Ascent Resources PLC Update on Gas Price and Slovenian JV Partner (5613O)
11 October 2021 - 5:00PM
UK Regulatory
TIDMAST
RNS Number : 5613O
Ascent Resources PLC
11 October 2021
11 October 2021
Ascent Resources plc
("Ascent" or the "Company")
Update on Gas Price and Slovenian JV Partner Discussions
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic
American and European focused energy and natural resources company,
is pleased to update on gas prices at its Petisovci gas project in
Slovenia.
The Company notes recent significant increases in global gas
prices. Central Eastern Gas Hub spot prices are currently circa Eur
105.0 / MWh whilst Central Eastern Gas Hub pricing for Q1 2022
futures are currently Eur 104.725 / MWh. This is an 905% increase
from the EUR 11.4 / MWh price as set out in the Company's 10
September 2020 announcement.
The Company now expects, at current gas prices and production
levels, the PG-10 and PG-11A production wells to generate net
production revenues (after extraction, processing and handling
costs) of at least Euro 100,000 per month, net to Ascent.
Furthermore, the Company is also delighted to announce that,
following a recent Operating Management Committee meeting and
partner engagement process in Slovenia, it is aligned with its JV
partner on key workstreams including the long term concession
extension, environmental impact assessment and permitting to
re-stimulate the PG-10 and PG-11A wells. The Company is also in
constructive dialogue with its JV partners in Slovenia regarding
the resolution of all disputed legacy matters and the restructuring
of certain production costs. Further announcements will be made in
due course.
Enquiries:
Ascent Resources plc Via Vigo Communications
Andrew Dennan
WH Ireland, Nominated Adviser & Broker
James Joyce / Sarah Mather 0207 220 1666
Novum Securities, Joint Broker
John Belliss 0207 399 9400
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END
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