Ascent Resources disposes of PetroHungaria Kft

Oil and gas company Ascent Resources has agreed to dispose of its dispose of its 48.66 per cent interest in loss-making PetroHungaria Kft.

PetroHungaria Kft, which has an interest in the Penszlek field, was sold to joint venture partners, DualEx Energy International, Swede Resources and Geomega for €450,000.

Losses attributable the interest in the assets of PetroHungaria in 2011 were €40k and net assets at June 30th 2012 of €1.67m.

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"Given the relatively short life expectancy of the field and Ascent's limited cash position, it was deemed prudent to accept a proposal from our partners to dispose of our interest for this up-front payment, which gives us more certainty in terms of cashflow and cost control," said Chief Executive Officer, Len Reece.

Shares rose 3.85% to 0.68p at 10:33 Thursday.

RD