Source - RNS
RNS Number : 1930H
Ascent Resources PLC
06 June 2017
 

6 June 2017

Ascent Resources plc

 

("Ascent" or the "Company")

 

Operational Update

 

The Board of Ascent Resources plc (AIM: AST), the European focussed oil & gas exploration and production company is pleased to update the market on progress with its Petišovci project in Slovenia.

 

Well Pg-11A

 

The downhole portion of the operations to prepare Pg-11A to produce and sell gas is expected to finish in the next seven days following which, we will begin the construction of the short flowline to connect the well to the pipeline which runs to the central processing facility ("CPP").

 

As the well was fully cleaned up following the extended flow test in 2012, an additional clean-up and flow test will not be carried out once the workover is complete.  Instead we will immediately move to connect the well to infrastructure, enabling gas to be produced for sale.

 

Infrastructure for delivering gas to INA

 

We remain on track to commence supplies of gas to INA in the coming weeks, in line with our schedule.

 

  Current field operations are focussed on:

·    connecting the CPP to the export line at MRS Lendava (the land acquired by Ascent from Trameta in July 2016).  This work is progressing as planned and is expected to be completed around the middle of this month.

·   the refurbishment of gas separation equipment at the CPP.  This is also underway and proceeding as planned.

 

Our customer, INA, is completing the re-certification of its pipeline in time to receive Petišovci gas.

 

Colin Hutchinson, CEO, commented:

 

"We are pleased that the work is proceeding on time and budget and look forward to selling gas from both wells in the near future."

 

Enquiries:

 

Ascent Resources plc

Clive Carver, Chairman

Colin Hutchinson, CEO

 

0207 251 4905

Stockdale Securities Limited, Nominated Adviser and Joint Broker

Richard Johnson

Edward Thomas

 

0207 601 6100

Northland Capital Partners Limited, Joint Broker

Tom Price

 

0203 861 6625

IFC Advisory Ltd, Financial PR and IR        

Tim Metcalfe

Heather Armstrong

 

0203 053 8671      

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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