AGM Statement

RNS Number : 9489H

Ascent Resources PLC

27 June 2013

 

Ascent Resources PLC

AGM Statement

Clive Carver, Chairman of Ascent Resources PLC ("Ascent") will make the following update at the Annual General Meeting ("AGM") to be held at 2.30 pm today at the offices of the company's Nominated Adviser and Broker, finnCap, 60 New Broad Street, London EC2M 1JJ.

"I am pleased to report significant progress in our main objective of bringing our Slovenian asset into production.

In Slovenia we have

·          agreed with the Group's principal partners Nafta Lendava and Petrol  the proposed structure and content of new Joint Venture and Joint Operating Agreements

·          agreed in principle with the Nafta Lendava Group access to  land over which to build a new pipeline connecting to the fiscal metering terminal and national pipeline system

·          renewed discussions with  BNP Paribas to secure project funding based on revised development plans and forecasts

·          appointed a new Slovenian country manager to oversea the development of the project

·          commenced recompletion work at Well Pg10 and Well PG11A

In addition, a consortium led by Petrol has acquired ownership of key assets and infrastructure, including pipelines covering more than 50% of the distance from the Company's existing wells to the national pipeline system

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

Outside Slovenia we have

·          disposed of the Group's Hungarian assets, which were expected to become non-economical towards the end of 2013

·          discussions in relation to the Netherlands and Italy are progressing well

·          reduced overheads by some £400,000 on an annualised basis

Shareholders wishing to meet the management team are encouraged to attend the AGM. 

For further information please contact:

Ascent Resources plc

Clive Carver, Chairman

Len Reece, Chief Executive

Tel: [phone]

finnCap (Nominated Adviser and Broker)

Matt Goode / Charlotte Stranner / Ben Thompson (Corporate Finance)

Elizabeth Johnson / Joanna Weaving (Corporate Broking)

Tel: [phone]

 

END

 

 

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