ASCENT RESOURCES: Gas flows mean cash flows to develop up to 15 wells

ASCENT RESOURCES: Chief Executive Colin Hutchinson tells London South East that gas flowed from the Petisovci field in Slovenia to INA in Croatia last Thursday. They expect to be receiving around Euros 300,000 per month in revenues from INA monthly.

This will be used to develop the Petisovci gas field in Croatia, with reworking of old wells initially and also new wells, up to 15 in total. This work may be funded by a new debt facility.

Secondly, that a decision on the IPPC permit needed to develop a processing plant to enable gas to be put into the Slovenian grid is imminent and likely to happen by the year end. This plant will take 12 months to build and may be funded by debt.