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Ascent Resources production descends on 'sub-optimal' workover results
European oil and gas exploration and production company Ascent Resources has seen its Pg-10 well on the Petisovci concession in Slovenia perform "in line with expectations", however, its neighbouring Pg-11A site has not been quite as productive as hoped.
Pg-10, in production since April 2017, has produced nearly 10m cubic metres of gas to date, but Pg-11A, where Ascent recently carried out an operation to remove a choke and some stuck tooling left downhole at the end of the workover operation in August 2017 has returned a "sub-optimal" performance.
The operation, which began on 14 March, got the well back into production by 28 March, with the tooling having been removed and the tubing opened significantly, however, part of a mandrel remains stuck within Pg-11A at 2,200 metres, and with the water column not yet been fully removed from the well, its flow rates and pressure were yet to fully recover.
Ascent's engineers are said to be working to remove water from the site to allow gas to flow freely to the surface again, but the firm noted that the impact of the work carried out at Pg-11A was "unlikely to be clear for some time".
Production for March, which was scaled back because of the Pg-11A workover, was 1.24m cubic metres, 30.3% down from the 1.78m cubic metres posted in February.
Colin Hutchinson, Ascent's chief executive, said, "I am pleased that the bulk of the workover operation at Pg-11A is close to completion and look forward to well Pg-11A once again contributing to the Company's profitability."
"The increase in the average gas price achieved is welcome and has resulted in higher than anticipated revenues enabling us to fund the Pg-11A workover operation from cash flows," he added.
As of 1040 BST, shares had lost 4% to 0.91p.