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 almost €50 million to the end of 2017. 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 is taking place in two phases.
Monday 6th August – As previously announced, the Company commenced a strategic review in April 2018 to review the various options available for the Company to maximise value for shareholders, including identifying a larger entity to develop the next phase of the Petišovci project. Colin Hutchinson, CEO, provides an update on operations and discusses the strategic review.
Production to a local industrial customer began in April 2017 and export production to INA, Croatia’s leading oil and gas company, began in November 2017. Phase 1 is now complete.
Further information can be found in the Reports and Presentations on this page. Please see our RNS News & Alerts page for operational updates.
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.