Ascent shares rocket as Cadogan confirms combination talks

Cadogan Petroleum confirmed its interest in Ascent Resources on Tuesday, but offered little insight into what shape any possible combination might take.

The AIM-traded Ascent had announced on Thursday that it received a preliminary approach from Cadogan, leading to a notable rise in its share price.

At the time, Ascent said discussions were at an early stage and there was no certainty that an offer would be made, nor as to the terms of any possible offer.

On Tuesday, Cadogan described its approach as “highly preliminary”, and reiterated that there was no certainty in the discussions.

“Further details cannot be provided at this stage due to the highly preliminary status of events,” Cadogan’s board said in a statement.

At 1120 BST, shares in Cadogan Petroleum were up 15.38% to 11.25p, while Ascent Resources shares had rocketed up 70.51% by midday to 3.33p.