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27 Aug 2019 | 09:05

Ascent Resources exploring options to develop Petisovci gas field; hatches plan to cut costs 50%

Ascent Resources said it continued to explore options to develop the Petišovci gas field and also said it had implemented a revised operating structure to reduce costs by 50%.

The company said it was evaluating other potential drilling opportunities and re-entry into existing wells in the concession to accelerate the production of the significant reserves in the Petišovci gas field that would not require hydraulic stimulation.

The new management and board had taken over day to day operations of the company and were finalising cost reduction measures to reduce net monthly cash outflow by over 50%, as previously outlined, the company added. 'Looking forward, Ascent and concession holder Geoenergo are currently working on documentation for the extension of the Petišovci Concession beyond 2022, the company said. The delivery of the final reprocessed Petišovci data volumes, acquired by Ascent and Geoenergo in 2008 to 2009, was expected by mid-September. The company also said it had continued to prepare legal claims for damages against the persistent delays in permitting relating to the further development of the tight gas reservoirs in the Petišovci gas field.

At 9:05am: (LON:AST) Ascent Resources PLC share price was 0p at 0.23p

Story provided by StockMarketWire.com
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