Ascent Resources announces contract for purchase of mobile compressor unit in Slovenia

LONDON -- Ascent Resources plc, the European focused oil and gas exploration and production company is pleased to announce that it has signed a contract for the purchase of a mobile compressor unit for use at its Petišovci project in Slovenia.
 
The supplier is expected to install and commission the mobile compressor unit in fourth-quarter 2019. Once installed the compressor is expected to allow increased, stable production from well Pg-10 and will significantly extend the life of this well. The equipment will also be used on well Pg-11A to address the performance issues which have restricted production from that well over the past year.
 
When the company is able to re-stimulate Pg-10 and Pg-11A the compression equipment may be used on other wells in the field to further increase production.
 
Colin Hutchinson, CEO of Ascent Resources plc, commented:

"I am pleased that we have sourced suitable compression equipment in the region and signed a comprehensive contract with warranty and maintenance provisions. We look forward to installing the unit and the resulting increase in production."