Ascent Resources partner loses appeal in Slovenia

Caribbean, Latin America and Europe-focussed energy and natural resources company Ascent Resources announced on Tuesday that the Slovenia's Administrative Court has published its decision on joint venture partner Geoenergo’s appeal against the Slovenian environmental agency.

The AIM-traded firm said the agency, ARSO's, had decided to require an environmental impact assessment to re-stimulate the PG-10 and PG-11A wells, which Geoenergy appealed against.

It said on Tuesday that the court had ruled that an assessment was indeed required.

“The company is in the process of beginning preparations for submission of an environmental impact assessment, alongside the stimulation and field development planning which was initiated recently,” the board said in its statement.

“The court decision, along with earlier action by the state, will constitute important evidence to support the claim the company intends to bring against the Republic of Slovenia under the Energy Charter Treaty.”

At 1326 BST, shares in Ascent Resources were down 2.61% at 2.8p.