Ascent Resources hires FirstEnergyCapital to assess merger, sale, other options

The move is part of a range of financial and strategic alternatives being considered by the company's board in a to bid to enhance shareholder value, Ascent Resources said in a statement.

Ascent also has interests in Hungary, Italy, Switzerland and The Netherlands.

The Petisovci gas project is a joint venture between Ascent Slovenia Limited with a 75% interest and Slovenia's Geoenergo with a 25% interest.

"[..] we are actively engaged in constructive discussions with the Slovenian authorities and other relevant parties in order to obtain the required consents to progress the Petisovci project. Once these consents are received, we will be in a position to commence activities and hopefully establish first gas production within a period of 9 months." Ascent Resources CEO Len Reece said.

Ascent said it currently has sufficient cash resources to meet its overheads until the end of 2012. "The company is therefore in discussions with a number of parties with respect to raising additional finance to meet its future funding requirements and will provide further updates in this regard in due course," the statement said.

The company confirmed that it has held, and is continuing to hold, preliminary discussions with a number of third parties concerning a range of these potential transactions as well as other funding solutions, although no discussions have taken place with regard to an offer for the business. "However, none of these discussions have progressed to a stage where the outcome is definitive and there can be no certainty that any of these discussions will result in a transaction."