Ascent Resources PLC IPPC Permit Preliminary Screening Appeal Decision (6588X)
November 28 2017 - 2:01AM
UK Regulatory
TIDMAST
RNS Number : 6588X
Ascent Resources PLC
28 November 2017
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
28 November 2017
Ascent Resources plc
("Ascent" or "the Company")
Favourable Decision on IPPC Permit Preliminary Screening
Appeal
The Board of Ascent Resources plc (AIM: AST), the European
focused oil & gas exploration and production company is pleased
to report that the appeal against the correctness of preliminary
screening procedures in relation to the IPPC Permit has been
rejected by the Administrative Court. As such we look forward to
the Environmental Agency awarding the permit in due course.
In addition, we note that the body which has repeatedly objected
at every stage in the process, and whose objections have been
consistently rejected as being without merit on every occasion, has
recently had their preferential status in Slovenia as an NGO
revoked. This will bar them from making any further spurious
objections.
The IPPC Permit is required for the construction of a processing
facility adjacent to the Petišovci field. The processing facility
will enable the partners to treat gas to a standard suitable for
transmission into the Slovenian & European gas transmission
network.
The IPPC Permit, will remove the last regulatory barrier to
producing Slovenian gas for the Slovenia market. Additionally it is
likely to significantly improve the margin realised on gas
production, as currently our gas is being sold untreated and
therefore at a discount to the market price.
Colin Hutchinson, CEO of Ascent, commented:
"We are pleased that the Administrative Court confirmed the
correctness of the preliminary screening process and now we can
look forward to the Environmental Agency awarding the permit in due
course. The award of the permit will enable the construction of our
own processing facility in Slovenia which underpins the full field
development plan."
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, CEO 0207 251 4905
WH Ireland, Nominated Adviser
& Broker
James Joyce / Alex Bond 0207 220 1666
Yellow Jersey, Financial
PR and IR
Tim Thompson / Harriet Jackson
/ Henry Wilkinson 0203 735 8825
This information is provided by RNS
The company news service from the London Stock Exchange
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