9th May 2018 11:19
LONDON (Alliance News) - Shares in Ascent Resources PLC fell Wednesday as the firm said it has temporarily suspended its Pg-11A well once again to try to sort out water production issues.
Shares were down 15% on Wednesday at 0.94 pence each.
The well, on Ascent's Petisovci concession in Slovenia, was brought back into production in late March after a workover at the well.
However, this has not improved production, Ascent said, with the well continuing to produce "significant" amounts of liquid which is restricting the rate of gas flow.
It has suspended production at Pg-11A once again to allow maintenance work on the export pipeline to try to rectify the issue. Further analysis will take place to discover the reasons for the presence of liquid before Ascent makes a decision on how to solve the problem.
Ascent also said average daily production in April was 1.4 million standard cubic feet a day, in line with March. Total output was 42.1 million cubic feet, slightly down on March's 43.9 million cubic feet.
Most of April's production came from the Pg-10 well, which flowed throughout the month.
In mid-April, Ascent said it had begun a formal sale process of the company, as it had decided further development at Petisovci and possible moves into other projects was not an option available to it.
The move was announced at the time of its 2017 results release, a year in which it became a producer and generated its first revenue for four years.
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