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Ascent Resources agrees extension to Cuba negotiations
2nd Nov 2020 15:33
(Sharecast News) - Onshore Caribbean, Latin America and Europe-focussed natural resources company Ascent Resources has agreed a six-month extension to its memorandum of understanding with the Cuban national oil company CUPET, it announced on Monday.
The AIM-traded firm said the agreement gave it the exclusive right to negotiate the production sharing contracts for the onshore producing block 9B and onshore exploration blocks 9A, 12 and 15.
"The extension follows delays in the country as a result of Covid-19 protection and isolation measures that were successfully implemented in Cuba over the last couple of months," the board said in its statement.
"Havana is expected to reopen and accept international travellers in November."
At 1142 GMT, shares in Ascent Resources were down 10.25% at 5.48p.
The AIM-traded firm said the agreement gave it the exclusive right to negotiate the production sharing contracts for the onshore producing block 9B and onshore exploration blocks 9A, 12 and 15.
"The extension follows delays in the country as a result of Covid-19 protection and isolation measures that were successfully implemented in Cuba over the last couple of months," the board said in its statement.
"Havana is expected to reopen and accept international travellers in November."
At 1142 GMT, shares in Ascent Resources were down 10.25% at 5.48p.