Business
Permitting update
Permitting update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1797C Ascent Resources PLC 14 June 2019 \n\nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n14 June 2019\nAscent Resources plc\n(\"Ascent\" or the \"Company\")\nPermitting update\nAscent Resources plc, the European focused oil & gas exploration and production company, provides the following update in relation to the well permits in Slovenia.\n \nAppeal to the Administrative Court in Slovenia\n \nThe official response from the Ministry of the Environment has now been received by lawyers representing the joint venture. The decision is being studied in detail and a robust response to this manifestly wrong decision contrary to EU law will be submitted in advance of the deadline on 15 July 2019. This appeal will be heard by the Administrative Court in Slovenia.\n \nLitigation in Slovenia for damages arising from breaches of Slovene and EU Law\n \nThe Company will also submit a claim for damages against the Republic of Slovenia for breach of EU law including for the unreasonably long time it took for the decision to be reached. \n \nThe decision of ARSO and the Environment Ministry ignores the opinion of the six independent expert bodies whose advice ARSO sought. In breach of EU law, the decision also mistakenly concluded that the project fell within a conservation area and misapplied EU case law in relation to mitigation measures.\n \nThe application was submitted in May 2017 and ARSO made its ruling in March 2019. Under Slovene law, decisions on Preliminary Screening applications must be taken within 2 months, Slovenia is in breach of Slovenian Law. Furthermore, under EU law, decisions on Preliminary Screening applications must be taken within 90 days, therefore Slovenia is in breach of EU law.\n \nThe Company will be seeking damages for loss of future income from the project which would have been expected to have been a multiple of the historic investment of some €50 million.\n \nArbitration claims for damages under the Energy Charter \n \nThe Company has been working with legal experts for some months now developing an Investment Treaty Arbitration claim under the Energy Charter Treaty. \n \nIt was the strong desire of the Board to avoid such litigation and obtain the permits necessary to develop the fie...