Ascent Resources, the onshore European and Caribbean / Hispanic American oil and gas company, announces its first acquisition in its wider international strategy, a change of Directorate and the issue of equity.

Map source: KeyFacts Energy

Highlights:

• First transaction in the Company's Caribbean entry comprising the acquisition of Energetical Limited ("Energetical"), a UK Company with exclusive rights to secure a Production Sharing Contract ('PSC') on a producing onshore Cuban oil licence. Energetical delivers exclusive rights to the 9B Block in Cuba ("Block 9B") that contains the onshore Majaguillar and San Anton fields, located on the North coast of Cuba and currently producing 190 bbls/day gross from three wells. 
• The Company is reviewing potential further acquisitions to develop a broad Cuban portfolio across both oil and gas and potentially mining, alongside the existing oil and gas asset in Slovenia and further European growth opportunities which are under active consideration.
• Andrew Dennan joins as Chief Executive Officer, subject to regulatory due diligence, to implement the wider international strategy.

Executive Chairman James Parsons commented:
"Cuba is one of the last remaining largely untapped hydrocarbon provinces of scale. 

We see here, despite the recent market turmoil and oil price collapse, the unique ingredients for a new, highly material, growth trajectory across oil, gas and mining when the cycle turns.   We also see near term inflection points for Cuba, including the approaching US elections.

We are therefore positioning Ascent as an advantaged platform for counter cyclical acquisitive growth with a focus on low cost production, manageable initial capital commitments and near term re-rate potential.  We intend to leverage off our operated position in Slovenia."

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