Business
Interim results for the period ended 30 June 2017
Interim results for the period ended 30 June 2017.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0252S Ascent Resources PLC 28 September 2017 \n\n28 September 2017\nAscent Resources plc\n(\"Ascent\" or the \"Company\")\n \nInterim results for the period ended 30 June 2017\n \nAscent Resources plc, the AIM quoted European oil and gas exploration and production company is pleased to report its interim results for the six months ended 30 June 2017.\nHighlights:\n· Recompletion and flow testing of well Pg-10.\n· Construction of the new pipeline connection at MRS Lendava (land acquired by Ascent from Trameta in July 2016) required to export gas production to Croatia.\n· Refurbishment of separation equipment at the existing CPP (a gas separation facility) owned and operated by our partner Petrol Geoterm.\n· Raised £2,988,000 through a successful Placing on the PrimaryBid platform which allowed private and other investors the opportunity to participate on equal terms.\n· Reduction in debt of almost £6 million through loan note conversions.\nPost Period Highlights:\n· Recompletion of well Pg-11A\n· Company poised to commence supplying gas to INA\n· Further loan note conversions of £2.3 million which has virtually eliminated convertible loan notes from the balance sheet, debt down to less than £50K.\nColin Hutchinson, CEO of Ascent, commented: \n\"2017 has been a transformational year for the Company and probably the most successful in its history. We have begun selling gas, reported revenues for the first time since 2013 and are now virtually debt free. The Company is now in a strong position to look to expand our operations into new territories and face the future with increased optimism.\"\n \nEnquiries:\n\n\n\n\nAscent Resources plc\nClive Carver, Chairman\nColin Hutchinson, CEO\n\n\n\n0207 251 4905\n \n\n\n\n\nWH Ireland Limited\nJames Joyce / Alex Bond\n\n\n0207 220 1666\n\n\n\n\n\nYellow Jersey \nTim Thompson\nHarriet Jackson\nHenry Wilkinson\n\n\n\n0203 735 8825\n\n\n\n\n \nChairman's statement\n \nThe period under review and subsequently has been probably the most successful in the Company's history. \n \nWe achieved first gas selling to local customers from our Pg-10 well...