Ascent Resources plc (LON:AST) CEO Colin Hitchinson talks to DirectorsTalk about its fund raise this weekend of £3m. Colin talks us through the fund raise and proceeds will be used for, bringing gas to the market in the near future and when we should expect the loan notes to be settled.
Colin Hutchinson is a fellow of the Institute of Chartered Accountants in Ireland, he holds a law degree from the University of Dundee and an MBA from Warwick Business School. Colin previously served as the Company’s Finance Director. He has over fifteen years’ international experience gained in commercially orientated finance roles with a mix of technology and energy companies. Prior to joining Ascent, he was Group Financial Controller & Company Secretary at Lochard Energy plc and Co-Founder & Finance Director at Samba Communications Ltd.
Ascent Resources plc are an independent oil and gas exploration and production company headquartered in London and have been listed on AIM since November 2004. They are focused on onshore European gas opportunities and operate the Petišovci tight gas project in Slovenia which they consider to be an outstanding prospect. The company holds a 75% interest in the Petišovci Project with the remaining 25% held by its Joint Venture (“JV”) partner Geoenergo. The current concession was awarded to Geoenergo in 2002 and is due for renewal in 2022. The field contains independently verified P50 contingent gas resources of 456 Bcf based on a report by RPS which was prepared in 2011 and updated in 2013.