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(Sharecast News) - Slovenia-focussed oil and gas exploration and production company Ascent Resources updated the market on Tuesday, reporting that it was still working towards "fully capturing the value" of its investment in Slovenia, as well as diversifying into other nearby regions.
The AIM-traded firm said that in Slovenia specifically, a number of actions and initiatives were being taken.
It said itself and its partners were exploring "various options" for the continued development of the Petišovci gas field, that would not require hydraulic stimulation.
Based on the reinterpretation of the newly reprocessed 3D seismic, the partners were evaluating other potential drilling opportunities and re-entry into existing wells in the concession, in a bid to accelerate the production of the significant reserves in the area.
Looking forward, Ascent said itself and concession holder Geoenergo were currently working on documentation for the extension of the Petišovci Concession beyond 2022.
Finally, it said the new management and board had taken over day-to-day operations of the company, and were finalising cost reduction measures to reduce net monthly cash outflow by more than 50%, as it had previously outlined.
On the 3D seismic reprocessing front, Ascent said the reprocessing of the 177 square kilometre Petišovci 3D seismic survey acquired by Ascent and Geoenergo in 2008 and 2009 was nearing completion.
The company said it was currently interpreting preliminary data volumes in preparation for a full evaluation of the new seismic volumes.
That would be driven by using advanced seismic interpretation techniques, using the newly-reprocessed 3D seismic to find stratigraphically trapped reserves on the flanks of the large, already-producing structures in the area.
Delivery of the final reprocessed data volumes was expected by mid-September.
Finally, the company said it was continuing to prepare legal claims for damages against the "persistent delays" in permitting, relating to the further development of the tight gas reservoirs in the Petišovci gas field.
The board said it would update shareholders on the status of those claims, and potential funding for litigation, in due course.
"I am excited by the progress we have made in such a short time," said Ascent Resources chief executive officer John Buggenhagen.
"We have implemented a revised operating structure to reduce our costs by 50% while continuing to focus on maintaining the value of Ascent's interests in the Petišovci gas field and larger concession area.
"Irrespective of our plans to prepare legal claims following the delays in receiving permits, we will continue to work with our partners and advisers to further streamline the business and implement our plan to re-focus Ascent towards growing our reserves and production base in Slovenia and the region."
Buggenhagen said Ascent had a "real advantage" as a growth platform in Slovenia, with a partnership in existing production, infrastructure in place - including a direct gas sales pipeline and a gas sales agreement with INA - and a newly-reprocessed modern 3D seismic survey covering the entire concession area, which was in a "prolific" petroleum system.
"Looking forward, we plan to work with our partners in Slovenia to increase production through new conventional drilling opportunities as well as options to re-enter existing reservoirs to capture additional reserves in the concession area using the newly reprocessed 3D seismic to find stratigraphically-trapped reserves on the flanks of the large already producing structures in the area.
"Ascent and our partners continue to pursue an appeal against the decision of the Environment Ministry in Slovenia requiring an EIA for the re-stimulation of our producing wells.
"Further, we continue to prepare claims for damages against the Republic of Slovenia for breaches of EU law in relation to their decision, including the significant delays in the decision-making process."
The board would continue to push Ascent forward, Buggenhagen added, in a bid to "realise the significant value" of the company's investments and assets in Slovenia, while looking to diversify its asset base in the region.
"We look forward to updating the market on developments going forward."
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