2nd Jun 2025 14:18
(Alliance News) - Ascent Resources PLC on Monday reported no revenue and a widened annual loss for 2024, although it noted its "bold pivot" during the period.
The London-based oil and gas explorer and producer reported a GBP2.7 million pretax loss for 2024, against the prior year's GBP851,000 loss. It also generated no revenue for the year, down from GBP1.4 million.
Ascent furthermore noted the insolvency of a partially state-owned Slovenian joint venture, resulting in the group no longer having an interest in the Petisovci field's development. The company said its pursuit of damage claims in the insolvency proceedings continues, noting that a conditional claim for around EUR3 million has been recognised.
"2024 has been a year of significant transformation for Ascent Resources PLC, a period where we boldly redefined our identity and set a course for a future rich with opportunity," commented Chief Executive Officer Andrew Dennan. "This has been a year of significant milestones...Building on the resilience and stability we established in 2023, where we defended our interests in Slovenia, and secured our financial footing, we have now executed a bold pivot to the Americas, positioning ourselves as a dynamic player in the US onshore gas and helium sector."
Ascent's "foray into the US market" comprised its investment, announced in April, into GNG Partners LLC for exposure to the Lisbon Valley gas and helium processing facility in Utah.
Ascent said the gas processing plant is currently undergoing upgrades and repairs but should be back online towards the end of the second quarter, after which GNG will focus on recommissioning its liquefaction unit.
"With current prices soaring to USD750-1,450/Mcf, this upgrade - targeted for completion by 2025 year-end - will enable GNG to produce and sell liquefied helium, tapping into premium markets and driving significant revenue growth in 2026 and beyond," the company stated.
CEO Dennan added: "This has been a year of action, from groundbreaking investments to the resolution of legacy challenges...Together, we are building a company with a bright and prosperous future."
Shares in Ascent Resources were trading 4.8% higher at 0.55 pence on Monday afternoon in London.
By Emma Curzon, Alliance News reporter
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