Ascent Resources PLC - Corporate Update
("Ascent" or the "Company")
Implementation of Strategy
The Board continues working towards fully capturing the value of the investment made in
The Company and its Partners are exploring various options for the continued development of the Petišovci gas field that would not require hydraulic stimulation. Based on the reinterpretation of the newly reprocessed 3D seismic, the Partners are evaluating other potential drilling opportunities and re-entry into existing wells in the Concession to accelerate the production of the significant reserves in the area.
Looking forward, Ascent and Concession holder Geoenergo are currently working on documentation for the extension of the Petišovci Concession beyond 2022.
Finally, the new management and board have taken over day to day operations of the Company and finalising cost reduction measures to reduce net monthly cash outflow by over 50%, as previously outlined.
3D Seismic Reprocessing
Reprocessing of the 177 sq. km Petišovci 3D seismic survey acquired by Ascent and Geoenergo in 2008-2009 is nearing completion.
The Company is currently interpreting preliminary data volumes in preparation for a full evaluation of the new seismic volumes. This will be driven by using advanced seismic interpretation techniques using the newly reprocessed 3D seismic to find stratigraphically trapped reserves on the flanks of the large already producing structures in the area. Delivery of the final reprocessed data volumes is expected by mid-September.
Claims for damages
The Company continues to prepare legal claims for damages against the persistent delays in permitting relating to the further development of the tight gas reservoirs in the Petišovci gas field. The Board will update shareholders on the status of those claims and potential funding for litigation in due course.
"I am excited by the progress we have made in such a short time. We have implemented a revised operating structure to reduce our costs by 50% while continuing to focus on maintaining the value of Ascent's interests in the Petišovci gas field and larger Concession area. Irrespective of our plans to prepare legal claims following the delays in receiving permits, we will continue to work with our partners and advisers to further streamline the business and implement our plan to re-focus Ascent towards growing our reserves and production base in
Ascent has a real advantage as a growth platform in
Looking forward, we plan to work with our Partners in
Ascent and our Partners continue to pursue an appeal against the decision of the
We will continue to push Ascent forward to realise the significant value of the Company's investments and assets in
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020 7251 4905
WH Ireland, Nominated Adviser & Joint Broker
020 7220 1666
SP Angel, Joint Broker
020 3470 0470
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020 3004 9512
This information is provided by RNS, the news service of the
Quick facts: Ascent Resources PLC
Market Cap: £813.35 k
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