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.
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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%.
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