Slovenia: Ascent Resources Increases Gas-In-Place Reserves in Petišovci Project
Ascent Resources has today announced an increase of 22 per cent gas-in-place reserves in the Petišovci Project in Slovenia.
The increase brings the gas volumes in place from 412 billion cubic feet of gas in place to 504 billion cubic feet of gas, or 87 million barrels of oil equivalent. The results are released following a report by gas reserve assessor RPS Energy and is taken from results collated from Ascent's Pg-10, Pg-11 and Pg-11A wells in Slovenia.
From the results, Ascent has decided that Pg-10 and Pg-11A wells will be the first two production wells in the company's redevelopment project. These two wells have been fracture stimulated and have tested at rates of 8 and 2 million cubic feet of gas a day respectively.
The Pg11-a well provides the majority of the increase in gas-in-place reserves. Ascent says this well, which was originally classified as "K" sands but which has now been reclassified to include seven sands from "K" to "Q", has reserves in place of 83 billion cubic feet of gas. This estimate is in addition to the 9 billion cubic feet of gas already evaluated together with the "E4" reservoir interval.
"The gas-in-place upgrade confirms the progress we have made over the last year as we continue to move the project towards production later this year," Managing Director of Ascent Resources Jeremy Eng said.
"The timing of the recompletion of the Pg-10 and Pg-11A wells will now coincide with the construction work to be carried out on the connecting pipelines. In the meantime, work on the design, procurement and modifications to the existing gas processing facilities continues.
"Reservoir simulation, also by RPS, for the "F" sands at Pg-10 is complete and in progress for the Pg-11A sands, these results are designed to forecast future production and we will provide the market with an update in due course."
Ascent is the majority shareholder in the Petišovci Project with a 75 per cent stake. Geoenergo holds the remaining 25 per cent stake.