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Oh, and even after fracs are done, there will be no guarantee of increased production from either well. You could even encounter one of a massive array of problems and lose a wellbore completely, after spending a couple of million on the well.
It is tight gas and even after a refrac, chances are, it will decline as quickly as Pg-10 did. That is just a characteristic of tight gas wells and is the reason that they almost always require compression to produce.
Rosewall - I have been saying for three years - the EIA is not going away - Ascent needs to get it done. We can blame Slovenian government corruption (which I am sure there is plenty), but every country around the world wants its environment protected, and is mandated by its citizens to do so. An EIA was requested and Ascent should have started one immediately. There may be other obstacles put in place by their government and Ascent will have to deal with each as they come up. This scenario takes place in oil fields all over the world every day, and oil companies deal with them successfully.
I estimate the EIA will take about two years, if there are no legitimate objections to the fracs, and will cost about € 1,000,000.
To prepare and frac Pg-10 and Pg-11A will take about 6 months, if all goes well, and cost at least € 4,000,000.
Total cash to raise: Minimum € 7,000,000 (with costs to keep company running, wages, etc, for 3 years).
The big problem now is that Ascent's credit in Slovenia sucks due to not paying their bills. I imagine that they will have trouble finding service companies to work for them without payment up front.
Then you can add on the cash needed to pursue the Cuban properties.
I don't think it will be that easy, and I don't expect Hamil does either. If you are still holding these golden-shower tickets, you must have some faith or hope, else you would have sold up by now.
"Sounds like once a EIA is done then we are back in track"
Eh, do you honestly think it will be that easy? The EIA, unless I am mistaken, has not been budgeted for, so that is the next fund raise. Then, once the EIA is produced (including the inevitable delay and budget overrun) will be reviewed and then submitted where it will languish to n the long grass. Eventually it will be looked at and reviewed where it will be sent back for amendments and further information.
And so it will go on for a couple of years. You don't need me to spell it out, that is how these things work . You have seen the his happen dozens of times.
" the Administrative Court of the Republic of Slovenia has published its decision in relation to Ascent's JV partner Geoenergo d.o.o's appeal against the Slovenian environmental agency ARSO's decision to require an Environmental Impact Assessment ('EIA') in order to re-stimulate the PG-10 and PG-11A wells. The Court has ruled that an EIA is required".
How long is a piece of string? Plenty of times to top up if this drops The Truth.. Perhaps Stretchum will arrive to help.
From last rns.....
· That the permits to enable re-entry and stimulation of the PG-10 and PG-11A wells which were originally submitted in May 2017 are expected to be received towards the end of 2020. The first step, which is the feedback from the Administrative Court appeal initiated by the JV partners in July 2019 against the decision of the Slovenian Environmental Agency (ARSO) to require a full environmental impact assessment, is anticipated to be received by the end of August 2020. The Company notes that costs for stimulation equipment have fallen dramatically in the current economic climate and is keen to take advantage of this if possible.
· That further stimulation at PG-10 and PG-11A should have a material impact on production levels, potentially returning them to close to historic levels, on the assumption that the stimulation is designed and executed to the highest technical standards using modern techniques.
—————
So we have received this news 3 months ahead of expected by the company so that is good news imho but the bashers will not mention that.
Sounds like once a EIA is done then we are back in track to making a sub £2m market cap look an absolute joke.
Nai/DYOR
Not posted here for a long time as I've moved on. However just seen the RNS and it remains clear the Slovene government is continuing with obstructions to prevent AST producing Petisovci gas as a commercial entity. Petisovci gas is there but the Slovene don't want it in commercial quantities for environmental and political reasons in their relations with importing from Russia.
Doing an EIA is fine but the Slovene government will only place another obstruction in the way subsequently. Most likely further unnecessary bureaucratic delays. I see AST is moving on to other locations and that's probably the only way forward.
So what was the ruling then? It doesn't appear to actually say so in the RNS. LOL.
Rinse and repeat
Oh dear gets worst here they should of done this months ago.. like I said months ago just do an eia
https://twitter.com/AstAscent/status/1267698229644320769?s=20