Ascent Resources Plc (LON: AST), the onshore Hispanic America and European focussed energy and natural resources company, is pleased to announce receipt of the first cash payment from its Slovenian partner following the recently announced agreement on revenue recognition.
As announced on 2 August, the Company and its JV partner agreed Ascent’s entitlement to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A wells for the period of April 2020 through to June 2022. The Company’s 100% owned subsidiary, Ascent Slovenia Limited, has received the first net cash payment of €650,560 in relation to production from April 2020 through to December 2021 (the “First Period”). This net payment is calculated as €832,168 in revenue for the First Period, less €180,607 of JV costs relating to historic concession and legal fees. The second and final payment relating to the 2022 hydrocarbon revenues, totalling a further net cash payment of €857,617 to Ascent, is expected to follow shortly.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Ascent Resources plc
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