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Ascent Resources shares lifted as makes progress in Slovenia

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Shares in Ascent Resources (LON:AST) advanced on Thursday as the company reported "significant progress" in bringing its Slovenian asset into production.

Chairman Clive Carver said at the company AGM that agreement has been struck with the main partners on the project - Nafta Lendava and Petrol - over the proposed structure and content of the new joint venture and joint operating agreements. Work has also begun recompleting two wells, he revealed.

Based on progress to date, the company is now targeting full and final agreement between the partner groups during July, with the objective of receiving a revised offer of funding from BNP Paribas later this summer.

Ascent’s Petišovci-Lovászi Project Area covers 200 square kilometres and straddles the Hungarian-Slovenian border with Petišovci largely on the Slovenian side.

The company has announced an independently verified P50 (probable reserves) estimate of gas-in-place of 412 billion cubic feet.

Outside Slovenia, the firm said it had disposed of its Hungarian assets, which were expected to become non economical towards the end of 2013 and reduced overheads by around £400,000 yearly.

Ascent shares rose 6.45% to 0.825p.

Quick facts: Ascent Resources PLC

Price: 3.15 GBX

AIM:AST
Market: AIM
Market Cap: £1.86 m
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