Business
Issue of Equity and Facility
Issue of Equity and Facility.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 6000A Ascent Resources PLC 12 October 2009 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n12 October 2009\nAscent Resources plc ('Ascent' or 'the Company')\nIssue of Equity and Facility Limit Increase\n\nAscent Resources plc, the AIM traded oil and gas exploration and production company, further to its announcement of 14 May 2009, has issued 20,000,000 new ordinary shares of 0.1 pence each ('Ordinary Shares') to GEM Global Yield Fund Limited ('GEM') as part of a draw-down on the equity line of credit provided by GEM. The price of the subscription is 7.19 pence per Ordinary Share, a discount of 9% to the average closing price of Ascent shares over the past 15 trading days.\n\nThe funds raised will be utilised to support the ongoing development of Ascent's European focussed portfolio, details of which were announced in the Company's pre AGM trading statement on 23 July 2009. Ascent's schedule for near term development work on its assets includes: \n \n\n\n\n\n1.\n\n\nPEN gas development drilling in Hungary\n\n\n\n\n2.\n\n\nPetisovci 3-D seismic acquisition in Slovenia\n\n\n\n\n3.\n\n\nAnagni appraisal drilling in Italy \n\n\n\n\n4.\n\n\nFilovci 3-D seismic acquisition in Slovenia \n\n\n\n\n\nThe Company has also agreed with GEM to increase the limit on the existing facility from £5 million to £10 million; this facility can be called upon at any time until May 2012.\n\nAscent Managing Director Jeremy Eng said, \"The Company's high activity level is set to continue over the coming months, across our European portfolio. The extension of our equity line of credit with GEM is one additional funding option that can be utilised, if required, to maintain our high levels of activity.\n\n\"Drilling is underway at our PEN-104AA well in Hungary, and work is due to commence shortly at the Anagni geological appraisal well in Italy. With favourable weather, excellent progress has also been made on the Petisovci 3-D seismic acquisition in Slovenia, and the Filovci 3-D acquisition is ahead of schedule and expected to commence this week. We already have a significant amount of activity planned for 2010 with further 3-D seismic to be acquired in the Lovaszi region of Hungary an...