Operational Update - Petisovci Gas Field

RNS Number : 3105L

Ascent Resources PLC

18 July 2017

 

18 July 2017

Ascent Resources plc

("Ascent" or the "Company")

Operational Update - Petišovci Gas Field

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 for delivering gas to INA

The completion of the necessary infrastructure is progressing well.  The line from the CPP to the export line has passed the technical inspection and is ready for use.

Refurbishment of the separation equipment at the CPP has progressed as planned.  The refurbished separator has been installed and the remaining connections are being made.

The flowline from Pg-11A to the CPP has been installed, tested and is ready to connect to the well once downhole operations have completed.

Our customer, INA, is due to complete the re-certification of its pipeline on the Croatian side of the border in time to receive Petišovci gas, we have been advised to expect this before the end of July 2017.

Well Pg-11A

Work to bring Pg-11A into production continues.

As previously announced we engaged a coiled tubing unit to assist with the part of the final downhole portion of the recompletion. This part of the operation has been completed and the coiled tubing equipment has now left the site. 

Additional work is required to prepare the well for production, which is expected to take approximately two weeks. 

Once the work-over is complete we will immediately connect the well to the infrastructure, enabling gas to be produced for sale.

The Company looks forward to providing an update once these works are completed.

Colin Hutchinson, CEO, commented:

"We have made significant progress over the last three weeks in getting the infrastructure ready and look forward to commencing the supply of gas to INA shortly."

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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