Operational update

RNS Number : 4908T

Ascent Resources PLC

06 January 2017

 

Ascent Resources plc

("Ascent" or the "Company")

Operational update

The Board of Ascent is pleased to update shareholders on the work programmes required to deliver first gas in Q1 2017. 

Well Pg-10

Well Pg-10 has been successfully recompleted with the permanent bridge plug knocked through and two holes punched in the production tubing.  The decision to perforate the production tubing was made as it was not possible to reach and open the bottom plug.

The holes were made at a depth of 3,102 meters and gas was flowed for a short period until it became clear that additional holes will be required to allow sufficient gas to flow to satisfy the supply contract with INA in Croatia.  This work is underway and we look forward to updating the market on developments in due course.

Once this work is completed, a formal well test will be undertaken.

Pg-10 Flowline

The gas flowline from Pg-10 to the processing facility (CPP) has been laid and is planned to be connected later this month following completion of the flow test.  The contractors will then construct the connection with the export pipeline which allows gas to be flowed to Croatia for sale.

All other work programmes are progressing in line with expectations and we look forward to the production of gas before the end of Q1 2017.

Colin Hutchinson, CEO, commented:

"We are pleased that the workover of the Pg10 well has been successfully completed and we look forward to providing the results of the well test in due course."

Enquiries:

Ascent Resources plc                                                                                                      0207 251 4905

Clive Carver, Chairman

Colin Hutchinson, CEO

Stockdale Securities Limited, Nominated Adviser and Joint Broker            0207 601 6100

Richard Johnson

Edward Thomas

Northland Capital Partners Limited, Joint Broker                                                0203 861 6625

Tom Price

John Howes      

Abigail Wayne

IFC Advisory Ltd, Financial PR and IR                                                                         0203 053 8671                        

Tim Metcalfe

Graham Herring

Heather Armstrong

 

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