(Alliance News) - Ascent Resources PLC on Friday said its loss widened in 2019 after a "challenging" time at its Slovenian asset, but the natural resources firm is optimistic after entering the Cuban oil and gas market recently.
Ascent's pretax loss stretched to GBP3.7 million from GBP1.4 million. Revenue was almost wiped out to GBP298,000 from GBP1.9 million.
Ascent said: "2019 was a challenging year for the company and its attempts to develop the Petisovci gas field in Slovenia. Throughout the year the company experienced continued delays in permitting which have created significant headwinds for the company to develop the Petišovci gas field commercially.
"Despite the challenges faced in 2019, the company remains firmly resolved to protect its Slovenian investment and extract value from its interests in the Petisovci field."
Ascent in April said it made its first acquisition in Cuba, specifically Energetical Ltd, a UK-based firm with exclusive rights to secure a production sharing contract on an onshore Cuban oil licence. Energetical has exclusive rights to the 9B block in Cuba, which contains the onshore Majaguillar and San Anton fields, which produces 190 gross barrels per day from three wells.
And in May, it struck a deal with Cuba's largest oil company to secure exclusive rights to three onshore licences.
Ascent reported that it signed a binding memorandum of understanding with Cuban National Oil & Gas Co, or CUPET.
Ascent added on Friday: "The Republic of Cuba is one of the few remaining world-class, yet largely unexploited hydrocarbon systems.
"Cuba has the advantage of offering an international investor access to good infrastructure and an educated workforce alongside significant under exploited hydrocarbon resource potential."
Ascent shares were 4.4% lower at 2.15 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Ascent Resources (AST)