Ascent Resources gets six-month extension to Cuba agreement

Onshore Caribbean, Latin America and Europe-focussed energy and natural resources company Ascent Resources announced on Friday that it has agreed a six-month extension to its memorandum of understanding with CUPET, the Cuba national oil company.

The AIM-traded firm said the memorandum gives it the exclusive right to negotiate production sharing contracts for the onshore producing block 9B and onshore exploration blocks 9A, 12 and 15.

“The memorandum of understanding extension follows delays in the country as a result of Covid-19 protection and isolation measures that were successfully implemented in Cuba,” the board said in its statement.

At 1355 BST, shares in Ascent Resources were down 0.93% at 5.35p.