Ascent holds a 75% interest in the Petišovci Project and its Joint Venture (“JV”) partner Geoenergo holds the remaining 25%. The current concession was awarded to Geoenergo in 2002 and is due for renewal in 2022.
Ascent has been involved in the project since 2007 and has spent approx. €50 million to the end of 2018. Ascent is liable for 100% of the costs and will receive 90% of the revenues until all costs are recovered.
Following a 3D seismic survey of the area in 2009, two wells, Pg-10 and Pg-11, were drilled in 2010/2011. Pg-11 was side-tracked for technical reasons, becoming Pg-11A.
These wells demonstrated that gas could be flowed in commercial volumes from previously unproduced (Pg-10) and previously undiscovered (Pg-11A) reservoirs. RPS energy performed an independent volumetric assessment of the field and verified P50 contingent gas resources of 456 Bcf.
Development of the field and bringing gas to market has been taking place in two phases.
Phase 1 is now complete.
interest in project
In 2009 we conducted an extensive 3D seismic survey across the Petišovci area. This was the first ever 3D seismic acquired in Slovenia and required the agreement of over 10,000 landowners.
Interpretation of the seismic data provided a greater insight into the field structure and indicated zones of potentially better reservoir quality. The structure has two sets of reservoirs, the shallower Upper Miocene and the deeper Middle and Lower Miocene. The deeper Miocene reservoirs are Ascent’s main development objective and the locations of two new wells (Pg-10 and Pg-11) were determined. The shallower reservoirs were developed during the 1960s.
The 3D seismic is now being reprocessed to increase our understanding of the remaining oil and gas volumes in the shallower zones and the prospectivity of the deeper pre-Tertiary Triassic basement.