Business
Slovenian Strategy Update
Slovenian Strategy Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 1362O\n Ascent Resources PLC\n 28 May 2020\n \n \n \n \n Ascent Resources plc\n \n \n (\"Ascent\" or the \"Company\")\n \n \n \n \n \n Slovenian Strategy Update\n \n \n \n \n \n 28 May 2020 \n \n \n Ascent Resources plc (LON: AST), the \n onshore Caribbean, Hispanic American and European energy and natural resources company,\n is pleased to announce its updated strategy for its Slovenian portfolio.\n \n \n For just over 13 years, Ascent Resources plc ('Ascent' or 'the Company') centred its main activity around oil & gas exploration and production in Slovenia and the Petišovci Tight Gas Project. To date, it has invested around €50 million in the project. This asset, despite historic legal and permitting complexity, has significant oil and gas reserves and resources and benefits from an established, local production infrastructure with connections to both domestic and export markets. \n \n \n The Company has recently undergone a core transformation, including the appointment of a new Board of Directors and initial seed funding alongside the launch of a strategic review of its Slovenian portfolio and the implementation of a bold international growth strategy focused on Hispanic America, the Caribbean and Europe. This move has already resulted in the announcement of a market entry into Cuba.\n \n \n Over the last two months, Ascent has:\n \n \n · \n Assessed the economics of the Slovenian portfolio in light of the recent reduction in European gas prices.\n \n \n · \n Initiated a review of the technical aspects of the tight gas project, including the probability that further stimulation would materially and sustainably increase production levels and the costs of stimulation \n \n \n · \n Talked to its local partners about exploring new structures and commercial arrangements for the joint venture.\n \n \n · \n Observed the recent changes introduced by the new Slovenian government and increasingly confident position on the likelihood of the Project receiving the permits required for further stimulation.\n \n \n · \n Completed an initial external legal review of the potential legal claim against the Republic of Slovenia to be brought under the Energy Charter Treaty ('ECT').\n \n \n The Board is committed to maximising the value of its Slovenian portfolio to bring value to its for shareholders...