Satan is debating over whether or not God could forgive him. God could obviously forgive Satan, but repentance would require Satan to take the initiative. This means that Satan must appeal to God for forgiveness. These lines have a negative connotation because they show Satan as inferior to God. Satan hates that God has power over him and that he must ask for forgiveness. At this point Satan is feeling desperate and he is pitying himself. He is not really considering repentance because he will later say "For never can true reconcilement grow where wounds of deadly hate have pierced so deep." Milton does force the reader to sympathize with Satan here, but it only reinforces how evil Satan is when he confirms his rebellion in later lines.

"No place" takes on a double meaning here. The first meaning is that it would be very difficult for Satan to repent after all he has done. The second meaning is literally that there is no place for Satan to go if he were to repent. Where would God place Satan and his counterparts if they did ask for forgiveness? Would they be able to resume their place in heaven without conflict, and what would happen to Hell? These might be some of the questions that Satan is pondering when he says that there is "no place left for repentance."

repentance- to feel remorse of regret for something someone has done or failed to do 2. to change one's mind concerning a past action.