20th Sep 2018 11:26
LONDON (Alliance News) - Shares in Ascent Resources PLC dropped on Thursday as the company said it is still awaiting the award of the outstanding permits for its Petisovci project from the Slovenian authorities.
Shares were trading down 12% at 0.75 pence each.
The company submitted the amended proposals to the Slovenian Environment Agency at the end of August and it expected the outstanding points to be answered in the first week of September.
At the beginning of August, the company said it was experiencing permitting delays in Slovenia over its Petisovci project which put off a lot of possible parties interested in its acquisition.
Back then, the company said it was "increasingly frustrated" with the Slovenian Environment Agency's requests for further amendments to its filings, and further information on things Ascent said have long been agreed.
Meanwhile, the company's half-year results showed a narrowed loss.
For the six months to June 30, the oil & gas company posted a pretax loss of GBP611,000 compared to GBP1.2 million a year prior. This was achieved on the back of revenue jumping to GBP1.3 million from GBP154,000.
Total production for the six months was 8.6 million cubic metres of gas and 400,000 million litres of condensate.
Related Shares:
Ascent Resources