Ascent Resources celebrates new venture with Swiss investment firm
Thursday, October 16, 2008
Ascent Resources said today it had signed up to a “potentially transformational” joint venture deal with a Swiss investment firm.
Under the terms of the deal, the AIM-traded oil and gas group is going to work with San Severina Holdings on acquiring minority interests and provide investment funding for producing and development or appraisal stage oil and gas projects.
As part of this, Ascent will provide management services for the oil and gas properties in return for a carried equity participation in the projects.
Ascent managing director Jeremy Eng said the agreement would provide the company with long term capital benefits; a deal flow to complement its existing portfolio and funding capabilities to expand outside its core geographical area.
“In essence, it will allow us to leverage the expertise of our team and generate value for our shareholders through the participation in additional projects with San Severina,” he said.
Ascent’s current production and development activities in central and eastern Europe will be unaffected by the deal, with the investment assets thought to be primarily outside those areas of operation.
San Severina plans to commit an initial €100 million to the establishment of an oil and gas investment division to manage its existing investors’ oil and gas assets and pursue other opportunities in the sector. In the short-term, a range of investment opportunities are under evaluation and bespoke equity and financing plans will be prepared for each.
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