Ascent receives first revenue payment from Slovenia partner

12th Aug 2022 12:58

(Sharecast News) - Onshore energy and natural resources company Ascent announced receipt of the first cash payment from its Slovenian partner on Friday, following the recently-announced agreement on revenue recognition.

The AIM-traded firm and its joint venture partner agreed Ascent's entitlement to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A from April 2020 to June 2022.

It said its wholly-owned subsidiary, Ascent Slovenia, had received the first net cash payment of €0.65m in relation to production from April 2020 to December 2021.

The net payment was calculated as €0.83m in revenue, less €0.18m of joint venture costs relating to historic concession and legal fees.

"The second and final payment relating to the 2022 hydrocarbon revenues, totalling a further net cash payment of €0.86m to Ascent, is expected to follow shortly," the board said in its statement.

At 1237 BST, shares in Ascent Resources were up 12.99% at 4.35p.

Reporting by Josh White at Sharecast.com.