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.
