Ascent sees possible significant upside in gas volumes

13th Jun 2011 16:03

Ascent Resources, the oil and gas exploration and production company, has completed the drilling of the Pg-11A well in the Peti?ovci Project, in Slovenia. Initial results are being described by management as encouraging. The presence of good quality gas has been confirmed, as well as the discovery of approximately 114m of new net additional reservoir in the deeper Miocene.The same drilling rig used in Pg-11A is now moving to begin work on a second redevelopment well, Pg-10. Furthermore, if the Pg-10 well yields results similar to those of other nearby reservoirs then, "the additional upside in gas volumes should be very significant indeed," the company's Managing Director, Jeremy Eng, has said. Shares of Ascent Resources closed today trading up by 11.94% in London trading, at 3.75p. AB