Ascent Resources plc said it had received the first cash payment following the agreement on recognition of revenue at its joint venture (JV) onshore gas operations in Slovenia.
REVENUES
On 2 August the company and its local 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.
Ascent added that its 100% owned subsidiary, Ascent Slovenia Ltd had received the first net cash payment of €650,560 in relation to production from April 2020 through to December 2021 (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.”