24th Sep 2020 12:02
Ascent Resources PLC - onshore Caribbean, Hispanic American and European energy and natural resources focused company - Posts widened GBP1.2 million pretax loss for six months ended June 30 compared to GBP994,000 loss a year before. Widened loss results from 15% increase in administrative expenses to GBP945,000 from GBP823,000. There was no revenue for the recent period versus GBP242,000 a year before. New board and executive team took over in March and April, and the company is "taking concrete steps to sort out the Slovenian legacy asset" as well as initiating a growth strategy focusing on special situation opportunities. Will reveal first special situation transaction later in 2020. "Following a phase of legacy clean up, the company is now poised for success with a new energised team, a new countercyclical growth strategy, dual legal and industrial routes being pursued in Slovenia in addition to the entry into the highly prospective Cuban upstream space pre-US elections."
Current stock price: 2.80 pence; down 10% on Thursday
Year-to-date change: down 72%
By Anna Farley; [email protected]
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