Ascent Resources (LON:AST) called 2011 a year of solid progress at its flagship Petisovci gas project in Slovenia, which is now ready to start production.
The 2011 work programme at Petisovci resulted in a 22 percent increase in its gas-in-place estimate to 504 billion cubic feet (bcf), which was reported in February this year.
The full year report from Ascent also highlighted the €15 million loan facility signed with BNP Paribas yesterday, providing it with enough funds to take Petisovci to production, which Ascent said was its key milestone in the near term.
“2011 was very much a year of solid progress for Ascent and I am pleased with the milestones achieved in bringing Petišovci nearer to production,” said chairman of Ascent John Kenny.
“We have much to achieve in 2012, not least the ambition for a significant upwards shift in production and resulting revenue generation which I expect once Petišovci starts producing.”
The company also noted that while it is focused on starting production from Petisovci, its earlier stage assets will play an increasingly key role in its portfolio.
“These assets...hold considerable latent value which we intend to realise fully in the years ahead,” added Kenny.
On the financial front, Ascent posted revenues of £2.1 million for 2011, up from £1.8 million in 2010, while operating losses amounts to £5.7 million.
Investors welcomed the report, sending shares in Ascent up four percent to 3.28 pence in early trade, valuing the group at £33.6 million.