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AST Ascent Resources Plc

2.65
0.04 (1.53%)
Last Updated: 08:18:19
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ascent Resources Plc LSE:AST London Ordinary Share GB00BJVH7905 ORD 0.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.04 1.53% 2.65 2.50 2.80 2.65 2.60 2.60 350 08:18:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 581k -41.89M -0.1004 -0.26 10.85M

Ascent Resources PLC First gas (3890C)

13/04/2017 7:00am

UK Regulatory


Ascent Resources (LSE:AST)
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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

DRLEAELAFFFXEAF

(END) Dow Jones Newswires

April 13, 2017 02:00 ET (06:00 GMT)

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