Ascent Resources raises £1.08m in subscription deal with RiverFort

Slovenia-focussed oil and gas exploration and production company Ascent Resources has entered into a subscription agreement for £1.08m before costs, with RiverFort Global Opportunities PCC, it announced on Friday.

The AIM-traded firm said the subscription was for 393,000,000 shares at 0.275p each - a premium of 10% to the closing bid price on 19 September.

“We are pleased to be working with RiverFort Capital to complete this placing including their ongoing investment in Ascent's new strategy,” said Ascent Resources chief executive officer John Buggenhagen.

“It offers us the capital to take the company forward and begin to execute our plan to grow the companies reserve and production base in Slovenia while we find new opportunities in the region and diversity our assets.

“This is the next step in reinventing Ascent and is necessary to move forward towards new producing wells while continuing to focus on capturing the significant value that the Company and its partners have already created at Petišovci.”