Ascent Resources plc (AIM: AST), the AIM quoted European oil and gas exploration and production company, is pleased to announce its audited full year results for the year ended 31 December 2018. The Company also announces that its Annual Report and Accounts for the year ended 31 December 2018, together with the notice of Annual General Meeting, to be held at 5 New Street Square, London, EC4A 3TW on 18 June 2019 at 9.30 a.m. are being posted to shareholders on 16 May 2019.
Developments in 2019 to date
- IPPC Permit confirmed as fully valid in April 2019.
- Gas sales agreement extended to November 2019.
- £1.1 million raised in two placings in January and April 2019 – the April placing was oversubscribed and included institutional investors.
- John Buggenhagen and Louis Castro joined the board in February 2019.
- The Company produced 11.9 million cubic metres (0.4 Bcf) of gas and 2,930 barrels of condensate during the year which generated revenue of £1.9 million, more than double the revenues for 2017 and the highest recorded revenue for the Company since 2011.
- EBITDA was a loss of £589,000 reduced from the prior year EBITDA loss of £1,380,000 due to higher revenues and reduced costs.
- Operating cash flow was positive in 2018 for the first time since 2010 at £360,000 due to improved operating results and reduction in receivables.
Colin Hutchinson, CEO of Ascent Resources plc, commented:
“While 2018 was a challenging year for the Company we look forward to 2019 with renewed optimism. The first few months of the year have seen significant progress in Slovenia, with the award of the IPPC Permit and the extension of our gas sales agreement, and at a corporate level, with two new experienced directors joining the board and £1.1 million in new funds raised.”