19th Jun 2019 17:36
(Alliance News) - Ascent Resources PLC on Wednesday confirmed that there are temporary planned stoppages in production in Slovenia as part of the established production regime but export production to Croatia continues.
The company was responding to Slovenian press reports in relation to the cessation of production in Slovenia. Shares in Ascent on Wednesday closed at 0.22 pence each, down 20%.
Earlier in June, the company said it was in talks with litigation financiers after failing to get re-stimulation permits in Slovenia. The company cited a report on the Slovenian government website suggesting a permit to re-stimulate the Pg-10 and Pg-11A wells had been denied, which was later confirmed.
Ascent said it was working on legal action, which could involve a claim under the Energy Charter Treaty, an international agreement which provides a framework for cross-border energy cooperation, and talks with potential finance partners have begun. It hoped to recover money spent on the wells and the loss of future value, amounting to EUR50 million.
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