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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
8 of the best houses for sale with annexes
The best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
By Natasha Langan Published
-
Zelenskyy moves to appease Donald Trump – what happens now?
Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
By Emily Hohler Published