Ascent confirms potential of Slovenian well

16th Feb 2011 13:22

Results from the first phase of operations on the Pg-11 well, in which Ascent Resources has a 75% stake, have exceeded expectations and underpinned its commercial potential, the group says.Shares in the oil and gas firm rose sharply on Wednesday after all six reservoirs at the well in the Peti?ovci Project, Slovenia, were confirmed to be gas-bearing. "Facilities design studies are now being completed for the redevelopment programme and we believe that there is the potential to commence production within a year," said managing director Jeremy Eng.In December, the group purchased a further 49% in the project from North Sea-focused oil producer EnQuest, in exchange for a 22.5% stake in Ascent.