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Ascent Resources declares 2016 annual results

Published by
World Pipelines,


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."

Read the article online at: https://www.worldpipelines.com/business-news/25042017/ascent-resources-declares-2016-annual-results/


 

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