28th Sep 2023 13:55
(Alliance News) - Ascent Resources PLC on Thursday said revenue surged on its successful litigation against Geoenergo.
The European and Hispanic American project-focused oil and gas exploration and production company reported that revenue was GBP1.4 million in the first half of 2023, compared to no revenue in the year prior. In 2022, the firm reported total revenue of GBP581,000.
The firm said it swung to pretax profit of GBP142,000, from a loss of GBP662,000 a year ago.
The company noted that during the period, it resolved part of its dispute with its joint venture partner, Geoenergo, regarding hydrocarbon production proceeds owed from its PG-10 and PG-11A wells. It also resolved its invoice dispute with Petrol Geo, resulting in a GBP456,000 cost of sales charge.
Looking forward, Ascent said it is focused on "preserving value and defending its investments and working interests in Slovenia". It noted that it is in the process of pursuing EUR3 million additional revenue claims, as well as an energy charter treaty claim for EUR656.5 million in damages against Slovenia.
Ascent shares were unchanged at 2.7 pence each on Thursday afternoon in London.
By Harvey Dorset, Alliance News reporter
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