Ascent soars on successful well test in Slovenia
Ascent Resources, the Europe-focused gas company, saw its share price rise by almost a third in early trading on Friday following the announcement of a successful test on a well at its Petiovci site in Slovenia.
Ascent Resources, the Europe-focused gas company, saw its share price rise by almost a third in early trading on Friday following the announcement of a successful test on a well at its Petiovci site in Slovenia.
Ascent, which has a 75% stake in the project, used hydraulic fracturing for the test and achieved a stabilised rate of 240,000m cubed of gas or the equivalent of 1,420 barrels of oil per day.
Ascent's Managing Director, Jeremy Eng commented, "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 Petiovci field can and will now proceed.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
At 8.51am Ascent's shares were trading at 2.16p, up 30.85%, although in the year to date the firm's stock has fallen 76%.
BS
-
Should you sell in May this year?
The market adage looks unlikely to apply in 2024, and global equities are proving resilient
By Max King Published
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published