UK’s Oil & Gas Production Company Ascent Resources Seeks Up to £3 Million through PrimaryBid

PrimaryBid, an online funding platform that enables investors to gain access to placings of AIM-listed companies, announced on Friday Ascent Resources Plc (AIM: AST) is seeking to raise £3 million through its website.

Ascent Resources is described as a London-based independent oil and gas exploration and production company that is focused on European onshore projects. It is operating the Petišovci tight gas project in Slovenia. The company shared:

“Ascent operates through local entities and joint ventures which are able to access the best local technical knowledge to help us develop the assets effectively and efficiently. We utilize a full range of advanced geophysical, geological and other state-of-the-art technology to evaluate and de-risk projects so as to reap maximum benefit from our operational activities.”

The launch of the offering on PrimaryBid comes just after Ascent Resources announced it completed a successful flow test on its Pg-10 project. Colin Hutchinson, CEO of Ascent Resources, stated:

“I am pleased to confirm an institutionally backed equity raise through a platform which enables private investors to participate.   We value our private investors and have chosen this structure to demonstrate our desire to treat them fairly. As previously announced, progress at Petišovci continues to be good and we remain on track to supply INA with first gas as expected. The Company anticipates being able to provide a positive update on the IPPC permit in the near future.”

Dave Mutton, COO of PrimaryBid, added:

“This is another great example of an AIM company harnessing PrimaryBid’s technology to re-enfranchise their retail investors.  Through our proprietary technology individual investors can invest in public companies on institutional terms.  We are proud to be putting the public back into public markets.”

Ascent Resources’ underwritten equity offering is set to close on Sunday.