Business
Acquisition of interest in th
Acquisition of interest in th.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 3573Y Ascent Resources PLC 21 December 2010 \n \n\nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n21 December 2010\nAscent Resources plc ('Ascent' or 'the Company')\nAscent to acquire EnQuest's interest in the Petişovci Project in Slovenia\n \nOverview:\n· EnQuest to take equity stake in Ascent in return for its interest in the Petişovci Project \n· EnQuest to provide technical support to Ascent for the evaluation of future European business development opportunities\n· EnQuest to appoint Director to Ascent's Board\n· EnQuest to have an option over additional shares in Ascent, subject to certain criteria related to the successful development of the Project\n \nAscent Resources plc, the AIM-traded oil and gas exploration and production company, announces that the leading independent oil & gas company on the UK Continental Shelf, EnQuest PLC, ('EnQuest') has today agreed to dispose its 48.75% interest in the Petişovci Project ('the Project') in Slovenia, in return for a 22.5% equity stake in Ascent. \n \nPost the completion of this transaction, Ascent will see its interest in the deep reservoirs of the highly prospective Petişovci Concession increase from 26.25% to 75%. On a diluted basis, existing shareholders in Ascent will initially see their exposure to the core Petişovci Project area increase to 58.1%. \n \nEnQuest has agreed to provide technical support to Ascent for the Petişovci Project, as well as for the evaluation of future European business development opportunities. Additionally as part of the agreement and to underpin its support, EnQuest has agreed to appoint Graham Cooper, EnQuest's Head of Business Development, to the Board of Ascent as a non-executive Director.\n \nIn addition to the issue of 150,903,958 new ordinary shares to EnQuest, Ascent will also grant EnQuest a nil cost option over 29,686,000 additional new ordinary shares, subject to certain criteria related to the successful development of the Petişovci project. The option will potentially allow EnQuest to benefit from the future success of the Project, however should the interest in the deep reservoirs of the Petişovci licence be relinquished, the option lapses without recourse.&nb...