Colin Hutchinson, CEO of Ascent Resources joins London South East today to update us on the strategic review of the #AST business. The share price performance since the business became profitable has been disappointing and the Ascent board have been unable to fund the strategic plan for the Petosovci gas field in Slovenia.
They have therefore opted for a strategic review of the assets in order to maximise shareholder value.
The options are:
- A farm-in with a partial sale of the assets. Ascent currently own 75% of the asset and would potentially sell a further percentage and use the funding to drive development.
- To sell Ascent and all the assets to a third party
- A corporate transaction where #AST potentially gets taken over or merged into another company.
Colin discusses these options at length.