REG - Ascent Resources PLC - Slovenia Update

Ascent ResourcesAnnouncement

05/02/2021 07:01

RNS Number : 0845O
  
Ascent Resources PLC
  
05 February 2021
  
 

5 February 2021
Ascent Resources plc
("Ascent" or the "Company")
Slovenia Update
 
Ascent Resources Plc (LON: AST), the onshore Caribbean, Hispanic American and European focused energy and natural resources company, notes the recent share price movement and provides an update in relation to its previously announced direct negotiations with the Government of the Republic of Slovenia and on its Slovenian operations. 
Direct Settlement Negotiations
The Company confirms it remains in direct negotiations with the Republic of Slovenia  with a view to potentially settling the claim in an amicable manner in the short term, as previously announced on 22 October 2020. All such negotiations are being carried out on a strictly confidential, without prejudice and privileged basis. The Company will provide further updates as appropriate.
Operational Update
The Company also announces that PG-11A, one of its two development wells on the Petišovci tight gas field has now been put back into production.   
Following recent increases in local gas prices (some 175% up from mid 2020 levels of circa €7 per MWh) and a recently observed pressure anomaly building up in the annulus and tubing at PG-11A, the JV partner has put the well back into production with a view to accreting additional JV revenues and to enable an evaluation of the source of the pressure anomaly and remedial action. The well has begun flowing on the 4 February with an initial production rate equivalent to circa 12,000 scm/d and will be monitored over the course of the next week for a stabilised production rate. The second well, PG-10 is currently producing at circa 5,000 scm/d whilst PG-11A had previously been shut in since December 2019.  
 
Enquiries:



Ascent Resources plc
Andrew Dennan


Via Vigo Communications
 




WH Ireland, Nominated Adviser & Broker
James Joyce / Chris Savidge


0207 220 1666




Novum Securities, Joint Broker
John Belliss
 
 


0207 399 9400
 
 



The information contained in this announcement has been reviewed by Leonardo Salvadori, Ascent's Technical Director, a qualified geologist and geophysicist and member of the Italian Society of Petroleum Engineers.
 
The volumes included in this announcement are in accordance with SPE standards. Scm means standard cubic meter of gas and MWh means megawatt hour 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
SPMDBGDDDXGDGBS