LONDON (Alliance News) - Ascent Resources PLC on Wednesday reported a widened pretax loss for its first half, and said it is continuing talks over potentially bringing its unprocessed gas to the market.
For the half year to end-June, the company reported a pretax loss of GBP2.7 million, widened from a pretax loss of GBP1.9 million a year before, due to higher finance costs. It did not report revenue in either period.
The company said it made good progress during the period in acquiring the permits it needs to develop the Peti?ovci gas field in Slovenia. An Integrated Pollution Prevention permit was provisionally issued to the company after a public consultation in June. However, Ascent noted that two parties have appealed this decision,
Whilst these appeals are heard, the company has opted to make further cuts in its expenditure. Alongside this process, the company is looking at alternative routes to market for gas production that would not require this permit and would require significantly lower capital expenditure.
Shares in Ascent were up 14% at 0.120 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Ascent Resources (AST)