TIDMAST

RNS Number : 4326N

Ascent Resources PLC

09 May 2018

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

9 May 2018

Ascent Resources plc

("Ascent" or the "Company")

Operational Update

Ascent Resources plc, the AIM quoted European oil and gas exploration and production company, updates shareholders on operations at the Petisovci concession in Slovenia.

As previously announced, an operation on Pg-11A was completed in March 2018 and the well was brought back into production on 28 March 2018.

To date production from the well has not been improved by the operation. During the month the Company carried out additional procedures to offload produced water, but these have not resulted in any sustained improvement in production rates. The well continues to produce significant quantities of liquid which is restricting the rate at which gas is able to flow.

Production has been temporarily suspended from Pg-11A to facilitate maintenance work on the export pipeline to rectify issues resulting from water production. Further investigation will take place into the underlying reasons for the presence of liquids in the gas before a decision is taken on how best to remedy the situation at Pg-11A.

Average daily production for April was 1.4 MMscfd which was in line with March. Total production for April was 1,191,058 cubic metres (42,062 MCF) compared to 1,242,948 cubic metres (43,894 MCF) for March 2018.

The majority of April production came from well Pg-10. Pg-10 has flowed continuously during the period.

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

UPDUGUWPAUPRPWR

(END) Dow Jones Newswires

May 09, 2018 02:01 ET (06:01 GMT)

Ascent Resources (LSE:AST)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Ascent Resources Charts.
Ascent Resources (LSE:AST)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Ascent Resources Charts.