The Board of Ascent Resources plc, the European focused oil & gas exploration and production company (AIM: AST), is delighted to inform shareholders the export production has commenced from the Petisovci field in Slovenia to INA in Croatia.
The recertification of the pipeline has been processed by the Croatian government and on Thursday 2 November 2017, well Pg-10 was turned on, and gas flowed for the first time from the Petisovci field to the INA processing facility at Molve in Croatia. In accordance with the commencement plan, production from Pg-11A will be added later this morning.
Ascent has been involved with the Petisovci concession for over ten years and around €45 million has been invested to bring the project to this stage. The commencement of export gas production marks a milestone for the Company and this project.
This has been made possible following over two years of close co-operation amongst the Joint Venture partners and with INA. Significant operational and procedural obstacles have been overcome to bring this project to fruition to the benefit of all parties and the economies in both countries.
The initial delivery of gas triggers the commencement of the previously announced contract, with INA, which has a minimum duration of one year. The supply to INA is expected to fully utilise all production from Pg-10 and Pg-11A. The Company’s focus for the next year turns to planning for the re-entry and recompletion of suitable existing wells. At the same time, the Company continues to work to have the IPPC Permit issued as final, after which the Company will seek to build its own processing facility. Additionally, the Company will look for other attractive opportunities in the region from the position of being a profitable and cash generative company.
Colin Hutchinson, CEO of Ascent, commented:
“We are very happy to be finally exporting gas production from the Petisovci field, we thank all of our employees, investors and advisers who have contributed to the project over the years.”
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