REG - Ascent Resources PLC - Update on Utah Operations

Ascent ResourcesAnnouncement

27/06/2025 07:00

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RNS Number : 7256O  Ascent Resources PLC  27 June 2025

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27 June 2025

Ascent Resources plc

("Ascent" or the "Company")

Update on Utah Operations

Ascent Resources Plc (LON: AST) is pleased to announce, further to its
announcement on 20 June relating to the agreement and initiation of a work
program to be executed by ARB Energy Utah, LLC (the "Operator") to bring
shut-in wells in the Wolf Point area in Utah back into production, that the
Operator has reported to the Company that the compression effect of the change
to a lower 70 psi pressure gathering system resulted in four existing wells
being put back into production following 6-month of being shut in.

The wells resumed producing on 25 June and the Operator has reported the
initial production rates have exceed their prior expectations with a recorded
initial 24-hour production rates of 776 Mcfd (c.129 boed) and 6 bbl/d for the
four wells. The wells are expected to remain in production and production
rates are expected to stabilise over the next 30 days.

Elsewhere on the acreage, the Operator is proceeding with the installation of
water separation tanks at a further five currently shut-in wells and expects
to bring them back into production shortly.

As announced on 20 June, these wells were part of an initial program of 15
wells identified by the Operator. Given these encouraging results, the
Operator intends to scale up the work-over operations drawing from their
comprehensive review of potential opportunities from the current inventory of
ca.40 shut-in wells.

As with many wells reviewed, the Wolf Point wells have future value in the
form of recompletions. This operational success allows for future recompletion
opportunities. Updates will be announced as appropriate and in due course.

Independently of this work program, on the Locin Oil Corporation operated
acreage in Colorado, road clearing has also allowed for 55Mcfd to be added to
production from one well.

Enquiries:

 Ascent Resources plc

 Jean-Michel Doublet                       info3@ascentresources.co.uk
 Zeus, Nominated Adviser & Broker

 James Joyce / James Bavister              0203 829 5000
 Novum Securities, Joint Broker

 Jon Belliss / Colin Rowbury               0207 399 9400
 Fortified Securities, Joint-Broker

 Guy Wheatley                              0203 411 7773
 Shard Capital Partners LLP, Joint-Broker

 Damon Heath                               0207 186 9952

 

Qualified Persons Statement

Dave Patterson, a qualified Geologist with over 40 years of relevant
experience in the oil and gas industry has reviewed this announcement for the
purposes of the current Guidance Note for Mining, Oil and Gas Companies issued
by the London Stock Exchange in June 2009 and in accordance with the Petroleum
Resources Management System (PRMS) issued in June 2018 by the Society of
Petroleum Engineers, the World Petroleum Council, the American Association of
Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the
Society of Exploration Geophysicists (SEG), the Society of Petrophysicists and
Well Log Analysts (SPWLA) and the European Association of Geoscientists &
Engineers (EAGE).

 

Glossary of terms

 "boed"     Barrell of oil equivalent per day
 "Mcfd"     Thousand standard cubic feet per day
 "shut-in"  Well operation in oil and gas production which involves temporary or permanent
            cessation of fluid flow.

 

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