Ascent Resources PLC Commencement of export gas production (4539V)
03 November 2017 - 6:00PM
UK Regulatory
TIDMAST
RNS Number : 4539V
Ascent Resources PLC
03 November 2017
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
3 November 2017
Ascent Resources plc
("Ascent" or "the Company")
Commencement of export gas production
The Board of Ascent Resources plc, the European focused oil
& gas exploration and production company (AIM: AST), is
delighted to inform shareholders the export production has
commenced from the Petisovci field in Slovenia to INA in
Croatia.
The recertification of the pipeline has been processed by the
Croatian government and on Thursday 2 November 2017, well Pg-10 was
turned on, and gas flowed for the first time from the Petisovci
field to the INA processing facility at Molve in Croatia. In
accordance with the commencement plan, production from Pg-11A will
be added later this morning.
Ascent has been involved with the Petisovci concession for over
ten years and around EUR45 million has been invested to bring the
project to this stage. The commencement of export gas production
marks a milestone for the Company and this project.
This has been made possible following over two years of close
co-operation amongst the Joint Venture partners and with INA.
Significant operational and procedural obstacles have been overcome
to bring this project to fruition to the benefit of all parties and
the economies in both countries.
The initial delivery of gas triggers the commencement of the
previously announced contract, with INA, which has a minimum
duration of one year. The supply to INA is expected to fully
utilise all production from Pg-10 and Pg-11A. The Company's focus
for the next year turns to planning for the re-entry and
recompletion of suitable existing wells. At the same time, the
Company continues to work to have the IPPC Permit issued as final,
after which the Company will seek to build its own processing
facility. Additionally, the Company will look for other attractive
opportunities in the region from the position of being a profitable
and cash generative company.
Colin Hutchinson, CEO of Ascent, commented:
"We are very happy to be finally exporting gas production from
the Petisovci field, we thank all of our employees, investors and
advisers who have contributed to the project over the years."
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, CEO 0207 251 4905
WH Ireland, Nominated Adviser
& Broker
James Joyce / Alex Bond 0207 220 1666
Yellow Jersey, Financial
PR and IR
Tim Thompson / Harriet Jackson
/ Henry Wilkinson 0203 735 8825
This information is provided by RNS
The company news service from the London Stock Exchange
END
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