Ascent Resources H1'24 Results

Ascent Resources reported its H1'24 results and updated on the its helium Ascent Resources reported its H1'24 results and updated on its helium operations. In April 2024, the company made its an investment via a US$1mm convertible loan to GNG Partners, securing a 10% equity stake in GNG, which acquired the Lisbon Valley gas processing facility out of bankruptcy. The Lisbon Plant, located in the Paradox Basin, has a 60mmcf/d capacity and includes helium purification and liquefaction capabilities. The plant is fed by over 500 miles of gas gathering pipelines and processes gas with helium concentrations up to 7-8%. The facility, capable of producing 3.4% of US' liquid helium needs, is operational, with a helium liquefaction unit undergoing upgrades and expected to be recommissioned by year-end. Ascent also announced a US$1mm placement, which was done at a 43% premium to the previous closing price. Although the use of proceeds is not mentioned, it is likely that it would be used for advancing Ascent's Lisbon Valley operations. The company ended with a net loss of £1.1mm, cash position of £125k, and total assets of £1.3mm.

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