Ascent Resources Share Discussion Threads

[razoblade] 07/12/2020 10:46

I disagree, they paid £60 million on last case that was filed against them.
The revenue from just 2 wells for 2018 alone was £2 million so not sure how you justify a mere £3 million compensation.
IMHO I think around £15 - £20 million mark is acceptable to leave Slovenia and focus on Cuba.
We are also waiting on news about special situation and the operator status in Cuba. Not long to go I hope.

[chinese investor] 06/12/2020 10:09

Slovenia won't be giving us £50 million (that's £25 for each Slovenian).
£3 million will be nearer the mark.

[chinese investor] 06/12/2020 09:26

"Ascent Resources PLC on Tuesday said it has secured a new GBP500,000 loan facility arranged and managed by UK-based investment companies Align Research Ltd and RiverFort Global Opportunities PCC Ltd.

The loan facility provides for the loan to be drawn down in four tranches of GBP125,000 each on the first business day of January, February, March and April 2021, respectively.

The onshore energy and natural resources company can repay the loan, plus a fixed coupon of 8%, in full either in cash or in shares at 7.5 pence per share, which is a 41.5% premium to the closing bid price on November 30 on the repayment date of December 31, 2021.

As part of the loan facility, Ascent said it will issue a total of 6.7 million warrants to the lenders, which are exercisable by paying a cash price of 7.5 pence per warrant share, "or at the future placing price of any subsequent fundraise during the first 12 months of the warrants being issued if lower than 7.5 pence."

The warrants expire three years from the signing of the loan agreement.

[stats12] 04/12/2020 19:33

Seemingly no holding - they crossed just below 3% recently so not a huge increase to get them up again

[razoblade] 04/12/2020 13:25

Ok leave those theories to yourself. The unknown remains unknown for a reason!

[johncasey] 04/12/2020 11:12

it wouldnt surprise me if arso are buying in on the quiet then announce the compensation to ascent..that way its limits the financial damage to themselves

[johncasey] 04/12/2020 11:08

how did they get all those shares? abit out of the blue from seemingly no holding

[johncasey] 01/12/2020 16:17

doc holiday is in this..reckons it will multibag soon

[chinese investor] 01/12/2020 16:13

Looking Good !

[johncasey] 01/12/2020 07:15

good news

RNS Number : 0195H

Ascent Resources PLC

01 December 2020

1 December 2020

Ascent Resources plc

("Ascent" or the "Company")

New Funding

Ascent Resources Plc (LON: AST) the onshore Caribbean, Hispanic American and European focussed energy and natural resources company, is pleased to announce it has secured a new GBP500,000 loan facility.

New Funding

As announced on 29 October 2020, following a restructuring of the Company's balance sheet and historic obligations, the Company has a current debt balance of GBP270,020 , which is due for maturity in February 2022.

The Company continues to make progress with its Cuban interests, Slovenian asset and claims under the Energy Charter Treaty and UK Slovenia Bilateral Investment Treaty as well as execution of its Special Situations Strategy. To facilitate further progress whilst minimising equity dilution, the Company has signed a loan agreement arranged and managed by Align Research Limited ("Align") to provide, in aggregate, GBP500,000 through an unsecured loan facility ("Loan Facility" or "Loan") provided equally by Align and RiverFort Global Opportunities PCC Ltd ("Lenders"). The Loan Facility, which is aimed at minimising dilution to shareholders at current prices, provides for the loan to be drawn down in four tranches of GBP125,000 each on the first business day of January, February, March and April 2021 respectively. The Loan plus a fixed coupon of 8% is repayable in full, at the election of the Lenders, either in cash or in shares at 7.5 pence per share (41.5% premium to the closing bid price on 30 November), on 31 December 2021 (the "Repayment Date"). The only exception to this will be where the Lenders request part or all of the Loan and any coupon to be utilised as consideration in paying for the warrants.

Issue of 7.5p Warrants

As part of the Loan Facility, the Company will issue a total of 6,666,666 warrants to the Lenders (the "Warrants"). The Warrants are exercisable by paying a cash price of 7.5 pence per warrant share (a 41.5% premium to the closing bid price on 30 November) , or at the future placing price of any subsequent fundraise during the first 12 months of the Warrants being issued, if lower than 7.5 pence. The Warrants expire three years from the signing of the Loan agreement. In the event the Company announces that it has reached an amicable settlement agreement with the Republic of Slovenia relating to its ECT claim on or before the 31 January 2021 then any undrawn balance of the loan shall be cancelled and on a pro rata basis up to half of any Warrants outstanding may be cancellable by the Company.

Drawdown of Final GBP100,000 Existing Loan Facility and Exercise of Existing Warrants

Additionally, the Company has drawn down the final tranche of GBP100,000 under the previous loan facility and Align has simultaneously exercised the attached warrants ("Exercised Warrants") which were previously announced on the 6 August 2020. Align is therefore being issued with 4,000,000 Exercised Warrants shares and 320,000 Loan Coupon shares and has voluntarily agreed to a 3 months lock in on these new shares.

Issue of Equity & TVR

The Company has also agreed to issue 480,000 ordinary shares at 7.5 pence per share ("Supplier Shares") in respect of GBP36,000 invoice retaining Align for a twelve months research services. These shares are subject to a lock in period of 3 months.

The issue of the Supplier Shares, the Exercised Warrants shares and the Loan Coupon shares are being carried out within the Company's existing share authority to issue ordinary shares for cash. Application will be made to the London Stock Exchange for the Supplier Shares, the Exercised Warrants shares and the Loan Coupon shares to be admitted to trading on AIM and it is expected that the Supplier Shares, the Exercised Warrants shares and the Loan Coupon shares will be admitted to trading on AIM at 8.00 a.m. on or around 7 December 2020.

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Supplier Shares, Exercised Warrants shares, Loan Coupon shares and shares issued during the month under the Company's existing block admission, its issued ordinary share capital will comprise of 95,283,281 ordinary shares. All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 95,283,281. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

Andrew Dennan, the Company's Chief Executive Officer, commented:

"We are pleased to have secured this flexible funding solution as we continue to progress our discussions in Slovenia alongside our growth initiatives across Cuba and multiple broader Special Situations. This is an important time for Ascent and this funding will help facilitate those key workstreams as we look to progress activities right across the portfolio."

Enquiries:

[silverspoon2009] 25/11/2020 09:25

Trading in AST seems strange, some folk appear to be able to get stock at offer but most platforms show 'at best' only.

As debt collector points out IG want 6.05p for 25k of shares but nearly 7p for 250k of shares, a massive premium.

On the above basis I can only assume this will be trading far higher soon enough.

[the_debt_collector] 24/11/2020 14:27

Can't buy a single share online, IG want 6.05p for just £1000 worth, news coming?

[johncasey] 22/11/2020 06:08

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ASCENT RESOURCES – BIDEN’S VICTORY LOOKS SET TO EASE CUBAN SANCTIONS
November 10, 2020 | Posted by admin



By Dr. Michael Green

If you are seeking an undervalued stock that is set to benefit from the election of Joe Biden as US President then look no further than Ascent Resources.

Joe Biden has been promising a new Cuba policy. He reckons that the approach of the Trump administration has not been working and points out that Cuba is no closer to freedom and democracy than it was four years ago. Biden claims to have stood for democracy and human rights throughout his career and has also taken on dictators whether they be on the left or the right. On the campaign trial he has made no secret of his ambitions to promote human rights in Cuba and empower the country’s people to determine their own future, which is central to the national security interests of the United States.

Biden was Vice President during the Obama era. Back in those days, Barack Obama threw Cuba a lifeline and his visit to that country in 2016 was something akin to the visit from the Pope as he was the first US President to step foot on Cuban soil in almost a century. Biden has stated that he would restore much of Obama’s policy of engagement with the Castro regime. So, we can visualise a reduction in sanctions and increase in international investment going into the country.

In Cuba, Ascent seems to be sitting pretty. The latest news from over there is that the company has submitted an application to become an operator. This move concerns onshore producing block 9B and onshore blocks 9A, 12 and 15 in Cuba which Ascent added to its asset portfolio following the arrival of the new management team earlier on this year. Recent announcements from the company also suggest that negotiations on Production Sharing Contracts for these blocks were planned to kick off fairly soon.

Ascent’s focus on Cuba should be seen as really big news. Oil experts all know that Cuba actually represents one of the few remaining world-class yet largely unexploited hydrocarbon systems. In the country, the company has a highly compelling opportunity which includes six separate PSCs spread across four blocks which cover some 7,000km².

The entry into Cuba has tremendous potential in our view and over the coming months Ascent is likely to gain operator status. Once that is in place, it looks as though the market might really begin to learn about the size of the prize in the vast onshore licence area where Ascent is negotiating access to a highly prospective area of Cuba. The deals provide an attractive mix of development, appraisal and exploration potential which give Ascent a nice balance of opportunities right across the whole cycle.

But it does look like there could be even more Cuban action on the cards. In search of appealing Specials Sits plays, we know that the management is happy to diversify away from oil and gas. Once again, the management team will be looking for further such plays which offer a unique balance of risk and reward. Well it looks as though the team will be again tapping into its enviable deal flow from Cuba.

There has not been a much hotter trend than battery metals for a while now. These full scale moves into electric vehicles and the whole energy storage market are creating a vast spectrum of opportunities. There has already been news that the board had signed a number of new non-binding letters of intent in the battery metals mining space with either vehicles owned or backed by the Cuban government. At this stage it is worth pointing out that Cuba has the fifth largest nickel resources in the world.

At the same time, Ascent seems to have successfully brought the Government of the Republic of Slovenia to the negotiating table concerning the company’s unfair treatment in that country. Ascent has invested more than €50 million in the Petisovci field which has been allegedly damaged by the government’s action or inaction. Basically, disputes have arisen under the UK – Slovenia bilateral investment treaty (BIT) and the Energy Charter Treaty (ECT).

In July 2020, Ascent submitted a Notice of Dispute which got the legals going. Last month the company confirmed that it is entering into direct negotiations with the Republic of Slovenia. The hope is that Ascent could potentially settle the claim in an amicable manner before the end of 2020. Just in case this is some cunning stalling tactic, the company would be looking to move ahead pursue its investment treaty claim under the BIT and ECT. To this end, when last heard the team were continuing to secure litigation funding to proceed with international arbitration, if a settlement is not be reached.

We are quite happy about how matters are progressing at Ascent. We initiated coverage on the stock with a Conviction Buy stance and a target price of 18.34p in mid-September 2020 when the shares were trading at 3.25p. That target price was solely based on possible Petišovci scenarios where we looked at the two alternative scenarios – litigation and development. The lower valuation of these two alternative was chosen which was in fact the litigation path where we made an educated estimate of the amount that might be awarded by the court and the time period until payment – all of which was risked.

Now with the stock sitting 67% higher at 5.45p, we are pleased to reconfirm our stance.

DISCLOSURE & RISK WARNING

Ascent Resources is a research client of Align Research. Align Research owns shares in Ascent Resources. Full details of our Company & Personal Account Dealing Policy can be found on our website hxxp://www.alignresearch.co.uk/legal/

This is a marketing communication and cannot be considered independent research nor is it subject to any prohibition on dealing ahead of its dissemination. Nothing in this report should be construed as advice, an offer, or the solicitation of an offer to buy or sell securities by us. As we have no knowledge of your individual situation and circumstances the investment(s) covered may not be suitable for you. You should not make any investment decision without consulting a fully qualified financial advisor.

Your capital is at risk by investing in securities and the income from them may fluctuate. Past performance is not necessarily a guide to future performance and forecasts are not a reliable indicator of future results. The marketability of some of the companies we cover is limited and you may have difficulty buying or selling in volume. Additionally, given the smaller capitalisation bias of our coverage, the companies we cover should be considered as high risk

This financial promotion has been approved by Align Research Limited

[razoblade] 21/11/2020 21:07

Some good news from Lse board
Vote rejected 39:40

hxxps://www.total-slovenia-news.com/politics/7353-slovenian-parliament-narrowly-votes-against-fracking-ban

[richie666] 12/11/2020 18:26

Which bit of "New equity issuance diluting existing" do u not understand?The TR1 reduction is through the warrant issuance increasing the share count not selling.

[marbur05] 12/11/2020 09:29

I see parsons mates are at it again ramping the share then selling together, all under the watchful eye of the board. What a scam.....

[helpfull] 10/11/2020 07:20

Oops. My mistake. No sells by Jamieson Principal Pension Fund, just a percentage readjustment due to increased number of shares in issue. My bad.

[richie666] 09/11/2020 18:05

"Helpful" - Norwich Pharmacal disclosure order in play for u. Get ready for a serious Defamation claim and, ideally, a bankrupting of u aswell as revealing exactly who u are.Sleep well.

[fatnacker] 09/11/2020 11:10

Could be dodge, that's part of the gamble, don't bet the house

[dodge_city] 09/11/2020 10:51

This looks primed for another placing.