Business
Disposal of interest in PetroHungaria Kft
Disposal of interest in PetroHungaria Kft.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1727D Ascent Resources PLC 25 April 2013 \n \n\n25 April 2013\nAscent Resources plc\n(\"Ascent\" or the \"Company\")\n \nDisposal of interest in PetroHungaria Kft\n \nAscent Resources plc, the AIM listed European oil and gas exploration and production company, today announces that it has agreed to dispose of its 48.66% interest in PetroHungaria Kft, which held its interest in the Penészlek field, to their joint venture partners, DualEx Energy International, Swede Resources and Geomega for a cash consideration of €450,000.\n \nThe Penészlek field produces gas from two wells, PEN-101 and PEN-105A. Losses attributable to our interest in the assets of PetroHungaria in 2011 were c. €40k and net assets at 30th June 2012 of c. €1.67m.\nThe sale is a way to realise the full value of the remaining production in an up-front cash payment that we can redeploy to advance our core Slovenia project.\n \nLen Reece, Chief Executive Officer, commented: \"Given the relatively short life expectancy of the field and Ascent's limited cash position, it was deemed prudent to accept a proposal from our partners to dispose of our interest for this up-front payment, which gives us more certainty in terms of cashflow and cost control.\"\n \nEnquiries:\n \nAscent Resources plc\nScott Richardson Brown, Finance Director\nTel: +44 (0)20 7251 4905\n \nfinnCap(Nominated Adviser and Broker)\n\n\n\n\nMatt Goode/Charlotte Stranner\n\n\n\n\nTel: +44 (0)20 7220 0500\n \nFirstEnergy Capital LLP(Financial Adviser)\nHugh Sanderson / Travis Inlow\nTel: + 44 (0) 20 7448 0200\n \nPress Enquiries - Cardew Group\n\n\n\n\nAnthony Cardew / Alexandra Stoneham \n\n\n\n\nTel: +44 (0)20 7930 0777\n \nAbout Ascent Resources\n \nAscent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and, with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.\n \n\nThis inf...