IPPC Update

RNS Number : 0978B

Ascent Resources PLC

31 March 2017

 

31 March 2017

Ascent Resources plc

("Ascent" or the "Company")

IPPC Update

The Board of Ascent Resources plc (AIM: AST), the European focused oil & gas exploration and production company is pleased to announce that it has been informed that the appeal made in relation to the IPPC Permit ("the Permit") has once again been dismissed as being without merit. 

The Permit is needed for the installation of a gas treatment facility at the Petisovci gas field.  Shareholders should note that an IPPC permit is not required for previously announced sales of gas to INA.

Background

The Slovenian Environment agency ("The Agency") ruled in November 2016 that a full environmental impact assessment was not required for the Permit. An appeal against this decision was lodged with the Environment Minister by an individual who has delayed the application at every available opportunity on grounds which have consistently been rejected by every ruling body. 

The Environment Minister has recently confirmed the decision of The Agency and ruled that the appeal lodged was without merit.

It is open to this individual to further appeal to the Court. However, in the view of the Ascent Board any further appeal would continue to be detrimental to the Slovenian economy and will only serve to delay the significant investment, which Ascent and its partners wish to make in the region. 

Colin Hutchinson, CEO, commented:

"I am very pleased that the Permit application has passed yet another hurdle and the project has been endorsed once again by the Slovenian authorities; I hope that common sense will prevail and no further appeal is made but in the event this does again come before the Court we firmly believe that they will uphold the issue of the IPPC permit."

Enquiries:

Ascent Resources plc Clive Carver, Chairman Colin Hutchinson, CEO	0207 251 4905
Stockdale Securities Limited, Nominated Adviser and Joint Broker Richard Johnson Edward Thomas	0207 601 6100
Northland Capital Partners Limited, Joint Broker Tom Price	0203 861 6625
IFC Advisory Ltd, Financial PR and IR         Tim Metcalfe Heather Armstrong	0203 053 8671

 

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