IN BRIEF: Ascent Applies To Become Independent Operator in Cuba

Ascent Resources PLC - London-based energy and natural resources firm - Says it has submitted an ...

Alliance News 6 August, 2020 | 9:36PM
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Ascent Resources PLC - London-based energy and natural resources firm - Says it has submitted an application to Cuba's national oil company Union Cuba-Petroleo to become an independent international oil and gas operator in Cuba. Says it will provide the firm exclusivity in negotiating production sharing contracts of "onshore producing block 9B and onshore blocks 9A, 12 and 15".

Also, the firm announces a debt and equity funding package of GBP700,000 to push development across Cuba and Slovenia. Equity fundraising raises GBP300,000 through issuing of 15.0 million ordinary shares at 2 pence per share on Thursday. The debt element of the package will be in the form of three definitive loan instalments from Align Research Limited, to provide a total of GBP400,000 through an unsecured loan facility between August and October.

Current stock price: 2.25 pence

Year-to-date change: down 78%

By Neetika Kurup; neetikakurup@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Ascent Resources PLC 2.75 GBX -8.33 -

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