Ascent Resources logo

AST - Ascent Resources News Story

5.6p 0.9  20.4%

Last Trade - 14/05/21

Market Cap £6.13m
Enterprise Value £6.21m
Revenue £n/a
Position in Universe 1691st / 1826

Ascent Resources PLC - Update on Slovenia and Cuba operations

Mon 12th April, 2021 8:02am
RNS Number : 1144V
Ascent Resources PLC
12 April 2021
 

12 April 2021                                      

Ascent Resources plc

("Ascent" or the "Company")

Update on Slovenia and Cuba operations

 

Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company, updates on its Slovenian gas project and entry into Cuba.

Slovenia Update

As previously announced on 19 March and as expected, the pressure at the currently producing PG-11A well has continued to decline naturally and will only be able to be enhanced with mechanical stimulation. The JV expects gas production to continue at intermittent production rates which will be sold, whilst economical to do so, domestically to local industrial buyers at the daily spot price, which has risen towards and beyond €19 MWh in recent weeks.

Cuba Update

As announced 6 August 2020 the Company transmitted its operating credentials to Union Cuba-Petroleo ("CUPET"), Cuba's national oil company, and the Oficina Nacional de Recursos Minerales ("ORNM") and since then has received positive initial feedback towards accreditation as an onshore operator subject to funding.  However whilst these work-streams are still being advanced remotely, finalisation of the qualification process and negotiations of the PSCs are pending the lifting of COVID-19 related travel restrictions.

Accordingly, the Company remains engaged with CUPET and is in the process of requesting a further extension to its MOU to negotiate the production sharing contracts over the Cuban onshore Blocks 9A, 9B, 12 and 15, by 6 months, to 29 October 2021. Consistent with this extension request and further to the announcement of 14 April 2020 the Company also announces that it has agreed to extend the long stop date to 31 December 2021 for the Energetical deferred consideration of £100,000 cash and £350,000 of new equity (priced at the 30 day volume weighed average price at the time and subject to a one year lock up following issue) which is payable to the vendors only upon the Company signing the production sharing contract for block 9B with CUPET.

The Company is also reviewing a number of ESG Metal and mining opportunities in Cuba across a range of base, precious and battery metal primary mining projects as well as gold, silver and copper secondary mining/re-treatment of surface stockpiled tailing opportunities that are consistent with the Company's ESG Metals strategy as announced 11 February 2021. Further updates will be announced as appropriate.

 

Enquiries:

Ascent Resources plc

Andrew Dennan

Via Vigo Communications

 

WH Ireland, Nominated Adviser & Broker

James Joyce / Chris Savidge

0207 220 1666

Novum Securities, Joint Broker

John Belliss

 

0207 399 9400

 

 

 

The information contained in this announcement has been reviewed by Leonardo Salvadori, Ascent's Technical Director, a qualified geologist and geophysicist and member of the Italian Society of Petroleum Engineers.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDEAXLAFEEFEEA
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.