Ascent Resources (LON:AST) today reported high and better-than-expected gas flows from a second well on its Petisovci project in Slovenia.
Preliminary testing of the shallowest of two stages of the PG-10 well flowed at a stabilised rate of 8.5 MMscfd (240,000 m3; 1,420 boepd), Ascent said.
Today’s result follows what the company described as very encouraging results from the fracture stimulation of a first well, Pg-11A, in Petisovci in October.
Options are being studied to allow the production and associated cash flow generation of the two wells by mid 2012, the oil and gas explorer added.
Managing director Jeremy Eng said, "This result from Pg-10 is excellent and exceeds our expectations. It follows the commercial, although less prolific, result from the Pg-11A stimulation, and gives us confidence that the redevelopment of the Petisovci field can and will now proceed.”
Ascent added that stimulation work on both the Pg-10 and Pg-11A wells is now complete, with both to be recompleted during January and February 2012 and followed by further testing to better understand the long term productivity performance of the reservoir.
“There is a wealth of new information that now needs to be integrated into the redevelopment plan as our understanding of the field continues to improve," Eng said.
The Petisovci project is a joint venture between Slovenia group Geoenergo, which holds a 25% interest in the project, and Ascent, which holds 75% through a subsidiary.