Ascent Resources PLC First gas (3890C)
13 April 2017 - 4:00PM
UK Regulatory
TIDMAST
RNS Number : 3890C
Ascent Resources PLC
13 April 2017
13 April 2017
Ascent Resources plc
("Ascent" or the "Company")
First gas
The Board of Ascent Resources plc (AIM: AST), the European
focused oil & gas exploration and production company is
delighted to report that commercial production has commenced from
well Pg--10.
The Company has been involved in Slovenia for nearly ten years
and almost EUR45 million has been invested over the course of the
project by Ascent and its partners. As such the first sale of gas
from a joint venture well marks a significant milestone in the life
of the project and provides a testament to the commitment of the
partners who have worked together to overcome significant historic
hurdles.
Bringing Pg-10 into production is the first step in our phase
one development plan. We are now moving to the recompletion of
Pg-11A, which will begin later this month, and this will be
followed by the commencement of export sales.
Pg-10
Well Pg-10 is a vertical well with an 'S' deviation, which was
drilled to a total depth of 3,497 metres in 2011. The well targets
the 'F' sand at 3,125 to 3,175 metres and was successfully flow
tested in January 2017, after it was recompleted for production.
Gas from Pg-10 is being treated at the existing CPP (gas processing
facility) from where it is being transported for sale.
Pg-11A
The partners plan to begin the recompletion of the second joint
venture well, Pg-11A, by the end of this month with the work
programme anticipated to run for around four weeks. Pg-11A targets
the L, M and N sands at a depth of 3,108 to 3,241 metres. The work
programme will replace a section of the tubing string and make the
well ready for production.
Infrastructure for gas to INA
All the equipment required to facilitate production to INA has
been ordered and, subject to timely delivery, we plan to begin
production to INA by the end of June 2017.
IPPC Permit
Following the favourable decision of the Environment Ministry in
March 2017 we are optimistic that the IPPC Permit will be declared
finally valid later this year. This will enable the Company and its
partners to begin producing gas into the Slovenian grid and move
the project into its next phase.
Funding
Efficient planning and equipment ordering is expected to result
in significant savings from the budget to bring the field into
production.
Colin Hutchinson, CEO, commented:
"The Board is extremely pleased that this day has finally
arrived and would like to thank our staff, our partners, the
Slovenian administration and our shareholders for making this
possible. Today marks the Company's official shift from explorer to
producer."
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
IFC Advisory Ltd, Financial PR and
IR
Tim Metcalfe
Heather Armstrong 0203 053 8671
This information is provided by RNS
The company news service from the London Stock Exchange
END
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