Ascent Resources PLC Operational update (0459Q)
September 07 2017 - 2:01AM
UK Regulatory
TIDMAST
RNS Number : 0459Q
Ascent Resources PLC
07 September 2017
7 September 2017
Ascent Resources plc
("Ascent" or the "Company")
Operational update
The Board of Ascent Resources plc (AIM: AST), the European
focused oil & gas exploration and production company, is
pleased to update shareholders on developments at the Petišovci
field in Slovenia.
Well Pg-11A
The well has been satisfactorily re-completed and connected to
the processing facility (CPP) via the new flowline. Test production
is scheduled to commence tomorrow (Friday 8(th) September) with the
gas produced to be sold to the same Slovenian customer currently
receiving gas from Pg-10.
Infrastructure to produce to INA
All the required infrastructure to produce and transport gas to
the Croatian border has been completed and tested. Furthermore, all
handover procedures, bank guarantees and documentation between the
project participants have been exchanged. Final approval is awaited
from the Croatian government, following which production can
commence immediately.
We have been advised by INA that some additional administrative
procedures are required before final government approval will be
granted. These include the provision of a bank guarantee to the
government and the consent of an additional government department.
These are expected to take around two weeks to complete.
A further update will be provided in due course.
Colin Hutchinson, CEO, commented:
"We are pleased that everything on our side is now ready to
commence export production and look forward to the final
administrative details being completed as soon as possible."
Enquiries:
Ascent Resources plc
Clive Carver, Chairman 0207 251
Colin Hutchinson, CEO 4905
Stockdale Securities Limited, Nominated
Adviser and Joint Broker
Richard Johnson 0207 601
Edward Thomas 6100
Northland Capital Partners Limited,
Joint Broker 0203 861
Tom Price 6625
Abchurch, Financial PR and IR 0207 398
Tim Thompson 7700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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