Ascent Resources PLC Operational Update (3281T)
July 03 2018 - 2:00AM
UK Regulatory
TIDMAST
RNS Number : 3281T
Ascent Resources PLC
03 July 2018
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and
Gas
3 July 2018
Ascent Resources plc
("Ascent" or the "Company")
Operational Update
Gas Sales Agreement
The Board of Ascent Resources plc, the AIM quoted European oil
and gas exploration and production company, is pleased to report
that the Gas Sales Agreement, under which untreated gas is sold to
INA in Croatia, has been extended to 2 May 2019.
As a consequence of the extension, the required bank guarantee
has reduced and the amount which Ascent is obliged to hold on
restricted deposit has been reduced from EUR400,000 to
EUR200,000.
Pg-11A
Well Pg-11A was brought back into production on 7 June, the well
was in continuous production until 18 June, during this period the
well produced a total of 119,741 cubic metres of gas. The well was
temporarily shut in again on the 18 June to allow pressures to
rebuild. The well was restarted again on 26 June and up to 30 June
the well had produced a further 30,955 cubic metres of gas. The
intention is to produce the well on an intermittent basis going
forward.
Total production for June
Total production for June was 1,027,939 cubic metres (36,180
MCF) compared to 1,066,795 cubic metres (37,673 MCF) for May 2018.
Average daily production for June was 1.2 MMscfd which was in line
with the production rate in May.
Revenues
Total revenue to Ascent for June from gas sales expected to be
around EUR190,000, with an additional EUR15,000 to EUR20,000 from
the sale of condensate.
Permitting
We will complete and submit the amendments requested from the
Environment Agency by the end of this week (6 July). We hope that
they will review the amendments and award the IPPC Permit without
any further delay.
The Environment Agency has requested some additional information
in relation to our permit to workover Pg-10 and Pg-11A. We are
preparing our responses also for submission at the end of this
week.
Strategic review
The strategic review process has been ongoing since 17 April
2018. The Board are pleased with progress made to date and hope to
update the market in due course.
Colin Hutchinson, CEO of Ascent Resources plc commented:
"I am pleased that the gas sales agreement has been extended for
a further period and we look forward to continuing this successful
relationship with INA. Gas production and revenues for June were
consistent with May and it was encouraging to have Pg-11A making a
contribution."
Enquiries:
Ascent Resources plc
Clive Carver, Chairman
Colin Hutchinson, CEO 0207 251 4905
WH Ireland, Nominated Adviser
& Broker
James Joyce / Alex Bond 0207 220 1666
Yellow Jersey, Financial PR and
IR
Tim Thompson / Harriet Jackson
/ Henry Wilkinson 0203 735 8825
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END
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