Ascent Resources issues update on Croatian programme

Ascent Resources said it had re-completed and connected its Pg-11A well to its processing facility in Croatia via a new flow line from the Petišovci field project in Slovenia.

All infrastructures required to produce and transport gas over the border had been completed and tested and all handover procedures, bank guarantees, and documentations between the two participants had been exchanged with final approval waiting to be granted from the Croatian government before production could commence.

Colin Hutchinson, chief executive at Ascent said, "We are pleased that everything on our side is now ready to commence export production and look forward to the final administrative details being completed as soon as possible."

Government approval was expected two weeks from the day of the announcement, with the firm pledging to make a further update in due course.

As of 1020 BST, shares had risen 6.67% to 2.00p.