Ascent Resources PLC IPPC Permit & Operational update (9785O)
November 11 2016 - 4:35AM
UK Regulatory
TIDMAST
RNS Number : 9785O
Ascent Resources PLC
11 November 2016
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
Ascent Resources plc
("Ascent" or "the Company")
IPPC Permit & Operational update
The Board of Ascent is pleased to announce that it has been
informed by the Environment Agency in Slovenia that the partners in
the Petišovci project will not be required to carry out a full
environmental impact assessment ("EIA") prior to the award of an
IPPC Permit ("the Permit") to install a new processing facility at
Petišovci.
Background
In May 2016, the Administrative Court ruled that despite there
being no valid objections to the granting of the Permit based on
environmental issues the court believed the process adopted by the
Government Agency in reviewing the Permit application was
inconsistent with EU regulations.
Accordingly, the partners were invited to recommence the Permit
application from the start of the process by carrying out a
preliminary screening exercise, the purpose of which was to
determine whether a full EIA is needed before awarding the
Permit.
Throughout this process the Company has maintained that the
original decision was flawed and the additional process of no
value.
Next steps following the decision of the Environmental
Agency
An objection to this decision has been lodged by the one NGO who
have consistently appealed against the construction of the
processing facility at each stage of the process. The Environment
Agency and the government departments have consistently ruled in
favour of the development. The Administrative Court decision which
revoked the Permit was made on procedural grounds and did not
endorse any of the issues raised by the NGO. The objections raised
by the NGO in their latest appeal have been consistently found to
be without merit.
The Company is firmly of the view that the new processing
facility, which will allow Slovenian gas to be treated in Slovenia
and sold into the Slovenian National Grid system, is clearly in the
best interests of the country and therefore the actions of this NGO
are damaging the national interest.
The Board are encouraged by the efforts made by the authorities
to address the problems created by the unexpected decision of the
Administrative Court in May 2016. If the Environment Agency had
requested a full EIA it is likely that the final award of the
Permit would have been delayed for at least an additional year, but
this decision now means the Company and its partners can look
forward to the Permit being fully awarded sometime in 2017.
Operational Update
Our plans to export gas to Croatia in 2017 are not reliant on
the award of the Permit.
We recently announced receipt of the official notification
concerning the recertification of the pipeline to the Croatian
border.
Work continues to prepare the two wells from which the gas will
be supplied and to tie them into the existing pipeline network.
We continue to look forward to commencing commercial supply of
our gas to Croatia in early 2017.
Colin Hutchinson, CEO, commented:
"I am pleased with this decision which paves the way for an
early reinstatement of the Permit; this not only provides the
long-term solution for the field but also underlines the support
which the project enjoys amongst its partners and the
authorities."
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, CEO 0207 251 4905
Stockdale Securities Limited, Nominated
Adviser and Broker
Richard Johnson
Andy Crossley
Ed Thomas 0207 601 6100
Northland Capital Partners Limited,
Broker
Tom Price
John Howes
Abigail Wayne 0203 861 6625
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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