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Ascent Resources secures right to three onshore licences in Cuba

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Oilfield Technology,

Ascent Resources has announced the execution of a binding Memorandum of Understanding (MOU) directly with the Cuban national oil and gas company, CUPET, securing exclusive rights to three additional onshore licences. The addition of the licences positions the company with exclusive negotiating rights to one of the largest onshore Cuban portfolios.

On 14 April 2020 the company announced its first acquisition in Cuba as part of a redefined strategy, under a new management team. Ascent Resources is currently the only London-listed company to venture into the Cuban oil and gas market.

Cuba is one of the last remaining largely untapped hydrocarbon provinces of scale. The Caribbean and Hispanic America have grown as an area of interest for major energy companies over the last years, including ExxonMobil and BP.

Andrew Dennan, the company's Chief Executive, commented: "This is good news building on the back of our recently announced entry to Block 9b in Cuba. We look forward to progressing our discussions with CUPET as we seek to broaden our portfolio in country rapidly. We are excited about the potential in Cuba and look forward to updating investors on our progress."

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