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Ascent Resources confirms legal dispute talks with Slovenia remain ongoing; PG-11A well resumes production
StockMarketWire.com
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Ascent Resources confirmed it remained in direct negotiations with the Republic of Slovenia with a view to potentially settling the claim against the government for refusing to grant a fracking permit for its Petisovci field, in an 'amicable manner.'
The company is seeking to claim damages and said it had invested more than €50 million into the project.
The company also announced that PG-11A, one of its two development wells on the Petisovci tight gas field had now been put back into production.
'Following recent increases in local gas prices (some 175% up from mid 2020 levels of circa €7 per MWh) and a recently observed pressure anomaly building up in the annulus and tubing at PG-11A, the JV partner has put the well back into production with a view to accreting additional JV revenues and to enable an evaluation of the source of the pressure anomaly and remedial action,' the company said.
At 10:01am: (LON:AST) Ascent Resources PLC share price was 0p at 5.35p
Story provided by StockMarketWire.com
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