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Ascent Resources plc
("Ascent" or "the Company")
Response to statement by Cadogan Petroleum plc, operational update and appointment of nominated adviser and broker
The Board of Ascent notes the announcement by Cadogan Petroleum plc ("Cadogan") that they do not intend to make an offer for the Company. The Board thanks Cadogan for the interest shown in the Company and in the potential of the Petišovci asset. The Board of Ascent confirms that its view of the value of the Company is considerably in excess of that contained in the preliminary approach received from Cadogan and as such the Company and Cadogan were unable to agree appropriate terms. The Company is no longer in an offer period under the City Code on Takeovers & Mergers ("Code") and, accordingly, the requirement to make disclosures under Rule 8 of the Code has now ceased.
The Board notes that Cadogan's announcement was made in accordance with Rule 2.8 of the Code. As a result of this announcement, Cadogan will, except with the consent of the UK Panel on Takeovers and Mergers, be bound by the restrictions contained in Rule 2.8 of the Code. The Board also notes that Cadogan reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Ascent (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the circumstances set out in Note 2 to Rule 2.8 or with the consent of the Panel on Takeovers and Mergers.
IPPC permit
The Company has yet to receive the decision of the court regarding the award of the IPPC permit. As previously announced, whilst there is no guarantee that the decision when delivered will be favourable to Ascent, the Company continues to anticipate award of the permit before the end of Q2 2016.
Alternative route to first gas
The Company continues to have positive discussions to achieve first gas, independent of the IPPC permit. Based on progress made to date the Board remains confident that first gas during 2016 is achievable.
Further announcements with regard to both the IPPC permit and the alternative route to first gas will be made in due course.
Appointment of nominated adviser and broker
The Company is pleased to announce the appointment of Stockdale Securities Limited as its Nominated Adviser and sole broker, with immediate effect.
Enquiries:
Ascent Resources plc Clive Carver, Chairman Colin Hutchinson, Interim CEO |
0207 251 4905 |
Stockdale Limited, Nominated Adviser and broker Alastair Stratton Richard Johnson Edward Thomas |
0207 601 6100 |
IFC Advisory Ltd, Financial PR and IR Graham Herring Tim Metcalfe Heather Armstrong |
0203 053 8671 |
