01 Feb London South East – Donald Leggatt of Share Views interviews Colin Hutchinson
Ascent Resources CEO Colin Hutchinson sets out in detail his strategic approach for the next few years. He believes the Slovenian Environment Agency will grant a permit for a new processing plant to be built 'in a month or so'. The build will take 12 months, but before then more gas needs to come onstream.
Ascent have been growing gas output steadily since November and did so again in January. This is being sold to Croatia currently and the business is profitable and cash-flow positive going forwards. The plan is to gradually get old wells back into production, starting with PG7 and PG9. ``Around this time next year' we will re-enter PG7 and PG9. Production today is 2/3 million cubic feet of gas for this year, soon it will be 10 and then 20 million cubic feet, which is when you need a new processing plant.``