Ascent Resources plc
LLSE:AST0.42
GBX
+0.01
(+1.22%)
Ascent Resources plc
LSE:AST
(London Stock Exchange)
Recent
price
0.42
P/E
ratio
- -
div
yld
- -
ROIC.AI
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- Business
- Ascent Resources Plc is an independent onshore oil and gas exploration and production company listed on AIM with a focus on gas, oil and helium assets in the United States and Europe. Incorporated in England and Wales in 2004 and headquartered in London, the company operates principally through its 75% interest in the Petišovci tight gas project in Slovenia, which features significant reserves, established production infrastructure and connections to local and export markets; it also pursues opportunities in onshore oil and gas in Central and Eastern Europe, the Caribbean and Latin America via its subsidiary Ascent Hispanic Ventures, targeting low-cost production and appraisal portfolios in regions such as Cuba's Blocks 9A, 9B, 12 and 15. In the United States, Ascent holds non-operated interests in producing and prospective helium-rich oil and gas leases in Colorado and Utah, including a 49% stake in over 100,000 acres operated by Locin Oil Corporation with proved reserves of 8.06 Bcf net gas and prospective resources exceeding 663 Bcf gross; and an initial 10% stake in approximately 80,000 acres operated by ARB Energy LLC with proved developed producing reserves of 8.7 Bcf net gas, options to increase to 33% for $1.5 million by October 2025, and rights to 50% economic interests in incremental production from artificial lift workovers and new wells. Recent developments include the conditional acquisition of these US interests announced on 22 May 2025 for total consideration of $3.25 million satisfied via new shares and convertible loan notes, subject to shareholder approval; a fundraising of £1.35 million ($1.8 million) at 0.5 pence per share through subscriptions and placings; partial redemption and reprofiling of its senior secured debt with RiverFort extending maturity to April 2027 at a fixed 1 pence conversion price; proposed appointment of David Patterson as CEO post-AGM and retirement of Andrew Dennan; implementation of 20% annual cost savings including 30% director salary reductions settled in equity; and appointment of Shard Capital and Fortified Securities as joint brokers.