Ascent receives first revenue payment from Slovenia partner
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.