Ascent Resources’ quest to gain the permits needed to develop its Petišovci gas field continues, reports the investment website Morning Star, with the threat of legal action against Slovenia if the delays continue. The company requires one permit to install a gas processing facility, while another is needed to re-stimulate wells to increase their production, a process commonly known as fracking.
CEO Colin Hutchinson was quoted on Monday as follows: "While the pace of progress in Slovenia remains frustratingly slow, as we continue to follow the process and provide those responsible for making the permitting decision with all of the information they require, based on the unarguable benefits for the country I remain hopeful the permits will be awarded in due course."
Some of the messages sent in support of Ascent Resources. Screenshot from RTV Slovenia
The project has been in the news in recent months because of the environmental concerns it raises, but also because of a number of harassing messages that were sent to government officials in Slovenia, including the Minister of Environment. While the author(s) of the messages have not been identified, all expressed support for Ascent Resources.
Although new developments are stalled production at the site is continuing, and the website notes that in January the firm was able to extract 412,763 cubic metres of gas, for expected revenues of about €70,000, down slightly from the figures seen in December.
Ascent Resources is a penny stock, currently trading at 0.28p, or £0.0028