21st Jan 2019 10:21
LONDON (Alliance News) - Ascent Resources PLC said Tuesday it has raised GBP331,603 in net proceeds via a share issue to develop its Petisovci project in Slovenia and pursue opportunities outside the country.
The oil and gas explorer issued 116.4 million shares at 0.30 pence each. Chief Executive Colin Hutchinson subscribed for 1 million shares at the issue price.
Ascent Resources shares were trading 17% lower at 0.31 pence each on Monday morning.
Last Monday, Ascent said it will focus outside of Slovenia due to project permitting delays at Petisovci, though it will still look at developing the "significant" gas reserves at the gas project. The company has been trying to get a pollution prevention and control permit for the Petisovci for five years.
Under the new business strategy, CEO Hutchinson, who had been operating on a part-time basis, resumed a full-time role. Former Palomar Natural Resources CEO John Buggenhagen joined as chief operating officer and Non-Executive Chairman Clive Carver has resigned.
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