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Ascent Resources Announces Slovenia Update

Source: www.gulfoilandgas.com 2/5/2021, Location: Europe

Ascent Resources Plc, 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 Petisovci 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 stabilized 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.

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