Ascent Resources secures loan to further develop Petišovci Tight Gas Project in Slovenia

Oil and gas exploration and production firm Ascent Resources has secured a £7m loan facility from Henderson Global Investors for Petišovci Tight Gas Project in Slovenia.

The loan can be accessed by the UK based firm at any time from its signing to 30 June 2016 at Henderson’s discretion.

The funding is expected to assist Ascent to continue with the development of the Petišovci Tight Gas Project in Slovenia.

The firm intends to finalise the deal shortly in order to access the funds required to develop the project to explore the first gas.

Ascent Resources CEO Leonard Reece said: "I am very pleased that we have succeeded in securing this facility, which provides the Company with access to significant new funds.

"This underpins the company’s ability to move the Petišovci project forward with a view to early gas production."

Petišovci Project is located in eastern Slovenia between Hungary and Croatia which targets to extract the major Middle Miocene Badenian tight gas reserves.

The project is owned in joint venture with Ascent having 75% interest and Geoenergo having 25% interest.

Ascent is the operator of the project while Geoenergo is the concession holder.

According to the previous study, the project is estimated to have Bcf (13 Bm3; 76 MMboe) ofgas-in-place.

The gas group had previously extended a £10m equity drawdown agreement (SEDA) and availed a one year loan for the project from Yorkville Advisors in 2012.

Earlier in 2012, the Petišovci project was also supported by a €15m debt facility from BNP Paribas.