Operational Update-commencement of test production

RNS Number : 0748N

Ascent Resources PLC

04 August 2017

 

4 August 2017

Ascent Resources plc

("Ascent" or the "Company")

Operational Update - commencement of test production

The Board of Ascent Resources plc (AIM: AST), the European focused oil & gas exploration and production company, is pleased to provide an update on progress with its Petišovci project in Slovenia.

Infrastructure to produce to INA

The installation of the necessary infrastructure to accommodate export production has now been completed.

The operational certificate has been received for the pipeline from the CPP to the export line. 

Refurbishment of the separation equipment at the CPP has completed.  The refurbished separator has been installed and connected to the existing plant.  To complete testing, we will switch the current flow of gas from Pg-10 through the refurbished infrastructure this morning (Friday 4^th August).  This gas will continue to be sold locally during testing.

Our customer, INA, has received initial positive feedback from the authorities in relation to the re-certification of its pipeline on the Croatian side of the border.  The authority has asked for clarification on a number of points which we have been advised should be completed shortly.  Once the recertification has been finalised production of gas to INA will commence.

Well Pg-11A

The service company which has been contracted to complete the operations at well Pg-11A arrived on-site on 1 August after procuring the required tooling, we have made good progress over the past few days and will provide a further update in due course.  Once this final operation has been completed the well will be connected through to the CPP via the flowline which has already been constructed.

Colin Hutchinson, CEO, commented:

"We are pleased that the infrastructure to produce is now ready and that the recertification on the Croatian side of the border is moving towards a positive conclusion."

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
Abchurch, Financial PR and IR         Tim Thompson	0207 398 7700

 

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