Ascent Resources PLC Operational update (8830J)
April 05 2018 - 1:00AM
UK Regulatory
TIDMAST
RNS Number : 8830J
Ascent Resources PLC
05 April 2018
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
05 April 2018
Ascent Resources plc
("Ascent" or the "Company")
Operational update
Ascent Resources plc (AIM: AST), the AIM quoted European oil and
gas exploration and production company, is pleased to update
shareholders on operations at the Petisovci concession in
Slovenia.
Pg-10
Pg-10 continues to perform in line with expectations. The well
has been in production since April 2017 and has produced nearly 10
million cubic metres (0.3 BCF) of gas to date.
Pg-11A
During March, we carried out an operation at Pg-11A to remove a
choke and some stuck tooling left downhole at the end of the
workover operation in August 2017. At the time it was expected that
the well would flow satisfactorily with the restriction in place.
However, the performance of the well since September has been
sub-optimal and so the operation to remove the tooling and the
choke was carried out.
The operation began on 14 March and the well was put back into
production on 28 March 2018, the tooling having been removed and
the tubing opened significantly, although part of a mandrel remains
stuck at 2,200 metres.
As the water column has not yet been fully removed from the
well, the flow rates and pressure have not yet fully recovered.
Ascent's engineers are currently working to remove the water and
allow gas to flow freely to the surface again.
The impact of the work carried out at Pg-11A is unlikely to be
clear for some time.
The exercise required the well to be shut-in for a large part of
March, which resulted in lower gas sales in March than in previous
periods.
March production
Production for March, which was scaled back because of the
Pg-11A workover, was 1,242,948 cubic metres (43,894 MCF) down from
1,787,616 cubic metres (63,129 MCF) for February 2018.
The average price of gas at the CEGH hub for the month of March
2018 was EUR21.84 per MwH, being 29% higher than in the
corresponding period in 2017.
IPPC Permit
The studies required for the baseline report have been completed
and the report is due to be submitted on 6 April 2018.
Colin Hutchinson, CEO of Ascent Resources plc commented:
"I am pleased that the bulk of the workover operation at Pg-11A
is close to completion and look forward to well Pg-11A once again
contributing to the Company's profitability.
The increase in the average gas price achieved is welcome and
has resulted in higher than anticipated revenues enabling us to
fund the Pg-11A workover operation from cash flows"
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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