Ascent Resources still awaiting key Slovenian permits

Independent oil and gas exploration company Ascent Resources expressed frustration with the Slovenian government on Monday following repeated requests for further information regarding its operations in the Eastern European nation.

Ascent has applied for two separate permits, an IPPC which would allow its joint-venture to install a processing facility to treat gas produced from its field to a standard suitable for the Slovenian national grid, and re-stimulation permits which would allow the existing wells to be worked over in order to bring their production back to their potential.

The AIM-listed group said it had responded to all requests for further information from the Environment Agency and, given the level of detail already provided and "the clear and significant benefits of the project to Slovenia", Ascent told investors that it remains "hopeful" that the government body will confirm both permits "without a further unnecessary delay".

Chief executive Colin Hutchinson said: "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."

As of 1230 GMT, Ascent shares had dropped 5.63% to 0.28p.