Ascent to Commence Production from Pg-10 in Petisovci Project

Source: www.gulfoilandgas.com 3/10/2017, Location: Europe

The Board of Ascent Resources plc, the European focused oil & gas exploration and production company is pleased to announce that gas production from Pg-10 is expected to commence to a local corporate consumer in the early part of April 2017. This will provide the Company with immediate revenue until the increased production under the INA contract commences. The flowline from Pg-10 has been completed and will be connected immediately before production begins.

Production to INA

Separately, preparations for the sale of gas to INA under the existing contract are well under way. Whilst the final treatment of the gas delivered to INA will be at their treatment plant at Molve in Croatia, the gas from Pg-10 must first be dehydrated at the Peti?ovci field.

The Company had intended to lease temporary equipment while the refurbishment of the existing gas separation facility (CPP) was completed. The minimum lease term for this equipment was six months and the anticipated cost was deemed higher than necessary.

Accordingly, revisions to the CPP design have been made, based on the data obtained during the Pg-10 flow test completed in February 2017. These refinements allow for a more efficient installation, which will result in both time and cost savings, without the need for the leased equipment. The refurbished plant is expected to be ready for production to INA in three months at around half of the previously budgeted cost of 1million, increasing the profit expected on the INA contract.

During the period while these works take place gas will be sold locally as noted above.

Pg-11A recompletion

The workover of Pg-11A will start in April 2017 and is expected to last around four weeks. A rig owned by our partner, Petrol Geoterm, will be used to remove and replace the tubing string. Once this work has been completed a 40 metre flowline will be laid to connect the well to the CPP.

Connection of the export line

The existing pipeline from the CPP will be connected to the existing export pipeline at MRS Lendava which is the land that Ascent acquired when it purchased Trameta doo in July 2016. The site has been cleared of obsolete equipment and made ready for the short connection to be installed. This connection has been pre-fabricated and will be installed in April.

IPPC Permit

The Company remains optimistic that the Environment Minister will soon confirm the decision of the Environmental Agency, in November 2016, that a full Environmental Impact Assessment is not required for the new processing facility.

Colin Hutchinson, CEO, commented:

"I'm delighted to report impressive progress at our asset in Slovenia which illustrates that after years of frustration and delays we are only weeks away from commercial production and the further development of the field."


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