Last checked at 7 Sep 2017 07:00
7 September 2017
Ascent Resources plc
("Ascent" or the "Company")
Operational update
The Board of Ascent Resources plc (AIM: AST), the European focused oil & gas exploration and production company, is pleased to update shareholders on developments at the Petišovci field in Slovenia.
Well Pg-11A
The well has been satisfactorily re-completed and connected to the processing facility (CPP) via the new flowline. Test production is scheduled to commence tomorrow (Friday 8th September) with the gas produced to be sold to the same Slovenian customer currently receiving gas from Pg-10.
Infrastructure to produce to INA
All the required infrastructure to produce and transport gas to the Croatian border has been completed and tested. Furthermore, all handover procedures, bank guarantees and documentation between the project participants have been exchanged. Final approval is awaited from the Croatian government, following which production can commence immediately.
We have been advised by INA that some additional administrative procedures are required before final government approval will be granted. These include the provision of a bank guarantee to the government and the consent of an additional government department. These are expected to take around two weeks to complete.
A further update will be provided in due course.
Colin Hutchinson, CEO, commented:
"We are pleased that everything on our side is now ready to commence export production and look forward to the final administrative details being completed as soon as possible."
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 |
Abchurch, Financial PR and IR Tim Thompson | 0207 398 7700 |