3rd Jul 2018 10:01
LONDON (Alliance News) - Oil & gas exploration and production company Ascent Resources PLC said Tuesday its gas production and revenue for the month of June remained consistent with May.
For the month of June, Ascent expects total revenue from gas sales around EUR190,000, with an additional EUR15,000 to EUR20,000 from the sale of condensate.
June's total gas production was 1.0 million cubic metres, at the same level as May.
The company added that it extended it agreement to sell untreated gas to INA in Croatia to 2019. The extension halved the amount the company is required to hold on restricted deposit to EUR200,000 from EUR400,000, as the required bank guarantee has reduced.
Furthermore, the company said that, at the beginning of June, it brought back into production well Pg-11A. The well was shut down at an intermittent level during the month.
"The intention is to produce the well on an intermittent basis going forward," the company said.
Ascent shares were trading 1.6% higher at 0.81 pence each.
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