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Ascent Resources

  • BY: Andrew Hore |
  • POSTED: 14/04/2013 |

Oil and gas explorer Ascent Resources is raising £5.5m and giving existing shareholders the chance to contribute through an open offer.

Ascent is offering one new share for every 2.05 existing shares at a price of 0.5p a share. The alternative is one loan note of 100p for every 410 shares. Henderson will invest up to £5.5m, although £2.5m of this is available for clawback via the open offer. The acceptance date is 29 April.

Ascent is still generating cash from an asset in Hungary but the contribution is declining making it difficult to finance existing debt. Ascent wants to pay back the Yorkville loan, which was £1.9m at the end of 2012, and it also owes £900,000 to Cento Bank.

Ascent was short of cash because of its failure to commence production at the Slovenian gas project at Petišovci. The cash should last until the end of this year and Ascent continues to seek another investor.

A formal strategic review is ongoing and could end up with the disposal of non-core assets or a merger with another oil and gas company. Ascent has additional assets in the North Sea, Italy and Switzerland.

Henderson has nominated Clive Carver as chairman.

At 0.72p a share, down 0.33p, Ascent is valued at £7.43m.

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