Ascent Resources PLC - onshore energy firm focused in Caribbean and Europe - Starts production at the PG-11A well at Petiscovci project in Slovenia, following an agreement with INA to reopen the pipeline evacuation route and receive export sales gas without minimum offtake commitment for initial days.
An average production rate in excess of 20,000 standard cubic metres per day has initially been recorded.
Also notes that joint venture Petrol Geo has issued an enforcement order claiming payment for EUR662,288 plus interest. Ascent has rejected the claim and appointed local counsel, believing the claim is "both incorrect and totally without merit and substance".
"It is of course disappointing to observe a JV service provider pursuing a confrontational approach, possibly trying to take advantage of the situation through what we regard as ill-timed and unfounded legal manoeuvring. Notwithstanding, the board will continue to defend its investments in Slovenia and reserves its right to pursue all available remedies and actions," says Chief Executive Andrew Dennan.
Current stock price: 12.50 pence, closed up 6.4% on Wednesday
Year-to-date change: up 100%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Ascent Resources (AST)