The company’s original interest was purchased to provide priority access and ensure optimal contract terms for drilling services. These advantages will be retained through a five year service alliance with Perazzoli, which provides for a 30% discount on EUR10m of drilling services to Ascent and first call on uncommitted drilling units.
Perazzoli owns three drilling units including a HH-200 unit. Ascent’s original 22.5% interest in Perazzoli was held through its 50% owned subsidiary, Ascent Drilling, which was owned jointly with Ascent director Malcolm Groom.
To facilitate the transaction, Ascent agreed to purchase Mr Groom’s 50% interest in Ascent Drilling and a further 22.5% interest in Perazzoli by placing to him 15,529,981 Ascent shares, providing Ascent with a 45% interest in Perazzoli.
Jeremy Eng, managing director of Ascent, said: “The sale of our interest in Perazzoli, whilst retaining the benefits that the ownership of a minority interest brought, is an excellent outcome for Ascent.
“Perazzoli is aiming to expand its operations and will therefore require additional funding which, given the intensive work programmes being conducted on our portfolio of oil and gas assets, would I believe, not be the best use of our shareholders’ funds.”
