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

9th Jun 2016 14:12

(ShareCast News) - 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.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.