Business
Strategic and Production update
Strategic and Production update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3819S Ascent Resources PLC 11 March 2019 \n\nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n11 March 2019\nAscent Resources plc\n(\"Ascent\" or the \"Company\")\nStrategic and Production update \nCorporate strategy and Presentation\nThe Company has adopted a new broader corporate strategy as previously set out in our RNS of 14 January 2019 and articulated at the shareholder event on 27 February 2019.\nThe strategy can be summarised as follows:\n- Maximise the potential of the Petišovci project by developing other parts of the field and surrounding potential in the shallower conventional zones. The Company is currently reprocessing the Petišovci 3D with a focus on improved structural imaging and, detailed attribute analysis looking for new stratigraphic traps and remaining reserves in the known producing intervals.\n- Robustly defend shareholder interests where the Company has been unfairly treated during the Environmental Permitting process.\n- Grow the Company in the region leveraging our experience and partnerships. The Company is focused on countries including Romania, Hungary and Croatia, with attractive geology in proven petroleum systems and well-established regulatory regimes.\nAn updated version of its corporate presentation is now available on the Company's website at www.ascentresources.co.uk.\nProduction\nTotal production for February was 311,443 cubic metres (10,998 Mcf / 1,896 boe) an average of 0.4 MMscfd / 71 boepd) and revenue for was €44,513.\nTotal production for January was 412,763 cubic metres (14,577 Mcf / 2,513 boe) an average of 0.5 MMscfd / 81 boepd and revenue for the month was €70,379.\nThe Company will maximise production from its project at Petisovci within the terms of its existing permits whilst it continues to seek permission to workover its existing wells.\n \nColin Hutchinson, CEO of Ascent Resources plc, commented:\n\"The Board believes that there remains significant value in the Petisovci field, as a producing asset or as a substantial claim for damages.\nFurthermore, the Board has identified a number of attractive opportunities in the region where it believes it can add value for shareholders and grow the Company.\"\n&nbs...