Ascent Reports Slovenia Well Problem
AIM-listed Ascent Resources says one of its wells in Slovenia is working well, but the other is producing much less well.
At its Petisovci concession, well Pg-10 is flowing in line with expectations, has produced since April 2017, and has produced almost 10mn m3 (0.3bn ft3) during that one-year period.
In contrast, Ascent says that its Pg-11 well’s performance since September has been “sub-optimal”, that it was shut in March 14 for repairs lasting two weeks, put back into production March 28 but has a piece of machinery stuck at 2,200 metres. “The impact of the work carried out at Pg-11A is unlikely to be clear for some time,” the company said.
One upside is that the average price of gas at Austria’s CEGH hub in March 2018 was €21.84/MWh gas ($7.86/mn Btu), being 29% higher than in March 2017.
It is what Croatia's INA pays for Petisovci gas which is produced just over the border in Slovenia. INA has been receiving gas since November 2017 which is jointly produced by Slovenian Geoenergo and Ascent.