Ascent Resources PLC Purchase of mobile compressor unit (4784Z)
20 May 2019 - 4:00PM
UK Regulatory
TIDMAST
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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END
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