Ascent Resources raises £750,000 in oversubscribed placing

Exploration and production outfit Ascent Resources completed an oversubscribed placing of 214.2m ordinary shares on Wednesday.

Ascent revealed that a small number of institutional investors had subscribed for the shares at a price of 0.35p per share, raising a gross total of £750,000.

The AIM-listed outfit will use the funds raised to complete the reprocessing of its 3D seismic data on the Petišovci project, place an order for compression equipment, evaluate other regional opportunities and provide additional working capital.

Chief executive Colin Hutchinson said: "We are pleased that we have been able to complete this placing with new institutional investors, the funds raised will allow us to progress our business strategy on expanding production from our key producing asset in Slovenia and to review other regional opportunities."

As of 0850 BST, Ascent shares had tumbled 20.50% to 0.40p.