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LONDON (Alliance News) - Ascent Resources PLC said Wednesday it has raised GBP750,000 via an oversubscribed share placing to complete the reprocessing of 3D seismic data on the Petisovci project in Slovenia.
The company issued 214.3 million shares at 0.35 pence per share, with a small number of institutional investors. Shares in the Europe-focused oil & gas company were 24% lower at 0.38p each in morning trade.
As well as Petisovci seismic data, proceeds will also be used to place an order for compression equipment, evaluate other regional opportunities and provide additional working capital.
In addition, Ascent Resources has appointed SP Angel Corporate Finance LLP as joint broker with immediate effect.
"We are pleased that we have been able to complete this placing with new institutional investors, the funds raised will allow us to progress our business strategy on expanding production from our key producing asset in Slovenia and to review other regional opportunities," said Chief Executive Colin Hutchinson.
Ascent Resources now has 2.63 billion shares in issue overall.