Ascent upbeat on progress as Lisbon Valley gas and helium investment

10th May 2024 11:51

(Sharecast News) - Ascent Resources updated the market on operations in its investment into GNG Partners, the owner of the 60 million standard cubic feet Lisbon Valley gas and helium processing plant in Utah, on Friday.

The AIM-traded firm said that following completion of its investment, GNG conducted a thorough review of the plant's status and confirmed that it was in good working condition overall.

GNG was currently engaged in basic plant maintenance and improvements, including restoring the helium purification system.

The system was expected to be back in service within six to eight weeks, after which the plant was expected to resume sales of gaseous helium.

Additionally, GNG informed Ascent Resources that the Lisbon Valley plant was on track to have the helium liquidation unit recommissioned and fully operational by the end of the calendar year.

At 1126 BST, shares in Ascent Resources were up 1.17% at 1.9p.

Reporting by Josh White for Sharecast.com.