BNPP Credit Facility Update

RNS Number : 2896O

Ascent Resources PLC

09 October 2012

 



9 October 2012

Ascent Resources plc

('Ascent' or 'the Company')

BNPP Credit Facility Update

Ascent Resources plc, the AIM listed European oil and gas production and exploration company announces an update in relation to the Petišovci project and our BNP Paribas (Suisse) SA ("BNPP") term loan facility.

Ascent announced on 29 May 2012 that it had entered into a €15m term loan facility with BNPP (the "Facility").  As detailed in the announcement, drawdown under the Facility was subject to the satisfaction of a number of conditions precedent and subsequent, including the delivery of certain documents and the obtaining of certain consents to the assignment by way of security to the lender of the borrower's rights under the contracts which constitute the borrower's interest in the Petišovci field.

The consents required were conditions subsequent to the Facility but the Board took the prudent decision to not draw on the Facility until all the necessary documents and consents were in place and can confirm that the necessary consents from its Joint Venture partners have now been received. Four additional signatories to the Joint Venture Agreement have yet to be secured.  Ascent has been actively pursuing them for over four months.

Due to various on-going changes within the political establishment in Slovenia, it cannot be certain as the exact timing of the receipt of these consents.  The Company continues to apply pressure at a number of levels in order to attempt a swift resolution to the current impasse.

Given the time that has now elapsed, when Ascent receives the consents, the Board will not attempt to draw on the Facility and will then have to renegotiate certain obligations and timing conditions of the Facility.

BNPP continue to remain supportive and the parties maintain a constructive dialogue on the project status.

The Board remains determined to maximise the significant inherent value it believes is contained in the assets on shareholders' behalf.

Enquiries:

Investors Scott Richardson Brown	Ascent Resources plc	Tel:  [phone]
Matt Goode - Corporate Finance Charlotte Stranner - Corporate Finance Simon Starr - Corporate Broking	finnCap (NOMAD & Broker)	Tel:  [phone]
Press Anthony Cardew Alexandra Stoneham	Cardew Group	Tel:  [phone]

Notes:

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Slovenia, Italy, Switzerland, Hungary, and the Netherlands. 

 

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