Ascent Resources PLC Extension of gas sales agreement (3032X)
April 29 2019 - 1:00AM
UK Regulatory
TIDMAST
RNS Number : 3032X
Ascent Resources PLC
29 April 2019
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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
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END
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