Ascent Resources Plc (LON:AST) shares advanced around 7% in early deals on Tuesday after an update allowed investors to look forward to gas production from the Petišovci project, in Slovenia, which could start shortly.
In a project update, Ascent told investors that infrastructure works are progressing well – a connection to the export line is complete, has passed inspection and is ready for use; refurbishment work on separation equipment is progressing; and the flowline from the Pg-11A well is ready connect once down-hole operations are complete.
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Meanwhile, Ascent’s customer is due to complete recertification of pipeline on the Croatian side of the border in order to receive the Petišovci gas, and the company said it has been advised to expect this step to be complete before the end of this month.
Work to prepare the Pg-11A well for production is expected to take around two weeks. Once this work-over programme is complete the company expects to connect the well to the infrastructure immediately, and that will allow production to start.
"We have made significant progress over the last three weeks in getting the infrastructure ready and look forward to commencing the supply of gas to INA shortly,” said Colin Hutchinson, Ascent chief executive.
Ascent shares rose 11.56% to 1.79p in afternoon trading.