Ascent holds a 75% interest in the Petišovci Project with the remaining 25% held by its Joint Venture (“JV”) partner Geoenergo. The current concession was awarded to Geoenergo in 2002 and is due for renewal in 2022.
The field contains independently verified P50 contingent gas resources of 456 Bcf based on a report by RPS which was prepared in 2011 and updated in 2013.
Ascent has been involved in the project since 2007 on which over €43 million has been spent to the end of 2016. Ascent is liable for 100% of the costs and in return will receive 90% of the revenues until all costs are recovered.
The Company drilled two wells, Pg-10 and Pg-11 in 2010/2011 which demonstrated that gas could be flowed in commercial volumes from previously unproduced (Pg-10) and previously undiscovered (Pg-11A) reservoirs.
Since the wells were drilled the Company has been working to bring gas to market. Following agreements signed in July 2016 we expect to begin selling gas in Q1 2017. The development of the field is expected to take place in two phases.
interest in project
In 2009 we initiated the acquisition of an extensive 3D seismic survey across the Petišovci area. This was the first ever 3D seismic acquired in Slovenia and the permitting for this 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. The shallower reservoirs were developed during the 1960s and in the future we propose to experiment with modern, enhanced, oil recovery techniques to attempt to recover the remaining reserves.