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LONDON (Alliance News) - Ascent Resources PLC on Monday said its revenue more than doubled in 2018, led by sales in Croatia and Hungary.
Shares in the oil and gas exploration firm were up 13% at 0.37 pence in morning trade.
Revenue for the year totalled GBP1.9 million, over twice the company's GBP814,000 revenue in 2017 and its highest since 2011.
The main revenue drivers for the year were Croatia, where revenue more than trebled to GBP1.6 million from GBP489,000, and Hungary where revenue grew to GBP131,000 from GBP32,000. Slovenia. The only detractor was Slovenia, where revenue dropped to GBP178,000 from GBP294,000.
In November 2017, the company's Petisovci field in Slovenia was bought into production but Ascent then faced difficulty with its Integrated Pollution Prevention & Control permit application. The IPPC permit was eventually awarded in 2019, after the end of the financial period.
The company posted a pretax loss of GBP1.4 million, shrinking from a GBP2.0 million loss in 2017.
During 2018, Ascent produced 11.9 million cubic metres of gas and 2,930 barrels of condensate, compared to 11.4 million cubic metres of gas and 2,200 barrels in 2017.
Since the end of 2018, Ascent has raised GBP1.1 million in new equity and, including its existing bank balances, is sufficiently funded for "at least the next 12 months".
Cash balances are likely to be more limited at the end of the year, however, "until the anticipated production growth from the planned capital expenditure takes effect", meaning that if outflows are higher than expected or cash inflows are lower then more funding will be needed.
Ascent Resources Chief Executive Colin Hutchinson said: "While 2018 was a challenging year for the company we look forward to 2019 with renewed optimism. The first few months of the year have seen significant progress in Slovenia, with the award of the IPPC Permit and the extension of our gas sales agreement, and at a corporate level, with two new experienced directors joining the board and GBP1.1 million in new funds raised."
