ASCENT RESOURCES PLC

M&A Activity • Aug 13, 2013

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RNS Number : 5294L

Ascent Resources PLC

13 August 2013

Ascent Resources plc

("Ascent" or "the Company")

Strategic review completed

End of Offer Period

Ascent Resources plc., the AIM listed European oil and gas exploration and production company, is pleased to announce that following disposal of Ascent's Dutch assets, as announced on 7 August 2013, the previously announced strategy of rationalising the Group's portfolio is now complete.

Since April 2013, the Company has sold its Hungarian, Italian and Dutch assets ("the Disposals").  The focus of the Group's operations is now exclusively Slovenia, and in particular the Petišovci asset.

Strong progress has been made towards both finalising the Joint Operating and other operational agreements required among the Petišovci partners group and in our discussions with BNPP for a revised bank facility. The Board expects to conclude the partner agreements in the next few weeks and further updates will be made as and when required. 

Following the Disposals and having stated its strategy of focusing on its Slovenian assets, the Board of Ascent considers the strategic review of the Company's operations to now be complete. As such, the Company is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.

Clive Carver, Chairman, commented

"I am pleased with both the pace at which the management team has identified and concluded the sale of non-core assets and also the terms on which they have been sold.

Going forward our focus is exclusively on the Petišovci project, where strong progress within the partner group and with the bank has been made.

Our mission now is to conclude the operational and other agreements among the partner group and to secure a revised bank facility to allow the Petišovci project to be brought on stream."

Contacts

Ascent Resources plc.

Clive Carver

Tel: +44 (0)20 7251 4905

Leonard Reece

Tel: +44 (0)20 7251 4905

finnCap (Nominated Adviser and Broker)

Matt Goode / Charlotte Stranner  

Tel: +44 (0) 20 7220 0500

This information is provided by RNS

The company news service from the London Stock Exchange

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