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Market: AIM
Sector: Energy
EPIC: AST
Latest Price: 2.68p  (0,00%)
52-week High: 4.38p
52-week Low: 1.63p
Market Cap: 27.48M
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Ascent Resources
www.ascentresources.co.uk

Ascent Resources plc is an independent, multi-project, European focussed oil and gas exploration and production company. Its portfolio is balanced providing access to low-risk development and revenue generating production projects, alongside exploration projects with the potential for higher returns. An experienced management team, implementing a defined development programme on primarily onshore projects, provides Ascent with a solid platform to grow and generate value for stakeholders. Licences are held in Hungary, Slovenia, Italy, Switzerland and The Netherlands.

Full Ascent Resources profile here
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Ascent Resources prepares Pg-11A well for production

2nd Nov 2011, 7:33 am by Jamie Ashcroft The well achieved a stabilised gas flow rate of 2.1 million cubic feet per day and 50 barrels a day of condensate.

Ascent Resources (LON:AST) today revealed the preliminary results from fraccing operations on the Pg-11A well on the Petišovci Project, Slovenia.

The company said that all three pumped stages of the frac job have now been cleaned out. Subsequently the well achieved a stabilised gas flow rate of 2.1 million cubic feet per day and 50 barrels a day of condensate.  

The combined production rate equates to around 400 barrels of oil equivalent per day.

"Although the stabilised flow rate has exceeded our commercial threshold, a number of difficulties with the fracturing operation lead us to believe that this flow rate may not be representative of the true potential of the reservoir,” managing director Jeremy Eng said.

“We will soon commence the fracture stimulation of Pg-10 in order to learn more about the likely gas production rate from a different part of the field, the fluid dynamics of the various reservoirs and how best we can commercialise the clear potential of this gasfield."

The Pg-11A is now being prepared for production. Ascent will install a customised production string which will optimise the flow rate and gas recovery.

Meanwhile Halliburton, Ascent’s contractor, will now move on to the Pg-10 well where it will start fracture stimulation operations in the coming days.

Ascent owns a 75 per cent stake in the joint venture project. The other partner, a Slovene energy company called Geoenergo, owns the remaining 25 per cent stake in the project.

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