13th Sep 2022 14:19
Ascent Resources PLC - onshore Caribbean, Hispanic American and European-focused natural resources company - In the first half of the year, records no revenue. Pretax loss narrows to GBP622,000 from GBP1.1 million year-on-year. Since period-end, receives historic revenue from PG-10 and PG-11A wells, which is will recognise in its next annual accounts, along with the associated production costs. Produces 672,100 cubic metres of gas and 21,885 litres of condensate over the period.
Gas sales to INA remain suspended due to low wellhead pressure, this is "not expected to be remedied following the Slovenian ban which includes the prohibition of low volume hydraulic stimulation", Ascent says. Sells gas locally to industrial buyer via low-pressure pipeline.
"The team continue to work diligently across our key corporate priorities which include championing redress from Slovenia pursuant to our USD500 million + ECT and BIT funded monetary damages claim and delivering a complimenting maiden new business transaction focused on development and near term production and revenue generation," the firm says.
Current stock price: 4.89 pence, down 4.1% on Tuesday
12-month change: down 3.2%
By Elizabeth Winter; [email protected]
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