Ascent Resources Increases Interest In Petisovci Project

1st Jul 2010 08:27

LONDON (Dow Jones)--Ascent Resources PLC (AST.LN), an oil and gas exploration and production company, said Thursday that through its subsidiary Ascent Slovenia Ltd or ASL, has increased its interest in the Petisovci project in Slovenia, following the transfer of Kulczyk Oil Ventures Inc's 30% stake in the Dolina shallow oil field, and 10.5% stake in the Globoki deep gas field. MAIN FACTS: -In addition to a small cash payment, a royalty will be paid by ASL to KOV of an additional $60,000 for each billion cubic feet of independently certified 2P gas reserves produced in the future, applicable to the acquired interest. -Under the terms, Ascent will assume all development costs related to the acquired interest. -The company said with production and revenue now online from the Peneszlek project in Hungary, it is cash positive and efforts can be concentrated on the areas of its portfolio that could substantiate a drastic re-rating of assets. -Shares at 0725 GMT up 0.12 pence, or 3.75%, at 3.62 pence valuing the company at 18.73 million. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] (END) Dow Jones Newswires July 01, 2010 03:27 ET (07:27 GMT)