Ascent receives first revenue payment from Slovenia partner
By Josh White
Date: Friday 12 Aug 2022
(Sharecast News) - Onshore energy and natural resources company Ascent announced receipt of the first cash payment from its Slovenian partner on Friday, following the recently-announced agreement on revenue recognition.
The AIM-traded firm and its joint venture partner agreed Ascent's entitlement to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A from April 2020 to June 2022.
It said its wholly-owned subsidiary, Ascent Slovenia, had received the first net cash payment of €0.65m in relation to production from April 2020 to December 2021.
The net payment was calculated as €0.83m in revenue, less €0.18m of joint venture costs relating to historic concession and legal fees.
"The second and final payment relating to the 2022 hydrocarbon revenues, totalling a further net cash payment of €0.86m to Ascent, is expected to follow shortly," the board said in its statement.
At 1237 BST, shares in Ascent Resources were up 12.99% at 4.35p.
Reporting by Josh White at Sharecast.com.
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