10th Apr 2014 11:16
LONDON (Alliance News) - Ascent Resources PLC Thursday said its pretax loss narrowed in 2013 as expenses fell and noted that it sees the opportunity for significant revenues in the future.
The independent oil and gas exploration and production company, which produced no revenues in 2013, said its pretax loss narrowed to GBP1.8 million from GBP2.9 million the previous year.
The company said its administrative expenses fell 19% to GBP1.9 million from GBP2.4 million and its finance income jumped to GBP1.4 million from GBP318,000 previously.
However, Ascent did say it was hit by a USD1.3 million finance cost during the period.
The company embarked on a complex restructuring process in 2013, disposing of its investments in Hungary, the Netherlands and Italy to focus exclusively on its Peti?ovci project in Slovenia.
It has taken years to develop the Peti?ovci project but during the period, key agreements with its partners were reworked to international industry standards and finally signed at the end of October.
Ascent Resources said it now sees two opportunities to generate value, bringing the field into production and selling into the Slovenian national grid or selling untreated gas direct to an adjacent methanol plant.
The company said that, provided that either the permitting phase currently under way can be completed with the minimum of delays or the testing of the methanol plant is successful then prospects for the company to achieve significant revenues in the foreseeable future look encouraging.
Ascent Resources shares were up 0.4% to 0.627 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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