Ascent Resources rallies after restructuring EnQuest debt

Shares in Ascent Resources surged 12% after the company said it has reached an agreement with EnQuest to restructure a debt of approximately £3m due for repayment in December 2015 into around £2m of convertible loan notes.

In December, Ascent entered into an agreement with fellow oil and gas company EnQuest to acquire their 48.75% interest in the Petišovci project in Slovenia.

Following the issue of the loan notes, EnQuest's stake in Ascent will rise to 15.95% from the 9.28% it currently holds.

Chairman Clive Carver said: "By restructuring these notes, the company has removed a significant obstacle to securing further funding for the company and the Petišovci project".