Ascent Resources plc said it was making progress on multiple fronts following last year’s restructuring of its board, strategy and portfolio of interests in Cuba and Slovenia.
FINANCES
In its interim results for the six months ended 30 June 2021, the company reported revenue of £nil with closing cash at £766,000 (H1 2020: £304,000).
Losses for the period were £1,055, 000 (H1 2020: £1,243,000).
Cash outflow from operations was recorded as £824,000, financing saw an inflow of £1,475,000 with resulting net cash flow of £651,000.
In February 2021, Ascent raised £1m before costs in an equity placing in February 2021.
ESG METALS
In February 2020, Ascent announced it would pursue environment, social and governance (ESG) metals involving secondary mining, re-treatment and recovery opportunities.
Stockpiled surface mining waste, previously viewed as a liability for mining companies, will be reprocessed for commercial sale to industry, governments and metals traders.
Ascent said it was looking at potential projects in Hispanic and Latin Americas, the Caribbean, South Africa and Europe with its first deal in H2 2021.
The company added that there were good opportunities in gold, silver, platinum, base metals and ferrochrome from legacy mines with low costs, low risks and strong cash returns.
CUBA
Ascent continues to consider its options on entering the Cuban oil and gas industry once Covid-19 restrictions are lifted and after the recent civil unrest.
SLOVENIA
The company said it had made a significant step forward in securing funding for international arbitration proceedings against the Republic of Slovenia by signing a non-binding heads of terms with Enyo Law LLP.
Ascent is pursuing a claim in arbitration in relation to breaches of relevant investment treaties.
The Petišovci oil and gas joint venture (JV) continues with lower levels of gas due to the decline in the field’s performance.
The company is also currently unable to re-stimulate the producing PG-10 and PG-11A wells.
Total production for the six months to 30 June 2021 was 751.14 thousand cubic metres of gas and 33,512 litres of condensate with gas sold to local industrial buyers.
The company added that the JV would continue production in order to take advantage of very high regional gas prices.