Ascent Resources buying compressor unit to re-stimulate wells

(Sharecast News) - Europe-focussed oil and gas exploration and production company Ascent Resources has signed a contract for the purchase of a mobile compressor unit for use at its Petišovci project in Slovenia, it announced on Monday.The AIM-traded firm said the supplier was expected to install and commission the mobile compressor unit in the fourth quarter of 2019.Once installed, the compressor was expected to allow increased, stable production from well Pg-10, and would "significantly" extend the life of the well.The equipment would also be used on well Pg-11A to address the performance issues which had restricted production from that well over the past year.Ascent said that, when it is able to re-stimulate Pg-10 and Pg-11A, the compression equipment could be used on other wells in the field to further increase production."I am pleased that we have sourced suitable compression equipment in the region and signed a comprehensive contract with warranty and maintenance provisions," said chief executive officer Colin Hutchinson."We look forward to installing the unit and the resulting increase in production."