(Alliance News) - Ascent Resources PLC on Friday said that one of its two development wells on the Petisovci tight gas field in Slovenia has now been put back into production after the discovery of a pressure anomaly.
The onshore energy company in the Caribbean and Europe said its joint venture partner, Geoenergo, has put the PG-11A well back into production with a view to grow additional revenues and to enable an evaluation of the source of the pressure anomaly.
PG-11A had been shut since December 2019, Ascent noted.
The well began flowing with an initial production rate equivalent to around 12,000 standard cubic meters per day and will be monitored over the course of the next week for a stabilised production rate.
The second well, PG-10, is currently producing at a rate of around 5,000 standard cubic meters per day.
The company also said it is still in negotiations with the Slovenian government regarding the claim against the government of unfair treatment at Petisovci field.
In May last year, Ascent said it believed the company was forced to conduct an unnecessary environmental impact assessment in order to conduct well stimulation work at the project. It is appealing the Slovenian Environment Ministry's decision to require the assessment.
Ascent shares were up 7.3% at 14.22 pence each in London on Friday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Ascent Resources (AST)