Ascent Resources eyes expansion beyond Slovenian border

Ascent Resources has resumed its previous strategy of expanding beyond the Eastern European nation of Slovenia, even as it continues to focus on moving forward its Petisovci project.

Since the AIM-listed oil and gas outfit began export production at its "high-potential" Petisovci project in November 2017, Ascent has been unable to build on the achievement and develop the project as planned due to permitting issues.

Despite the delays, Ascent expects to report gas production of 12m cubic metres and revenues of €2.1m - for an increase of 93.55% and 158%, respectively.

Looking forward, Ascent plans to push beyond the Slovenian border, focusing on new projects in the region, with well-developed oil and gas infrastructure, a proven working petroleum system and an established regulatory and legal framework.

Newly minted chief executive Colin Hutchinson said: "While the Petisovci project remains a potentially very valuable asset, I am pleased that we now have a way forward that is not entirely based on Slovenia and the award of permits."

In other news, the company said that chairman Clive Carver resigned with immediate effect in order to focus on his other directorships and would be replaced by non-executive director Cameron Davies.

As of 1140 GMT, Ascent shares had dipped 0.77% to 0.32p.