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Ascent Resources

  • BY: Andrew Hore |
  • POSTED: 08/09/2014 |

Oil and gas explorer Ascent Resources is raising an additional 2m to enable it to get through the permitting phase for the Petisovci project in Slovenia.

Global Power Sources has still not paid the 11.7m it promised and discussions continue. However, cash has to be raised and Henderson is subscribing for an additional 2m of convertible loan notes on top of the initial 2m subscription. Henderson has agreed to a delay in the reduction of the conversion price from 1p a share to 0.2p a share until 1 December. Including accrued interest and previous loan note issues there will be 10m of convertible loan notes in issue that will be due for redemption in December and January.

Ascent will use 300,000 to repay a facility provided by Darwin. The rest will be spent on applying for the permits for its Petisovci project in Slovenia, which has an estimate NPV10 of more than 150m. The permit was applied for in June and it normally takes six months to be awarded.

The share price has fallen 0.05p to 0.38p, which values Ascent at 5.52m. Henderson is a 12.5% shareholder.

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