Extension of gas sales agreement

RNS Number : 3032X

Ascent Resources PLC

29 April 2019

 

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29 April 2019

Ascent Resources plc

("Ascent" or the "Company")

Extension of gas sales agreement

Ascent Resources plc, the European focused oil & gas exploration and production company, is pleased to confirm that it has extended the existing gas sales agreement, under which untreated gas is sold to INA in Croatia, until November 2019.

The agreement came into force on 3 November 2017 for an initial 12-month term, this was extended for six months to 2 May 2019 during July 2018.  The agreement has now been extended for a further six-month period to 1 November 2019.

It is the intention of all sides to conclude a revised agreement to take effect from November 2019 in due course which takes into account the anticipated increase in gas volumes following the installation of compression equipment and, subject to permits, the re-stimulation of the current producing wells.

Colin Hutchinson, Chief Executive Officer of Ascent Resources, commented:

"I am pleased that the agreement has been extended again.  We value our relationship with INA and look forward to concluding a revised agreement with increased production targets in due course."

Enquiries:

Ascent Resources plc                                                                                                  [phone]

Colin Hutchinson, CEO

WH Ireland, Nominated Adviser                                                                              [phone]

James Joyce / Chris Savidge

SP Angel, Joint Broker                                                                                                 [phone]

Richard Redmayne / Richard Hail

Yellow Jersey, Financial PR and IR                                                                           [phone]                

Tim Thompson / Harriet Jackson / Henry Wilkinson

 

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