Ascent Resources plc has reported its audited full year results for the year ending on 31 December 2016.
The company’s 2016 highlights include:
- A gas sales agreement with INA signed, giving the joint venture a route to market for gas via the export production pipeline.
- Acquisition of Trameta, providing the company with access to the export production pipeline to Croatia.
- Raised £6 million via equity and convertible loan placings.
- Reduction in debt of £5 million though loan note conversions and repayment of short term facility.
- Reduced loss for the year by £1 million through reduced administrative expenses (£0.5 million) and lower finance costs (£0.5 million).
Its post period highlights include:
- First commercial sale of gas delivered from Pg-10 in April 2017.
- £3 million raised via equity placing through PrimaryBid.com in February 2017.
- A further £4 million of loan note conversions, significantly reducing debt.
Colin Hutchinson, CEO of Ascent Resources plc, commented: “In the period under review and subsequently the company has transformed itself from an explorer into a properly funded producer. We look forward to continued success in the future."
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