Ascent Resources plc “from explorer into a properly funded producer” Colin Hutchinson, CEO

Colin Hutchinson, CEO of Ascent Resources LON:AST, commented: “In the period under review and subsequently the Company has transformed itself from an explorer into a properly funded producer.

We look forward to continued success in the future.”

Ascent Resources plc LON:AST, the AIM quoted European oil and gas exploration and production company has this morning reported its audited full year results for the year ended 31 December 2016.

2016 Highlights:

— Gas sales agreement signed with INA giving the joint venture a route to market for gas via the export production pipeline.

— Acquisition of Trameta, providing the Company with access to the export production pipeline to Croatia.

   --      Raised GBP6.0 million via equity  and convertible loan placings.

— Reduction in debt of GBP5.0 million though loan note conversions and repayment of short-term facility.

— Reduced loss for the year by GBP1.0 million through reduced administrative expenses (GBP0.5 million) and lower finance costs (GBP0.5 million).

Post Period Highlights:

   --      First commercial sale of gas delivered from Pg-10 in April 2017. 
   --      GBP3.0m raised via equity placing through PrimaryBid.com in February 2017. 
   --      Further GBP4.0 million of loan note conversions significantly reducing debt.

 

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