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Ascent Resources restarts Pg-11A well, permitting hits further delay

“We believe we have done as much as possible to aid the relevant bodies with our application and have delivered everything that has been requested and required of us,” said Colin Hutchinson, Ascent managing director
oil and gas operations
The Slovenian authorities have requested further information in the permitting process

Ascent Resources Plc (LON:AST) told investors that it has resumed production from the Pg-11A well in Slovenia which was temporarily shut-in last month.

The well had awaited specific equipment which was subsequently received. Production volumes will now be monitored.

Overall, the company revealed that total production amounted to 1.06mln cubic metres, 37.6mln cubic feet, for the month of May.

READ: Ascent launches strategic review

The daily rate averaged 1.2mln cubic feet per day, compared to 1.3mln in the month of April.

Ascent noted that it continued to manage production rates, with the intention of maximising long term recoverability.

Additionally, the company said that a baseline report related to a permit application for a proposed processing facility had now been reviewed, but, further amendments and explanations have now been requested by the authorities.

The company is now preparing its response, though it said it is not possible to say with certainty when the permit will be award – although it claimed there are no reasonable grounds for further delay.

“We believe we have done as much as possible to aid the relevant bodies with our application and have delivered everything that has been requested and required of us,” said Colin Hutchinson, Ascent managing director.

“We have expressed our disappointment at the length of the process, emphasising to authorities the impact such delays have on attracting future investment to Slovenia and the consequences for the project, and we trust we are approaching the end of this process."

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