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20 Sep 2019 | 07:42

Ascent Resources announces half year report; details change in management

Ascent Resources announced its half year report, with revenue dropping off from £1,281,000 down to £242,000.

Loss for the period after tax increased from £611,000 to £994,000, with closing cash on 30 June 2019 being £531,000, which included the £174,000 of restricted cash to cover a bank guarantee.

During the period the Company raised £1,113,000 before costs in two equity placings in January and April 2019. There was a cash outflow from operations of £939,000 and an outflow of £132,000 from investment in future operations which resulted in a net cash outflow for the six months of £22,000.

Post period, John Buggenhagen was appointed CEO & Louis Castro appointed Chairman in July 2019, along with the share subscription for £1m announced separately today.

Commenting on the results, Chairman Louis Castro said:

'The twelve months ahead brings a real opportunity for Ascent to capitalize on its existing production base and the wider opportunities within its material asset position in Slovenia, while pursuing further diversification that will now gain impetus following the recent appointment of John Buggenhagen as CEO who has extensive knowledge of, and contacts in the region, in order to generate significant shareholder value.'

'The period under review has created challenges for the Company. Whilst in April 2019 we received the IPPC permit needed to build a processing plant, in June 2019 we were informed that we would, in effect, not receive the permits needed to re-stimulate our existing producing wells. Without such permits, we will be unable to develop and deliver the full potential of the deeper tight gas reservoir potential within the Petisovci field. In conjunction with Geoenergo, our joint venture partner in Petisovci, we will be seeking full compensation for such actions through the Courts and otherwise.'



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