logo-loader
viewAscent Resources PLC

Ascent Resources to sell non-core Dutch assets

europe350_5201ee341c7d7.jpg

Ascent Resources (LON:AST) has agreed a deal to sell its Dutch assets for €450,000 in cash.

The AIM quoted oil and gas firm said the business unit is not part of the core asset base on which it is focused.

Under the terms of the deal, with Tulip Oil Netherlands, Ascent will have the right to buy-back a 10% stake in the assets should a final investment decision on the commercial development of the Terschelling-Noord field.

"This transaction is in accordance with our corporate strategy of disposing of non-core assets,” said chief executive Len Reece.

“It provides additional cash for the company in the short term and allows Ascent to focus our efforts and resources on our core Petišovci project in Slovenia."

Quick facts: Ascent Resources PLC

Price: 2.8775 GBX

AIM:AST
Market: AIM
Market Cap: £1.7 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

AorTech International: Accelerating development of its novel heart valve and...

AorTech International plc's (LON:AOR) Bill Brown introduces the company to Proactive London's Andrew Scott. He says the business is based on a platform technology material called Elast-Eon which he says has been in human use for close to 15 years. They licence out the tech as well as...

12 minutes ago

2 min read