Last checked at 6 Jun 2017 07:00
6 June 2017
Ascent Resources plc
("Ascent" or the "Company")
Operational Update
The Board of Ascent Resources plc (AIM: AST), the European focussed oil & gas exploration and production company is pleased to update the market on progress with its Petišovci project in Slovenia.
Well Pg-11A
The downhole portion of the operations to prepare Pg-11A to produce and sell gas is expected to finish in the next seven days following which, we will begin the construction of the short flowline to connect the well to the pipeline which runs to the central processing facility ("CPP").
As the well was fully cleaned up following the extended flow test in 2012, an additional clean-up and flow test will not be carried out once the workover is complete. Instead we will immediately move to connect the well to infrastructure, enabling gas to be produced for sale.
Infrastructure for delivering gas to INA
We remain on track to commence supplies of gas to INA in the coming weeks, in line with our schedule.
Current field operations are focussed on:
· connecting the CPP to the export line at MRS Lendava (the land acquired by Ascent from Trameta in July 2016). This work is progressing as planned and is expected to be completed around the middle of this month.
· the refurbishment of gas separation equipment at the CPP. This is also underway and proceeding as planned.
Our customer, INA, is completing the re-certification of its pipeline in time to receive Petišovci gas.
Colin Hutchinson, CEO, commented:
"We are pleased that the work is proceeding on time and budget and look forward to selling gas from both wells in the near future."
Enquiries:
Ascent Resources plc Clive Carver, Chairman Colin Hutchinson, CEO
| 0207 251 4905 |
Stockdale Securities Limited, Nominated Adviser and Joint Broker Richard Johnson Edward Thomas
| 0207 601 6100 |
Northland Capital Partners Limited, Joint Broker Tom Price
| 0203 861 6625 |
IFC Advisory Ltd, Financial PR and IR Tim Metcalfe Heather Armstrong
| 0203 053 8671 |
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