Ascent Resources PLC Update on Slovenia and Cuba operations (1144V)
12 April 2021 - 5:02PM
UK Regulatory
TIDMAST
RNS Number : 1144V
Ascent Resources PLC
12 April 2021
12 April 2021
Ascent Resources plc
("Ascent" or the "Company")
Update on Slovenia and Cuba operations
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic
American and European focused energy and natural resources company,
updates on its Slovenian gas project and entry into Cuba.
Slovenia Update
As previously announced on 19 March and as expected, the
pressure at the currently producing PG-11A well has continued to
decline naturally and will only be able to be enhanced with
mechanical stimulation. The JV expects gas production to continue
at intermittent production rates which will be sold, whilst
economical to do so, domestically to local industrial buyers at the
daily spot price, which has risen towards and beyond EUR19 MWh in
recent weeks.
Cuba Update
As announced 6 August 2020 the Company transmitted its operating
credentials to Union Cuba-Petroleo ("CUPET"), Cuba's national oil
company, and the Oficina Nacional de Recursos Minerales ("ORNM")
and since then has received positive initial feedback towards
accreditation as an onshore operator subject to funding. However
whilst these work-streams are still being advanced remotely,
finalisation of the qualification process and negotiations of the
PSCs are pending the lifting of COVID-19 related travel
restrictions.
Accordingly, the Company remains engaged with CUPET and is in
the process of requesting a further extension to its MOU to
negotiate the production sharing contracts over the Cuban onshore
Blocks 9A, 9B, 12 and 15, by 6 months, to 29 October 2021.
Consistent with this extension request and further to the
announcement of 14 April 2020 the Company also announces that it
has agreed to extend the long stop date to 31 December 2021 for the
Energetical deferred consideration of GBP100,000 cash and
GBP350,000 of new equity (priced at the 30 day volume weighed
average price at the time and subject to a one year lock up
following issue) which is payable to the vendors only upon the
Company signing the production sharing contract for block 9B with
CUPET.
The Company is also reviewing a number of ESG Metal and mining
opportunities in Cuba across a range of base, precious and battery
metal primary mining projects as well as gold, silver and copper
secondary mining/re-treatment of surface stockpiled tailing
opportunities that are consistent with the Company's ESG Metals
strategy as announced 11 February 2021. Further updates will be
announced as appropriate.
Enquiries:
Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Chris Savidge 0207 220 1666
Novum Securities, Joint Broker
John Belliss 0207 399 9400
The information contained in this announcement has been reviewed
by Leonardo Salvadori, Ascent's Technical Director, a qualified
geologist and geophysicist and member of the Italian Society of
Petroleum Engineers.
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END
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