Operational update

RNS Number : 4313C

Ascent Resources PLC

01 October 2018

 

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

01 October 2018

Ascent Resources plc

("Ascent" or the "Company")

Operational update

Permitting

The Board of Ascent is pleased to confirm that there has been significant progress with respect to our long-awaited permits. Based on the last document received from the Environmental Agency we have good reason to be confident that the IPPC permit will be confirmed in the coming weeks.

Production

Due to the planned three-week shut down for annual maintenance of INA's gas processing plant in September, our wells were only in production for 7 days. Production figures for September have not been finalised due to the proximity to month end; estimated total production for the month of September is approximately 229,252 cubic metres (8,096 MCF) at an average daily rate of 32,750 cubic metres / 1.2 MMscfd.  Production in August was 727,851 cubic metres (25,679 MCF), an average daily production of 23,456 cubic metres (1.0 MMscfd).

Total revenue to Ascent for September from gas sales is expected to be around €65,000, with an additional €2,500 expected from the sale of condensate.

Strategic review

The Company continues to have positive discussions with more than one interested party and is hopeful that either could result in a proposal which shareholders would find acceptable.  We understand that the length of the process has been frustrating for all involved but there are complex discussions underway and we look forward to providing a detailed update when circumstances allow.

Colin Hutchinson, CEO of Ascent Resources plc, commented:

"I am greatly encouraged by the progress made during September and believe that we are now very close to having the IPPC permit confirmed in the next few weeks."

Ascent Resources plc Clive Carver, Chairman Colin Hutchinson, CEO	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 735 8825

 

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