Ascent Resources' shares surge as it raises £500,000

Ascent Resources' shares are up more than 15% after it raised £500,000, net to the company, in a placing of 83,33m new shares at 0.6p each to meet its working-capital requirements into 2017.

Ascent Resources

1.57p

15:19 15/11/24

1.08%

0.02p

FTSE AIM All-Share

728.67

15:45 15/11/24

n/a

Oil & Gas Producers

8,043.72

15:45 15/11/24

1.32%

105.17

The oil and gas exploration and production company said the funds would enable it to continue to order long-lead items required for the alternative route to market.

At 14:12 BST, Ascent's shares were up a lofty 15.38% to 0.75p.