1st May 2020 14:07
(Alliance News) - Ascent Resources PLC on Thursday said it struck a deal with Cuba's largest oil company to secure exclusive rights to three onshore licences.
Ascent reported that it signed a binding memorandum of understanding with Cuban National Oil & Gas Co, or CUPET.
Back in April, Ascent said it made its first acquisition in Cuba, specifically Energetical Ltd, a UK-based firm with exclusive rights to secure a production sharing contract on an onshore Cuban oil licence.
Ascent on Thursday said it raised GBP212,500 in an equity raise to fund technical work at the three new assets.
Ascent said: "The company has now signed a binding MOU with CUPET granting exclusive rights for six months to negotiate multiple production sharing contracts over the onshore blocks 9a, 12 and 15. This is in addition to the MOU on block 9b recently secured via the recent purchase of Energetical Ltd.
"The combination of Blocks 9a, 9b, 12 and 15 positions the company with exclusive negotiating rights to potentially one of the largest non state owned, onshore Cuban portfolios. The portfolio provides a blend of existing production for low risk redevelopment with significant upside potential for both appraisal and exploration."
Shares in the higher were marginally higher at 3.26 pence each in London on Friday afternoon.
By Eric Cunha; [email protected]
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