Ascent Resources Share Discussion Threads

[iceagefarmer] 16/3/2022 07:27

According to Slovenian media reports, the ban will not affect the hydraulic fracking at the Petisovci tight gas field by UK-listed Ascent Resources, as the project is not considered to be of a large-scale.

[chinese investor] 16/3/2022 07:23

"The Company also notes recent proposed amendments to the Slovenian mining law, which, amongst other items, include further restrictions on hydraulic-stimulation with Slovenia now seeking to prohibit all forms of hydraulic stimulation for the purpose of exploration or exploitation of hydrocarbons."

[iceagefarmer] 16/3/2022 07:18

150,000 euros a month revenues is more than enough to keep the lights on especially with directors taking a 25% wage cut,happy days!

[iceagefarmer] 16/3/2022 07:11

Slovenia to ban large-scale hydraulic fracking
AuthorRadomir Ralev
PublishedJan 12, 2022 14:37 EEST
Slovenia to ban large-scale hydraulic fracking Slovenia's Janez Jansa/Photo: Slovenian govt
LJUBLJANA (Slovenia), January 12 (SeeNews) - Slovenia's government adopted draft amendments to the mining law to ban large-scale hydraulic fracking, it said.

The amendments eliminate various shortcomings in the original version of the law and were sent for consideration by the National Assembly, the government said in a statement on Tuesday.

According to Slovenian media reports, the ban will not affect the hydraulic fracking at the Petisovci tight gas field by UK-listed Ascent Resources, as the project is not considered to be of a large-scale.

Companies will be able to receive a hydraulic fracking permit if they inject less than 1,000 cu m of water into the well during the fracturing phase or less than 10,000 cu m during the entire gas extraction process, public broadcaster RTV reported on Wednesday.

Ascent holds a 75% interest in the Petisovci project, which lies in the northeastern corner of Slovenia between Hungary and Croatia, and its joint venture partner Geoenergo holds the remaining 25%. The current concession was awarded to Geoenergo in 2002 and is due for renewal in 2022.

[tomboyb] 16/3/2022 07:09

Ascent Resources PLC Slovenia Update
16/03/2022 7:00am
UK Regulatory (RNS & others)

Ascent Resources (LSE:AST)
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Wednesday 16 March 2022

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RNS Number : 8935E

Ascent Resources PLC

16 March 2022

16 March 2022

Ascent Resources plc

("Ascent" or the "Company")

Slovenia : Gas Price Update, Mining Law Amendments and Potential Damages Uplift

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company, provides an update on gas prices at its Petisovci gas project in Slovenia alongside amendments to the Slovenian Mining Law with consequent potential uplift in the Company's damages claim.

The Company notes continued significant strength in global gas prices with the Central Eastern Gas Hub ("CEGH") day ahead market price, at the close on Tuesday, of Euro 117.958 / MWh and a prior weekly average price of Euro 173.095 / MWh, which represents over 270% increase on the 2021 average price.

The Company now expects, at current production levels and assuming an average monthly gas price of Euro 120 / MWh, continuing production from only the PG-10 and PG-11A production wells to generate gross production revenues net to the Company's interest in the JV (after extraction, processing and handling costs) of at least Euro 150,000 per month. This is a circa 50% increase on the Company's expectation announced on 11 October 2021. Revenues continue to accrue on the JV account whilst the Company continues to discuss the various previously announced disputed JV matters with its JV partner and service provider. However, the Company has now decided to invoice its share of concession production revenues relating to the period from April 2020 to February 2022, which were previously not invoiced pending resolution of the previously announced disputes.

The Company also notes recent proposed amendments to the Slovenian mining law, which, amongst other items, include further restrictions on hydraulic-stimulation with Slovenia now seeking to prohibit all forms of hydraulic stimulation for the purpose of exploration or exploitation of hydrocarbons. The Company and its advisors see this development as further reinforcing its claim against the Republic of Slovenia under the Energy Charter Treaty and UK-Slovenia Bilateral Investment Treaty, given that the joint venture has always expected to be able to continue the historic practise of conducting low volume mechanical stimulation techniques in order to flow the tight gas reservoir. The Company and its legal advisors are reviewing these latest developments which could lead to a significant increase in the Company's damages claim.

The Company continues to await fulfilment of the conditions precedent relating to the signed and binding damages based funding agreement for the international arbitration dispute and to demonstrate their confidence in the funding closure, the Directors and select other advisers have agreed that the Company will withhold 25% of their salaries and fees until the funding arrangement with Enyo Law LLP has completed.

Further announcements will be made in due course.

Enquiries:


Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Sarah Mather 0207 220 1666
Novum Securities, Joint Broker
Jon Belliss 0207 399 9400

[dusty101] 14/3/2022 22:23

Still a complete dog I see. Corruption at the highest level here.

[chinese investor] 09/3/2022 09:01

I sense 4p soon !

[chinese investor] 08/3/2022 16:16

Here We Go !

[tomboyb] 08/3/2022 16:00

Took a fraction today -

[chinese investor] 07/3/2022 14:33

AST should make an effort to resolve the local disputes !

[chinese investor] 07/3/2022 08:55

Slovenia are producing 2,000,000 cubic feet of gas every month !
(i.e. 50,000 cubic metres)

If it was clean then that would be £2,000,000 (50,000 * 3 * 12) revenue annually !

[chinese investor] 07/3/2022 08:29

NEXT DAY EUROPEAN GAS PRICES
300 Euros/MWh !
(i.e. 300p per cubic metre)

We have :-
456 billion cubic feet !
(13 billion cubic metres)

i.e. £40 billion !

i.e. £20,000 for every Slovenian !!

[chinese investor] 03/3/2022 08:52

NEXT DAY EUROPEAN GAS PRICES
200 Euros/MWh !
(i.e. 200p per cubic metre)

We have :-
456 billion cubic feet !
(13 billion cubic metres)

i.e. £26 billion !

i.e. £12,000 for every Slovenian !!

[chinese investor] 02/3/2022 09:49

European Next Day prices have gone through the roof !

[chinese investor] 18/2/2022 13:38

Europe rethinking about being dependant on Russian gas ?

[terminator101] 12/2/2022 08:50

#6950 from John Casey who was on the phone to his fantasy city mates ………;

“just had a phone call..news on its way apparently”

229 days later

Zzzzzzzzzzzzzzzzzz

[haff1] 04/2/2022 09:23

Yes.....Yawn.....Zzzzzzzzzz

[chinese investor] 18/1/2022 09:10

"The Company anticipates that the completion of the conditions to the binding damages-based agreement appointing Enyo Law LLP to represent it in its dispute with the Republic of Slovenia, as announced 8 November 2021, will take place shortly.

Following completion, the Company and its legal advisor will immediately progress to compile and execute the required materials and officially submit the arbitration claim pursuant to the protections afforded to the Company and its operating subsidiary under the Energy Charter Treaty and UK-Slovenia Bilateral Investment Treaty."

[chinese investor] 18/1/2022 09:02

Fabulous RNS !

"The JV partner, who is the Concession License holder for the Petisovci field, has filed the required materials, ahead of the required deadline, to be granted an automatic 18-month concession extension pursuant to Article 11 of the Act on Intervention Measures implemented in Slovenia to assist the economy in mitigating the consequences of the COVID-19 pandemic.

Accordingly, the concession expiry date will now be 28 November 2023.

The Company and its JV partner are continuing their workstreams to progress the formal long-term extension of the concession which is now expected to be finalised early next year."

[chinese investor] 14/1/2022 12:56

My Share for 2022 !

[haff1] 14/1/2022 12:47

all gone quiet here.......

[chinese investor] 31/12/2021 10:10

NEXT DAY EUROPEAN GAS PRICES
75 Euros/MWh !
(i.e. 75p per cubic metre)

[chinese investor] 24/12/2021 09:50

NEXT DAY EUROPEAN GAS PRICES
90 Euros/MWh !
(i.e. 90p per cubic metre)