Business
Posting of circular
Posting of circular.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2671D Ascent Resources PLC 18 February 2020 \n\n18 February 2020 \nAscent Resources plc\n(\"Ascent\" or the \"Company\")\nPosting of Circular\nAscent Resources Plc (LON: AST) the onshore European independent oil and gas exploration and production company, announces that, further to the announcement on 14 February 2020, a circular will be posted to shareholders today and a copy will be made available on the Company's website, www.ascentresources.co.uk in due course. The Chairman's Letter has been extracted from the Circular and is shown below.\nEnquiries:\n\n\n\n\nAscent Resources plc\nLouis Castro, Chairman \nJohn Buggenhagen, CEO\n \n\n\n0207 251 4905\n \n\n\n\n\nWH Ireland, Nominated Adviser & Broker\nJames Joyce / Chris Savidge\n\n\n0207 220 1666\n\n\n\n\nSP Angel, Joint Broker\nRichard Hail\n \n\n\n0203 470 0470\n\n\n\n\n \n1. Introduction\nAscent is in a phase of re-focusing its business to positive production growth including reviewing opportunities outside Slovenia to diversify its asset base. \nSignificant production growth at the Petišovci field in Slovenia can only be achieved when the partners have successfully obtained the required permits to re-stimulate the existing producing wells (Pg-10 and Pg-11A) as part of a larger development project to recover the field's significant proven and potential gas reserves. Additional near term production growth may also be possible by targeting other conventional oil and gas reservoirs within the large Petišovci concession area including undrilled fault blocks in the known producing structure. In 2019, the Company reprocessed the 2010 Petišovci 3D seismic survey using the latest technology, which has provided several attractive conventional appraisal and near-field exploration leads. Work is currently underway to progress these potential drilling opportunities with the Joint Venture Partners, but these opportunities will also need the requisite permits before they could be tested.\nIn order to progress matters in Slovenia, to meet costs and to source and assess new potential opportunities, further capital will be required. Accordingly, the Board has identified new management who will bring more opportunities to the Group and who have facilitated the raising of working capital for the Company b...