Ascent Resources PLC has released its final results for the year ended 31 December 2023, showcasing significant achievements and strategic developments. The company filed a memorial under the International Centre for Settlement of Investment Disputes ("ICSID") registered Energy Charter Treaty ("ECT") claim against the Republic of Slovenia, seeking damages of €656.5 million and securing an After The Event insurance policy for the claim. Additionally, Ascent successfully resolved disputes with Petrol Geo and JV partners, resulting in reduced payments and recognition of outstanding amounts owed.
In terms of production, Ascent reported 1.14 million scm of gas and 44,860 litres of condensate in 2023 from the Pg-10 and Pg-11a wells. The company also introduced a new cornerstone and strategic investor for £1.5 million in new equity at a 35% premium to the prevailing share price at that time. Furthermore, Ascent engaged with shareholders regarding the potential distribution of net proceeds from a successful ECT claim outcome to qualifying shareholders on a future record date.
Post balance sheet events included new funding for up to $2.7 million, an investment into operational US onshore gas and helium processing business, and the initiation of insolvency proceedings by JV partner, Geoenergo. As a result, ASL filed a claim in the Geoenergo insolvency proceedings for a total of circa €11 million. Director changes and the completion of the distribution of entitlement to 49% of the gross proceeds received by the Company in the event of a successful ECT claim result to qualifying shareholders were also highlighted.
The Chairman's statement emphasized the company's maiden investment in a revenue-generating, low-risk, and growing North American, mid-continent gas processing and helium purification business. This strategic move represents the company's first step in shaping its forward US onshore gas and helium strategy, positioning Ascent as a leading revenue-generating listed onshore gas and helium business across the upstream and midstream. Despite challenges in capital markets, 2023 was a year of solid progress and preparation for the company, focusing on continuing its claims against the Republic of Slovenia and securing a new cornerstone investor.
Overall, the final results and strategic developments demonstrate Ascent Resources PLC's efforts to navigate challenges, secure investments, and position itself for growth in the US onshore gas and helium market.