Ascent Resources production falls as Slovenian spat heats up

Ascent recorded total production of 311,443 cubic metres last month, an average of 71 barrels of oil per day, while revenues came to just €44,513 - a 36% drop month-on-month.

Elsewhere, Ascent revealed it was preparing to take legal action against the Slovenian Environment Agency after it issued a "contradictory decision" by ordering an environmental impact assessment at its Pg-10 and Pg-11A wells before the firm could re-stimulate the assets.

Ascent said it was appealing the decision because all six government agencies with which the agency was required to consult as part of the screening assessment process stated no assessment was needed.

Chief executive Colin Hutchinson said: "The company has fully complied with the permitting process and received positive expert opinions from all government agencies which the Slovenian Environmental Agency was required to consult who concluded that the project was not likely to have a significant impact on the environment.

"This decision provides further grounds for a significant claim for damages sustained by Ascent shareholders as a result of these continued unjustifiable delays to the development of the Petišovci project."

As of 1150 GMT, Ascent shares had slipped 3.11% to 0.31p.