Business
Strategy Update, Issue of Equity and TVR
Strategy Update, Issue of Equity and TVR.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2930H\n Ascent Resources PLC\n 24 March 2020\n \n \n \n \n Ascent Resources plc\n \n \n (\"Ascent\" or the \"Company\")\n \n \n Corporate Strategy Update, Issue of Equity, Placing Update, Total Voting Rights Update and Appointment of Company Secretary\n \n \n \n \n \n 24 March 2020 \n \n \n Ascent Resources Plc (LON: AST) the \n onshore European independent oil and gas exploration and production company,\n is pleased to provide an update on its forward corporate strategy, announce an issue of equity and provide an update on the recent placing and resulting TVR. \n \n \n Existing European Strategy\n \n \n The Company notes the election of a new government in Slovenia, where its principal current asset, the Petišovci gas field, is located. \n \n \n Following the recent approval of the Company restructuring, the newly appointed Board is in the process of reviewing the Company's asset in Slovenia, and in particular the Company's positioning with its joint venture partners and stakeholders in country. An announcement will be made in this regard following meetings with key relationships in country which are being scheduled, subject to Coronavirus-related European travel restrictions. \n \n \n As part of its ongoing strategic review in Europe, the Company is pleased to confirm that given its existing skill sets and regional relationships, it continues to evaluate multiple opportunities to grow its European footprint, including in neighbouring Central Eastern European countries and in the United Kingdom.\n \n \n Caribbean and Hispanic America New-Entry Strategy\n \n \n As part of an expanded international strategic review, the Company has also identified the Caribbean and Hispanic America region as highly prospective for oil and gas, and a region where the new team's industry experience, existing relationships and skill set can add value for shareholders. The Company is focused initially on attractive production and appraisal portfolios and views the current low oil price environment as an opportunity to secure advantageous entry terms. It also notes recent legislative and licence changes to encourage foreign investment with attractive fiscal terms, reduced tax rates and tax holidays in some jurisdictions. With this expanded international strategy in mind, a new...