Ascent Resources PLC has made a significant investment in a private US holding company, GNG Partners LLC, to acquire onshore US midstream gas distribution and processing facilities, including helium purification and liquefaction. The company raised approximately $1.7 million through an equity fundraise and loan note issue to fund this investment. James Parsons, the Company's Chair, highlighted the strategic move, stating, "We are delighted to share our forward strategy for the business, centered around the highly profitable US onshore gas markets and the short supplied, high value and exponentially growing global Helium market."

The investment involves a convertible loan of US$1 million to GNG, which has acquired the assets of Paradox Resources LLC out of Chapter 11 Bankruptcy. This includes a midstream gas processing and helium purification business with a liquefaction unit and access to over 500 miles of gas gathering pipelines, notably the 60MMcfd Lisbon Plant in Utah's Lisbon Valley. Ascent's investment of US$1 million into GNG via a convertible loan note represents 10% of the issued member units of GNG if converted at the same time as subscription.

The Lisbon Plant is the sole operating natural gas processing plant in the Paradox Basin, with a 1.1 MMcfd processing capacity for helium, a 45 MMcfd cryogenic plant, and a 10 MBpd fractionation train. GNG believes that the Lisbon Plant can produce approximately 3.4% of the US liquid helium production or 1.7% of the world's liquid helium. Ascent's strategic relationship with American Helium provides access to a sizeable midstream business in a safe jurisdiction with significant upside, alongside potential future equity upstream production and operations.

In addition to the investment, Ascent has announced board changes, welcoming David and Edouard as proposed directors and expressing gratitude to Malcolm Graham Wood and Marco Fumagalli for their contributions. The company is preparing for its new US onshore strategy and has decided to review its Board composition in line with this new direction. This move marks a significant step for Ascent Resources PLC as it positions itself in the highly profitable US onshore gas markets and the exponentially growing global helium market.