Ascent Resources PLC (LON:AST) shares advanced in Monday’s early deals after it told investors it was gearing up for flow testing at the Pg-10 well, part of the Petišovci project in Slovenia.
The Pg-10 well was originally drilled in 2011 and, following a gas sales deal stuck in 2016, the company is now working to start the well up.
Today, Ascent said wireline operations have been successfully completed – a service team has cleared debris from the well and the production tubing has now been perforated.
Gas was flared from the well for a short period, confirming that the perforations have been successful.
A team is now being mobilised to conduct a gas flow test this week.
"We are pleased that the perforating operation has been successfully completed and look forward to the results of the flow test," said chief executive Colin Hutchinson.
In London, Ascent Resources shares gained around 11% to trade at 1.77p each in Monday’s early deals.