REG - Ascent Resources PLC - Result of Pg-10 Flow Test <Origin Href="QuoteRef">ASCR.L</Origin>

Ascent ResourcesAnnouncement

30/01/2017 07:07

RNS Number : 4141V
Ascent Resources PLC
30 January 2017
Ascent Resources plc
("Ascent" or the "Company")
Result of Pg-10 Flow Test
The Board of Ascent is delighted to report that the flow test at Pg-10 has been successfully completed and the results have exceeded management's expectations.
The maximum stabilised flow rate was 8.8 million standard cubic feet of gas per day ("MMscfd") which is in line with the rates measured when the well was initially tested for a short period in 2011 and is significantly above the minimum commitments required under the gas sales agreement with INA.
Over the course of the past three days we have carried out a series of tests which will significantly increase our understanding of the well and the gas reservoirs.
Well Pg10 is a vertical well with an 'S' deviation, which was drilled to a total depth of 3,497 metres. The well targets the 'F' sand at 3,125 to 3,175 metres. The stabilised flow rate achieved on a 12mm choke was 249,064 cubic metres per day or 8.8 MMscfd per day. Over the course of the 56 hour test the well was open for a total of 37 hours. The well produced total gas of 295,387 cubic metres (10,431,595 cubic feet) along with 28,250 litres of water and 2,930 litres of condensate. The average flowing well head pressure was 271 barg (3,930 psi absolute).
Colin Hutchinson, CEO, commented:
"We are extremely pleased with the results from the Pg-10 test and we look forward to bringing gas to market in the near future."
Enquiries:
Ascent Resources plc                                                   0207 251 4905
Clive Carver, Chairman
Colin Hutchinson, CEO
Stockdale Securities Limited, Nominated Adviser and Joint Broker          0207 601 6100
Richard Johnson
Edward Thomas
 
Northland Capital Partners Limited, Joint Broker0203 861 6625
Tom Price
IFC Advisory Ltd, Financial PR and IR                                     0203 053 8671  
Tim Metcalfe
Heather Armstrong
The information contained within this announcement has been reviewed by Ascent's non-executive director, Dr Cameron Davies, who has over 30 years relevant experience in the oil and gas industry. 

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