Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Update on Utah Operations

27th Jun 2025 07:00

RNS Number : 7256O
Ascent Resources PLC
27 June 2025
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY IN THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. PLEASE SEE THE SECTION ENTITLED "IMPORTANT INFORMATION" TOWARDS THE END OF THIS ANNOUNCEMENT.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

27 June 2025

Ascent Resources plc

("Ascent" or the "Company")

Update on Utah Operations

Ascent Resources Plc (LON: AST) is pleased to announce, further to its announcement on 20 June relating to the agreement and initiation of a work program to be executed by ARB Energy Utah, LLC (the "Operator") to bring shut-in wells in the Wolf Point area in Utah back into production, that the Operator has reported to the Company that the compression effect of the change to a lower 70 psi pressure gathering system resulted in four existing wells being put back into production following 6-month of being shut in.

The wells resumed producing on 25 June and the Operator has reported the initial production rates have exceed their prior expectations with a recorded initial 24-hour production rates of 776 Mcfd (c.129 boed) and 6 bbl/d for the four wells. The wells are expected to remain in production and production rates are expected to stabilise over the next 30 days.

Elsewhere on the acreage, the Operator is proceeding with the installation of water separation tanks at a further five currently shut-in wells and expects to bring them back into production shortly.

As announced on 20 June, these wells were part of an initial program of 15 wells identified by the Operator. Given these encouraging results, the Operator intends to scale up the work-over operations drawing from their comprehensive review of potential opportunities from the current inventory of ca.40 shut-in wells.

As with many wells reviewed, the Wolf Point wells have future value in the form of recompletions. This operational success allows for future recompletion opportunities. Updates will be announced as appropriate and in due course.

Independently of this work program, on the Locin Oil Corporation operated acreage in Colorado, road clearing has also allowed for 55Mcfd to be added to production from one well.

Enquiries:

Ascent Resources plc

Jean-Michel Doublet

 

[email protected]

Zeus, Nominated Adviser & Broker

James Joyce / James Bavister

 

0203 829 5000

Novum Securities, Joint Broker

Jon Belliss / Colin Rowbury

 

0207 399 9400

Fortified Securities, Joint-Broker

Guy Wheatley

 

0203 411 7773

Shard Capital Partners LLP, Joint-Broker

Damon Heath

 

0207 186 9952

 

Qualified Persons Statement

Dave Patterson, a qualified Geologist with over 40 years of relevant experience in the oil and gas industry has reviewed this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009 and in accordance with the Petroleum Resources Management System (PRMS) issued in June 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists (SEG), the Society of Petrophysicists and Well Log Analysts (SPWLA) and the European Association of Geoscientists & Engineers (EAGE).

 

Glossary of terms

"boed"

Barrell of oil equivalent per day

"Mcfd"

Thousand standard cubic feet per day

"shut-in"

Well operation in oil and gas production which involves temporary or permanent cessation of fluid flow.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDEDLBLEQLEBBE

Related Shares:

Ascent Resources
FTSE 100 Latest
Value8,785.33
Change24.37