Ascent Resources Expands into US Helium Market
- Apr 22, 2024
- 10 min read
Ascent Resources, a European oil and gas E&P company, announced a strategic investment into GNG Partners, a US-based midstream gas distribution and processing, including helium purification and liquefaction operating at the Lisbon Plant. Ascent provided a convertible loan of US$1mm to GNG, formed to acquire the assets of Paradox Resources out of Chapter 11 Bankruptcy. This move is part of Ascent's broader strategy to engage in the US helium market, leveraging GNG's acquisition of the Paradox Resources assets, which include significant helium processing facilities. The Lisbon Plant is noted for its capacity to purify and potentially liquefy helium, offering a promising avenue for Ascent to tap into the growing global demand for helium used in various high-tech applications.