Last checked at 29 Apr 2019 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE PROHIBITED BY ANY APPLICABLE LAW.
29 April 2019
Ascent Resources plc
("Ascent" or the "Company")
Extension of gas sales agreement
Ascent Resources plc, the European focused oil & gas exploration and production company, is pleased to confirm that it has extended the existing gas sales agreement, under which untreated gas is sold to INA in Croatia, until November 2019.
The agreement came into force on 3 November 2017 for an initial 12-month term, this was extended for six months to 2 May 2019 during July 2018. The agreement has now been extended for a further six-month period to 1 November 2019.
It is the intention of all sides to conclude a revised agreement to take effect from November 2019 in due course which takes into account the anticipated increase in gas volumes following the installation of compression equipment and, subject to permits, the re-stimulation of the current producing wells.
Colin Hutchinson, Chief Executive Officer of Ascent Resources, commented:
"I am pleased that the agreement has been extended again. We value our relationship with INA and look forward to concluding a revised agreement with increased production targets in due course."
Enquiries:
Ascent Resources plc +44 20 7251 4905
Colin Hutchinson, CEO
WH Ireland, Nominated Adviser +44 20 7220 1666
James Joyce / Chris Savidge
SP Angel, Joint Broker +44 20 3470 0470
Richard Redmayne / Richard Hail
Yellow Jersey, Financial PR and IR +44 20 3004 9512
Tim Thompson / Harriet Jackson / Henry Wilkinson