LONDON (Alliance News) - Ascent Resources PLC shares were trading higher on Thursday morning after the company said it had agreed a restructuring of its debt owed to fellow London-listed oil and gas company EnQuest PLC.
Ascent said a total of GBP3 million had been due to be paid to EnQuest on December 20 this year, related to the agreement the pair entered in 2010 to Ascent to buy EnQuest's stake in the Peti?ovci project in Slovenia.
Under the new agreement, which has been restructured into GBP2 million in convertible loan notes granted to EnQuest.
Following the issue of the loan notes, EnQuest's stake in Ascent will rise to 16% from the 9.3% it currently holds.
Ascent shares were up 8.3% to 0.26 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Ascent Resources (AST)
Enquest (ENQ)