Pg-11A Commencement of Works

RNS Number : 7783D

Ascent Resources PLC

02 May 2017

 

2 May 2017

Ascent Resources plc

("Ascent" or the "Company")

Pg-11A Commencement of works

The Board of Ascent Resources plc (AIM: AST), the European focused oil & gas exploration and production company is pleased to update shareholders that work has commenced to allow gas to be sold from well Pg-11A in addition to Pg-10, at the Petišovci field in Slovenia.

Well Pg-11A was initially drilled in 2011 to a total depth of 3,500 metres, the well was side-tracked from 1,778 metres for operational reasons.  Three sand intervals in Pg‑11A, the L, M and N sands, were stimulated in stages and the combination tested at 2.5 MMscfd.  The intervals tested were 3,320-3,324m, 3,220-3,250m and 3,147-3,195m.  A short test also proved the productivity of the shallow A1 sand.

The work programme involves the replacement of a section of the tubing string and the preparation of the well for production.  The work is planned to last for around four weeks and the Board look forward to updating shareholders in due course.

Colin Hutchinson, CEO, commented:

"Following the successful commencement of gas production from our Pg-10 well earlier this month, we are pleased to announce beginning work to bring Pg-11A into production, the next logical step in the development of the Petišovci field."

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

 

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