Strategic and Production update

RNS Number : 3819S

Ascent Resources PLC

11 March 2019

 

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

11 March 2019

Ascent Resources plc

("Ascent" or the "Company")

Strategic and Production update

Corporate strategy and Presentation

The Company has adopted a new broader corporate strategy as previously set out in our RNS of 14 January 2019 and articulated at the shareholder event on 27 February 2019.

The strategy can be summarised as follows:

-      Maximise the potential of the Petišovci project by developing other parts of the field and surrounding potential in the shallower conventional zones.  The Company is currently reprocessing the Petišovci 3D with a focus on improved structural imaging and, detailed attribute analysis looking for new stratigraphic traps and remaining reserves in the known producing intervals.

-      Robustly defend shareholder interests where the Company has been unfairly treated during the Environmental Permitting process.

-      Grow the Company in the region leveraging our experience and partnerships.  The Company is focused on countries including Romania, Hungary and Croatia, with attractive geology in proven petroleum systems and well-established regulatory regimes.

An updated version of its corporate presentation is now available on the Company's website at www.ascentresources.co.uk.

Production

Total production for February was 311,443 cubic metres (10,998 Mcf / 1,896 boe) an average of 0.4 MMscfd / 71 boepd) and revenue for was €44,513.

Total production for January was 412,763 cubic metres (14,577 Mcf / 2,513 boe) an average of 0.5 MMscfd / 81 boepd and revenue for the month was €70,379.

The Company will maximise production from its project at Petisovci within the terms of its existing permits whilst it continues to seek permission  to workover its  existing wells.

Colin Hutchinson, CEO of Ascent Resources plc, commented:

"The Board believes that there remains significant value in the Petisovci field, as a producing asset or as a substantial claim for damages.

Furthermore, the Board has identified a number of attractive opportunities in the region where it believes it can add value for shareholders and grow the Company."

Ascent Resources plc Colin Hutchinson, CEO John Buggenhagen, COO Cameron Davies, Chairman	0207 251 4905
WH Ireland, Nominated Adviser & Broker James Joyce / Chris Viggor	0207 220 1666
Yellow Jersey, Financial PR and IR Tim Thompson / Harriet Jackson / Henry Wilkinson	0203 004 9512

 

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