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Ascent Suspends Well at Petisovci Field

Source: www.gulfoilandgas.com 5/9/2018, Location: Europe

Ascent Resources plc, the AIM quoted European oil and gas exploration and production company, updates shareholders on operations at the Petisovci concession in Slovenia.

As previously announced, an operation on Pg-11A was completed in March 2018 and the well was brought back into production on 28 March 2018.

To date production from the well has not been improved by the operation. During the month the Company carried out additional procedures to offload produced water, but these have not resulted in any sustained improvement in production rates. The well continues to produce significant quantities of liquid which is restricting the rate at which gas is able to flow.

Production has been temporarily suspended from Pg-11A to facilitate maintenance work on the export pipeline to rectify issues resulting from water production. Further investigation will take place into the underlying reasons for the presence of liquids in the gas before a decision is taken on how best to remedy the situation at Pg-11A.

Average daily production for April was 1.4 MMscfd which was in line with March. Total production for April was 1,191,058 cubic metres (42,062 MCF) compared to 1,242,948 cubic metres (43,894 MCF) for March 2018.

The majority of April production came from well Pg-10. Pg-10 has flowed continuously during the period.

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