Colin Hutchinson, CEO of Ascent Resources spoke to London South East and outlined the plans and expectations for 2019 and beyond. Colin answers many questions posed by the shareholders and this is a 'must watch' for those invested in the company.
In Slovenia that means putting compression equipment in for wells PG10 and 11 at a cost of around half a million Euros. This will increase production and extend the life of the well. The equipment will be purchased 'within a few weeks'.
Colin remains hopeful that the well stimulation permit applied for will be granted, and is keeping the potential for a legal challenge going in the background.
"Getting the IPPC permit has given us renewed confidence that the system works and once we get fair hearing and the facts are understood by all parties we will get the permit. There has been gas production using stimulation in Slovenia since 1956 and in over 50 wells since, so we are not looking to try anything new."
Ascent Resources (AST)