Ascent Resources PLC Corporate Update (0597X)
17 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMAST
RNS Number : 0597X
Ascent Resources PLC
17 December 2019
Ascent Resources plc
("Ascent" or the "Company")
Corporate Update
Ascent Resources plc, the AIM listed oil and gas exploration and
production company focused on Slovenia and Central Europe is
pleased to provide the following update on the revised strategic
direction of the company, current operations in Slovenia and the
signing of an extension to the INA gas sales agreement.
Extension of INA gas sales agreement
Ascent and its partner Geoenergo have signed a two-year
extension to the gas sales agreement allowing gas from the
Petišovci field to be transported to the INA processing facility at
Molve in Croatia.
Administrative Court Appeal in Slovenia
The partners are still waiting for a ruling on the appeal
against the decision of the Slovenian Environment Ministry to force
the joint venture partners to carry out an unnecessary
environmental impact assessment for well stimulation work at its
Petišovci project in Slovenia.
This work is essential in order to address natural gas
production decline, with operations of this nature having been
carried out in Slovenia more than a hundred times since the
1950's.
The appeal was submitted in July 2019 but there is no certainty
over when the Administrative Court will reach its decision.
Continuing to look for value at Petišovci
Along with our joint venture partners in Slovenia, we continue
to explore other opportunities to increase production from existing
and potential new reserves within the Petišovci field.
Based upon recent reinterpretation of the newly reprocessed
Petišovci 3D seismic survey, several shallow conventional drilling
opportunities have been identified which require no stimulation.
The partners look forward to progressing these opportunities in
2020.
Average monthly production from July to November 2019 for our
two existing wells was 7,136 Mcf.
Claims for damages and funding
As previously announced, the Company has been progressing an
arbitration claim for the significant damages incurred as a direct
result of the manifestly wrong actions of the Slovenian authorities
and continues to have positive discussions with parties interested
in providing non-recourse litigation funding to advance this
claim.
The Company continues to manage its cost base while it seeks
redress and to monitor its on-going working capital needs.
Diversifying our asset base
The Company has identified several potential opportunities to
diversify its asset base outside of Slovenia. We are working on due
diligence on several opportunities and will update shareholders
should we execute on an opportunity.
John Buggenhagen, CEO of Ascent Resources plc, commented:
"We continue to press forward on all fronts to preserve and
diversify the value of Ascent. Our focus on preserving the
significant value of the Company's investment in Slovenia remains
management's top priority with a focus on new potential drilling
opportunities in the coming year as well as continuing to move
forward with efforts to initiate an arbitration claim for damages.
I understand shareholder's frustrations at the time this is taking,
but it is important to make sure that the Company follows the
process before us with a diligent and considered approach. The
strategy we set out in August remains our focus and I am hopeful we
can start to deliver results in the coming year."
Enquiries:
Ascent Resources plc
Louis Castro, Chairman,
John Buggenhagen, CEO 0207 251 4905
WH Ireland, Nominated Adviser & Broker
James Joyce / Chris Savidge 0207 220 1666
SP Angel, Joint Broker
Richard Redmayne / Richard Hail 0203 470 0470
Flagstaff PR/IR 0207 129 1474
Tim Thompson/Fergus Mellon ascent@flagstaffcomms.com
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END
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