Ascent has been involved in Slovenia for over 10 years where it operates the Petišovci Tight Gas Project. To date it has invested around €50 million in this project, which is currently its principal asset. This asset has significant oil and gas reserves and resources and an established, production infrastructure with connections to local and export customers. We firmly believe that the gas field at Petišovci is an outstanding prospect and until recently have focussed all our resources on bringing this asset into production.
During 2017 the Company brought two wells into production and started exporting untreated gas from the Petišovci field to INA in Croatia. The Company is now focussed on developing the field further to increase production and enhance its long-term prospects.
At the same time, we continue to review additional onshore oil and gas opportunities in Central and Eastern Europe in order to grow the Company outside of Slovenia, leveraging our experience and relationships in the region.
Dependency on imported gas is very high throughout Central Europe. This and the relatively buoyant price of gas in Europe underpins Ascent’s strategy of exploration, development and production in this region.