Disposal of interest in PetroHungaria Kft

RNS Number : 1727D

Ascent Resources PLC

25 April 2013

 



25 April 2013

Ascent Resources plc

("Ascent" or the "Company")

Disposal of interest in PetroHungaria Kft

Ascent Resources plc, the AIM listed European oil and gas exploration and production company, today announces that it has agreed to dispose of its 48.66% interest in PetroHungaria Kft, which  held its interest in the Penészlek field, to their joint venture partners, DualEx Energy International, Swede Resources and Geomega for a cash consideration of €450,000.

The Penészlek field produces gas from two wells, PEN-101 and PEN-105A.  Losses attributable to our interest in the assets of PetroHungaria in 2011 were c. €40k and net assets at 30^th June 2012 of c. €1.67m.

The sale is a way to realise the full value of the remaining production in an up-front cash payment that we can redeploy to advance our core Slovenia project.

Len Reece, Chief Executive Officer, commented: "Given the relatively short life expectancy of the field and Ascent's limited cash position, it was deemed prudent to accept a proposal from our partners to dispose of our interest for this up-front payment, which gives us more certainty in terms of cashflow and cost control."

Enquiries:

Ascent Resources plc

Scott Richardson Brown, Finance Director

Tel: [phone]

finnCap(Nominated Adviser and Broker)

Matt Goode/Charlotte Stranner

Tel: [phone]

FirstEnergy Capital LLP(Financial Adviser)

Hugh Sanderson / Travis Inlow

Tel: + 44 (0) 20 7448 0200

Press Enquiries - Cardew Group

Anthony Cardew / Alexandra Stoneham

Tel: [phone]

About Ascent Resources

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.  Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside.  The portfolio is focussed on gas and, with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.

 

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