Ascent Resources plc Production continues to decline

Ascent Resources Plc

Ascent Resources plc (LON:AST) today provided an update to the market.

Total production for the month of August was 727,851 cubic metres (25,679 MCF) down from 816,490 in July (28,834 MCF). Average daily production in August was 23,456 cubic metres (1.0 MMscfd) down from 26,338 (1.0 MMscfd) in July.

In a previous announcement Ascent said that total revenue to Ascent for July from gas sales was expected to be around €160,000, with an additional €10,000 expected from the sale of condensate. Total revenue to Ascent for July from gas sales is now expected to be around €140,000, with just an additional €7,000 expected from the sale of condensate.

There will be a planned shut in of the wells for three weeks in September while annual maintenance is carried out by INA at their processing facility.

Strategic review

Ascent Resources plc is continuing to have positive discussions and hopes to be in a position to update shareholders in due course. Looking forward, there will come a time when, without further permits, the income from production will fail to cover the day to day costs of the Group as currently constituted.

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