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Ascent Resources PLC - onshore energy firm focused in Caribbean and Europe - PG-11A well in Petisovci tight gas field in Slovenia was placed back into production on Thursday last week, and since them shown strong gas production levels of 2,000 standard cubic meters an hour.
However, due to the unexpectedly high output exceeding the Covid-19 induced limited domestic demand, the well has been scaled back, and sometimes temporarily shut-in at times.
The well was exporting its sales to the INA Group in Croatia through a pipeline, however it requires a minimum offtake commitment which can only be determined after an extended well test. As a result, the well will only supply local demand and will operate to a limited extent until demand increases.
Current stock price: 13.00 pence
Year-to-date change: up more than 100% since 6.25p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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