Ascent Resources plc: Audited final results for the year ended 31 December 2016
Monday, Apr 24, 2017
Ascent Resources plc, the AIM quoted European oil and gas exploration and production company is pleased to report its audited full year results for the year ended 31 December 2016.

2016 Highlights:

· Gas sales agreement signed with INA giving the joint venture a route to market for gas via the export production pipeline.

· Acquisition of Trameta, providing the Company with access to the export production pipeline to Croatia.

· Raised £6.0 million via equity  and convertible loan placings.

· Reduction in debt of £5.0 million though loan note conversions and repayment of short-term facility.

· Reduced loss for the year by £1.0 million through reduced administrative expenses (£0.5 million) and lower finance costs (£0.5 million).

Post Period Highlights:

· First commercial sale of gas delivered from Pg-10 in April 2017.

· £3.0m raised via equity placing through in February 2017.

· Further £4.0 million of loan note conversions significantly reducing debt.

Colin Hutchinson, CEO of Ascent, commented:

“In the period under review and subsequently the Company has transformed itself from an explorer into a properly funded producer.

We look forward to continued success in the future.”

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