Ascent Resources PLC IPPC Permit Decision (5341X)
May 06 2016 - 8:00AM
UK Regulatory
TIDMAST
RNS Number : 5341X
Ascent Resources PLC
06 May 2016
6 May 2016
Ascent Resources plc
("Ascent" or "the Company")
IPPC Permit Decision
Ascent Resources plc, the AIM quoted European oil and gas
exploration and production company updates the market on the
decision from the Administrative Court in Slovenia ("the Court") in
relation to the IPPC Environmental Permit application.
Petrol Geoterm, the contractor to our joint venture and the
entity that filed the original IPPC Environmental application, has
been informed on the Court's decision to withdraw the IPPC Permit
which was granted by Slovenian Environment Agency in June 2015.
The reason given by the Court for this decision is that, after
the original application was made in June 2014, the relevant law
was changed and the process that was followed did not accord to the
new law. This is despite the new law explicitly stating that any
applications submitted (but not yet resolved) prior to the
effective date for the new law should be pursued exclusively under
the old rules.
In summary the decision is not based on any objections to the
Petišovci project but rather the permit application process. It is
clear to the Company and its advisers that the decision of the
Court is directly contrary to Slovenian law.
The Court has referred the matter back to the Slovenian
Environment Agency, which previously approved the issue of the IPPC
Environmental Permit, to decide how to proceed. We hope that the
Slovenian Environmental Agency continues to display the sound
judgement they have shown so far in this process and challenges the
decision of the Administrative Court.
If this decision is accepted by the Environmental Agency, then
the Company and its partners will consider other legal remedies,
including an appeal to a higher Slovenian or International Court
and an action for damages for failing to uphold their own laws.
If uncorrected this decision may lead to an unnecessary delay in
the Company's longer term plans to have gas treated and sold in
Slovenia. However, it does not impact the Company's preferred route
to first gas and revenue via outsourcing to a neighbouring country
for treatment. The Company continues to have positive discussions
with its intended partner in this project and hopes to be able to
update the market by the end of June.
Clive Carver, Chairman of Ascent, commented:
"This decision is contrary to all legal opinions received by the
Company and the explicit provisions of the prevailing law.
Additionally, we believe it goes against common sense and the
overriding interests of the Slovenian state. Despite this
unexpected ruling we remain confident that over time the clear
national interests of the Slovenian economy of having its own
reliable supply of gas will prevail and that the laws of the land
will be followed.
Thankfully our preferred option to achieve first gas does not
require the issue of the IPPC permit and remains on track."
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, CEO 0207 251 4905
Stockdale Securities Limited,
Nominated Adviser
Alastair Stratton
Richard Johnson
Edward Thomas 0207 601 6100
IFC Advisory Ltd, Financial
PR and IR
Graham Herring
Tim Metcalfe
Heather Armstrong 0203 053 8671
This information is provided by RNS
The company news service from the London Stock Exchange
END
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