Ascent Resources PLC Operational Update (7142Q)
June 08 2018 - 2:00AM
UK Regulatory
TIDMAST
RNS Number : 7142Q
Ascent Resources PLC
08 June 2018
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
08 June 2018
Ascent Resources plc
("Ascent" or the "Company")
Operational Update
Ascent Resources plc, the AIM quoted European oil and gas
exploration and production company, updates shareholders on
operations at the Petišovci concession in Slovenia.
Pg-11A update
Well Pg-11A was shut in for the month of May while the Company
waited for temporary separation equipment to become available. The
equipment has arrived onsite and the well has now been restarted.
The performance of the well will be closely monitored over the
coming period.
Production update
Total production for May was 1,066,795 cubic metres (37,673 MCF)
compared to 1,191,058 cubic metres (42,062 MCF) for April 2018.
Average daily production from Pg-10 for May was 1.2 MMscfd which
was down from 1.3 MMscfd in April (and 1.4 MMscfd including
Pg-11A). The Company is managing the production rates from Pg-10 to
maximise the long-term recoverability of the well.
Revenues
Total revenue to Ascent for May from gas sales for May is
expected to be around EUR180,000, with an additional EUR10,000 from
the sale of condensate.
Permitting update
The authorities have completed their review of the baseline
report in relation to the IPPC Permit application. Some amendments
and explanations have been requested and we are preparing our
response; it is not possible to say with certainty when the permit
will be finally awarded but the Company believes that there are no
reasonable grounds to delay the award any further.
Colin Hutchinson, CEO of Ascent Resources plc commented:
"I am pleased that production has recommenced from Pg-11A and we
hope that an acceptable flow rate can be maintained. In relation to
the permit, we believe we have done as much as possible to aid the
relevant bodies with our application and have delivered everything
that has been requested and required of us. We have expressed our
disappointment at the length of the process, emphasising to
authorities the impact such delays have on attracting future
investment to Slovenia and the consequences for the project, and we
trust we are approaching the end of this process."
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, CEO 0207 251 4905
WH Ireland, Nominated Adviser
& Broker
James Joyce / Alex Bond 0207 220 1666
Yellow Jersey, Financial PR and
IR
Tim Thompson / Harriet Jackson
/ Henry Wilkinson 0203 735 8825
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END
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