For over 13 years, the company centred its main activity around oil and gas exploration and production in Slovenia and the Petišovci tight gas project. To date, it has invested around €50 million in the project.
Ascent 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 an 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. Today, Ascent revealed a revision of its strategy for Slovenia.
Since the new management team took charge, the company has assessed and reviewed its Slovenian assets, resulting in a dual-pronged strategy which simultaneously progresses both industrial and legal alternatives for the next three months. The updated strategy accelerates the asset’s development in anticipation of receiving the permits, as well as clearly setting out out the company’s legal position and retaining optionality for that process if required.
The company has observed the recent changes introduced by the new Slovenian government and is increasingly confident on the likelihood of the project receiving the permits required for further stimulation. In order to better manage legal uncertainties with the Petisovci project and disputes with the Slovenian government, Ascent sought external counsel and appointed an in-house lawyer.
Andrew Dennan, Ascent Resources’ Chief Executive, commented: “As a new inbound Board, we have taken time to carefully assess the Slovenian position, notwithstanding the current travel restrictions. The assessment has included technical, legal and economic aspects, the project’s potential, and discussions with key players. We have also borne in mind the concerns and views of our shareholders. We are now delighted to share the resulting two-pronged strategy which draws a clear legal line in the sand with the new government whilst also preparing our team technically to stimulate and increase gas production at Petišovci.
Shareholders can now be confident that their commercial interests are being protected and the right subsurface expertise is being deployed in the asset. Ascent is now entering a period of enhanced newsflow across both Slovenia and Cuba.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/28052020/ascent-resources-revises-slovenia-strategy/
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