Ascent Resources Plc. ("Ascent" or the "Company") has initiated a Strategic Review to enhance shareholder value and has retained GMP Securities L.P. (“GMP FirstEnergy”) as its exclusive financial advisor.
The Company is looking for a strategic solution to develop its 164Bcf (Rec) gas redevelopment project (75% WI) in Slovenia. The asset is on production from two wells, producing 2.4mmcf/d in February and the Company believes this can be increased to 35mmcf/d through additional work overs and fracking. The company is AIM listed, virtually debt free, cash generative and has very low overheads.
All strategic options are under consideration, from finding a merger candidate, financing, farm in partner or buyer for the entire Company.