Purchase of mobile compressor unit

RNS Number : 4784Z

Ascent Resources PLC

20 May 2019

 

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

20 May 2019

Ascent Resources plc

("Ascent" or the "Company")

Purchase of mobile compressor unit

Ascent Resources plc, the European focused oil and gas exploration and production company is pleased to announce that it has signed a contract for the purchase of a mobile compressor unit for use at its Petišovci project in Slovenia.

The supplier is expected to install and commission the mobile compressor unit in Q4 2019.  Once installed the compressor is expected to allow increased, stable production from well Pg-10 and will significantly extend the life of this well.  The equipment will also be used on well Pg-11A to address the performance issues which have restricted production from that well over the past year.

When the Company is able to re-stimulate Pg-10 and Pg-11A the compression equipment may be used on other wells in the field to further increase production.

Colin Hutchinson, CEO of Ascent Resources plc, commented:

"I am pleased that we have sourced suitable compression equipment in the region and signed a comprehensive contract with warranty and maintenance provisions. We look forward to installing the unit and the resulting increase in production."

Ascent Resources plc Colin Hutchinson, CEO John Buggenhagen, COO  Cameron Davies, Chairman	0207 251 4905
WH Ireland, Nominated Adviser & Broker James Joyce / Chris Savidge	0207 220 1666
SP Angel, Joint Broker                                                                   Richard Redmayne / Richard Hail	0203 470 0470
Yellow Jersey, Financial PR and IR Tim Thompson / Harriet Jackson / Henry Wilkinson	0203 004 9512

 

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