the environment at all, and now we want to protect it so much that we are causing damage to ourselves," he said.

Wind power plants are widespread everywhere around the world, only in Slovenia "birds and butterflies apparently don't know how to fly pass them", Šarec illustrated.

[linesal2] 18/6/2019 08:22

AGM today, ask them then.

[chinese investor] 18/6/2019 08:02

AST needs to investigate alternative methods of extracting the gas as a matter of urgency !

[jayrh] 17/6/2019 18:36

1 cubic metre of water is equal to 1000 litres or 1 ton in weight

[chinese investor] 17/6/2019 18:08

"An average bath holds one metre of water."
So we are talking about using between 300 and 600 baths of water !

[chinese investor] 17/6/2019 17:41

"Hydraulic breakage in both boreholes will be carried out in the following frames:

300 cubic metres to 600 cubic metres of water into a single well for the breaking phase, three to five phases, and up to approx 1,800 cubic metres per well during the whole process."

Much less than the EC Limits !

[jayrh] 17/6/2019 17:30

Allegedly both wells have been suspended colin means business... looks like hes putting everyone on rock and roll until we get this sorted...

[jayrh] 17/6/2019 12:52

It's nothing to do with operations they want to delay this as long as they can until licence runs out. Then they can reap the rewards of all our hard work its absolutely shocking treatment of someone who's invested money in their country. Weve proved the asset they want it all for themselves if they would of followed their own rules we would have 4 or 5 wells going by now because all the issues would of been resolved in the legal timescales they've given it's a shame they dont follow them...

[linesal2] 17/6/2019 12:35

CI- Agree with your thoughts but They must have something on AST we do not know about, The Slovenians can not be that stupid-Surely! everything I have researched stipulates that we should have got the Re-stim permit according to current rules/laws and regulations. Where I am Very uneasy is our partner are part owned by the Slov Government and they could possibly be the beneficiary if we end up selling,When we set on our own law firm I thought it a bit strange as nobody would know their ways around the Slovenian legal system than our partners lawyers...Any litigation needs to be independent of Slovenia if arbitration does not work.

[chinese investor] 17/6/2019 11:34

jayrh,
Things have changed since we did the 2011 hydraulic fracturing - the EC got interested for one thing.
The EC produced a document in 2014 detailing their recommendations for hydraulic fracturing.
(I've made a couple of extracts - see above).
It is a very readable document.

My judgement is the Administration Court will decide in our favour and we will not have to produce a EIA.

[jayrh] 17/6/2019 11:22

We are not doing high volume fracturing....

[chinese investor] 17/6/2019 11:17

European Commission Recommendations - 2014

"Before granting licenses for exploration and/or
production of hydrocarbons which may lead to the use
of high-volume hydraulic fracturing, Member States
should prepare a strategic environmental assessment to
prevent, manage and reduce the impacts on, and risks
for, human health and the environment.
This assessment should be carried out on the basis of the
requirements of Directive 2001/42/EC.

"definition - ‘high-volume hydraulic fracturing’ means injecting
1,000 m 3 or more of water per fracturing stage or
10,000 m 3 or more of water during the entire fracturing
process into a well"

[chinese investor] 17/6/2019 11:08

European Commission Recommendations - 2014

We are currently extracting around 10,000 cubic metres per day !

"Directive 2011/92/EU of the
European Parliament and of the Council laying
down provisions on environment impact assessment
requires to conduct an environment impact assessment
for projects involving the extraction of petroleum and
natural gas for commercial purposes if the amount
extracted exceeds 500 tonnes/day in the case of
petroleum and 500,000 cubic metres per day in the case of gas"

[johncasey] 17/6/2019 08:59

strange two 6m buys..dont look like roll overs either

[chinese investor] 17/6/2019 08:37

Good Morning !

[jayrh] 16/6/2019 12:10

These wells had high temp and pressures as well? Might be worth asking colin at the agm why we are struggling considering the flow tests exceeded expectations. It's as if it's been done by design.

[chinese investor] 16/6/2019 09:18

So did we achieve the 8.8 million standard cubic feet of gas per day ?

Here are the daily rates for 2018 :-

Jan 2.6
Feb 2.3
Mar 1.4
Apr 1.4
May 1.2
Jun 1.2
Jly 0.9
Aug 0.8
Sep 0.3
Oct 0.8
Nov 0.5
Dec 0.5

...and that was the total for BOTH wells !