Ascent Resources Provides Update on Slovenia and Cuba Operations

Source: www.gulfoilandgas.com 4/12/2021, Location: Europe

Ascent Resources, the onshore Caribbean, Hispanic American and European focused energy and natural resources company, has provided an update on its Slovenian gas project and entry into Cuba.

Slovenia Update

As previously announced on 19 March and as expected, the pressure at the currently producing PG-11A well has continued to decline naturally and will only be able to be enhanced with mechanical stimulation. The JV expects gas production to continue at intermittent production rates which will be sold, whilst economical to do so, domestically to local industrial buyers at the daily spot price, which has risen towards and beyond 19 MWh in recent weeks.

Cuba Update

As announced 6 August 2020 the Company transmitted its operating credentials to Union Cuba-Petroleo ('CUPET'), Cuba's national oil company, and the Oficina Nacional de Recursos Minerales ('ORNM') and since then has received positive initial feedback towards accreditation as an onshore operator subject to funding. However whilst these work-streams are still being advanced remotely, finalisation of the qualification process and negotiations of the PSCs are pending the lifting of COVID-19 related travel restrictions.

Accordingly, the Company remains engaged with CUPET and is in the process of requesting a further extension to its MOU to negotiate the production sharing contracts over the Cuban onshore Blocks 9A, 9B, 12 and 15, by 6 months, to 29 October 2021. Consistent with this extension request and further to the announcement of 14 April 2020 the Company also announces that it has agreed to extend the long stop date to 31 December 2021 for the Energetical deferred consideration of 100,000 cash and 350,000 of new equity (priced at the 30 day volume weighed average price at the time and subject to a one year lock up following issue) which is payable to the vendors only upon the Company signing the production sharing contract for block 9B with CUPET.

The Company is also reviewing a number of ESG Metal and mining opportunities in Cuba across a range of base, precious and battery metal primary mining projects as well as gold, silver and copper secondary mining/re-treatment of surface stockpiled tailing opportunities that are consistent with the Company's ESG Metals strategy as announced 11 February 2021. Further updates will be announced as appropriate.


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