Ascent Resources Shifts Focus From Petišovci Fracking Project

By , 15 Jan 2019, 11:50 AM Business
Ascent Resources Shifts Focus From Petišovci Fracking Project www.ascentresources.co.uk

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Ascent Resources, the UK-based firm engaged in a long-running attempt to begin fracking at Petišovci, a plan that has been delayed due to a lack of permits, said on Monday that it’s now looking to develop other projects outside Slovenia.

A report published on the London South East website, sets out how the company is still waiting on permits to re-stimulate it’s existing wells to produce more gas from the field, and install a processing facility to enable the natural gas it produces to enter the Slovenian national grid.

The story became more heated in late 2018, with accusations that Ascent Resources shareholders, or other interested parties, had been sending threatening messages to the Slovenian Environment Agency, as reported here, as well as threats by the company to sue the Slovene government for damages.

While Ascent Resources claims to be hopeful that that it will receive the permits needed to continue the Petišovci project, it is now looking beyond Slovenia and to other locations in the region with a more developed oil and gas infrastructure, working petroleum system and an established regulatory and legal framework.

The firm’s Chief Executive, Colin Hutchinson, is quoted as saying "While the Petišovci project remains a potentially very valuable asset, I am pleased that we now have a way forward that is not entirely based on Slovenia and the award of permits.”

At the time of writing the shares of Ascent Resources (AST) were trading at 0.32 pence in London, down from 1.40 pence a year ago.

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