Ascent Resources PLC Operational update (4908T)
January 06 2017 - 2:00AM
UK Regulatory
TIDMAST
RNS Number : 4908T
Ascent Resources PLC
06 January 2017
Ascent Resources plc
("Ascent" or the "Company")
Operational update
The Board of Ascent is pleased to update shareholders on the
work programmes required to deliver first gas in Q1 2017.
Well Pg-10
Well Pg-10 has been successfully recompleted with the permanent
bridge plug knocked through and two holes punched in the production
tubing. The decision to perforate the production tubing was made as
it was not possible to reach and open the bottom plug.
The holes were made at a depth of 3,102 meters and gas was
flowed for a short period until it became clear that additional
holes will be required to allow sufficient gas to flow to satisfy
the supply contract with INA in Croatia. This work is underway and
we look forward to updating the market on developments in due
course.
Once this work is completed, a formal well test will be
undertaken.
Pg-10 Flowline
The gas flowline from Pg-10 to the processing facility (CPP) has
been laid and is planned to be connected later this month following
completion of the flow test. The contractors will then construct
the connection with the export pipeline which allows gas to be
flowed to Croatia for sale.
All other work programmes are progressing in line with
expectations and we look forward to the production of gas before
the end of Q1 2017.
Colin Hutchinson, CEO, commented:
"We are pleased that the workover of the Pg10 well has been
successfully completed and we look forward to providing the results
of the well test in due course."
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 Broker 0203 861
6625
Tom Price
John Howes
Abigail Wayne
IFC Advisory Ltd, Financial PR and IR 0203 053 8671
Tim Metcalfe
Graham Herring
Heather Armstrong
This information is provided by RNS
The company news service from the London Stock Exchange
END
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