Ascent Resources to target near term cash flow after raising £6m
27 November 2009
AIM-quoted oil and gas group Ascent Resources has raised £6 million in a share placing priced at 5p. The new cash has been earmarked to accelerate the development of the company's portfolio of European oil and gas production and exploration projects.
Ascent’s managing director, Jeremy Eng, said the company’s business model of investing primarily onshore in Europe had proved popular with investors. Likewise, the fact that its last four drilling programmes have all been successful has also ensured support from new and existing shareholders.
“Not only does the placing strengthen our institutional shareholder base, but it also enables us to implement our 2010 development plan, which is focussed on proving up reserves and increasing production,” he said.
Mr Eng added that the company’s priority was to realise near term value and therefore the funds from the placing would be applied to those projects that can produce near term cash flow.
“With this in mind, a key focus will be the Petişovci oilfield in Slovenia where preliminary results from the 3-D seismic are above our expectations; new prospects are available for drilling and there is near term potential for production in 2010,” he said.
Ascent's main focus for 2010 is in Hungary and Slovenia. Gas production from the Penčszlčk area is expected to be from five wells by mid-2010 and should provide a substantially higher revenue stream compared to the revenue generated by production from a single well during 2009.
In order to issue all of the placing shares, Ascent needs to increase its authorised share capital - therefore the placing is being effected in two stages. The deal is expected the complete on December 15, after shareholders have given the company the go-ahead.
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