Ascent Resources PLC - Commencement of export gas production
("Ascent" or "the Company")
Commencement of export gas production
The recertification of the pipeline has been processed by the Croatian government and on Thursday
Ascent has been involved with the Petisovci concession for over ten years and around
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.
"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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0207 251 4905
WH Ireland, Nominated Adviser & Broker
0207 220 1666
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0203 735 8825
This information is provided by RNS
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Market Cap: £5.33 m
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