29th Apr 2019 12:30
LONDON (Alliance News) - Europe-focused oil & gas company Ascent Resources PLC said Monday it has extended its existing gas sales agreement with Croatian oil & gas firm INA Group by another six months to November.
The agreement to sell gas from the Petisovci field in Slovenia to INA was signed back in November 2017 on a 12-month term and was first extended for a further six-month period to May 2019 during July 2018.
The signing of the agreement will take into account the expected increase in gas volumes following the installation of compression equipment, and the re-stimulation of the current producing wells, subject to permits.
"I am pleased that the agreement has been extended again. We value our relationship with INA and look forward to concluding a revised agreement with increased production targets in due course," said Chief Executive Officer Colin Hutchinson.
Shares in Ascent Resources were up 5.1% at 0.39 pence on Monday.
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