London-listed Ascent Resources has conditionally placed 340 million new shares at 5 pence (8￠) each in a deal that will raise ￡17 million ($27 million) before expenses. It is subject to shareholder approval. Most of the money will fund a three-well drilling campaign on Ascent's Peti-sovci-Lovasi-Ujfalu tight-gas project, bordering Slovenia and Hungary, which is estimated to hold 412 Bcf of proven and probable reserves. The company hopes to bring the Pg-11 sidetrack and Pg-10 well in Slovenia on stream late this year, using local infrastructure and national gas-grid connections.
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