Ascent Resources (LON:AST) has issued an update on the work programmes required to deliver first gas in the first quarter of this year.
Ascent says well Pg-10 has been successfully recompleted with the permanent bridge plug knocked through and two holes punched in the production tubing. The decision to perforate the production tubing was made as it was not possible to reach and open the bottom plug.
It says: "The holes were made at a depth of 3,102 meters and gas was flowed for a short period until it became clear that additional holes will be required to allow sufficient gas to flow to satisfy the supply contract with INA in Croatia. This work is under way and we look forward to updating the market on developments in due course. Once this work is completed, a formal well test will be undertaken."
Ascent says the gas flowline from Pg-10 to the processing facility (CPP) has been laid and is planned to be connected later this month following completion of the flow test. The contractors will then construct the connection with the export pipeline which allows gas to be flowed to Croatia for sale.
It adds: "All other work programmes are progressing in line with expectations and we look forward to the production of gas before the end of Q1 2017."
Chief executive Colin Hutchinson said: "We are pleased that the workover of the Pg10 well has been successfully completed and we look forward to providing the results of the well test in due course."
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Xtract (LON:XTR) issued 335,484,611 new ordinary shares today at 0.018 pence apiece in settlement of outstanding invoices for services. On admission, the company will have 19,956,546,489 ordinary shares in issue with voting rights. Xtract does not currently hold any shares in treasury.
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The sector's biggest risers were Enquest (LON:ENQ) and Premier Oil (LON:PMO) - up by 10.8% and more than 6.5% respectively in late trading. The biggest fallers were Regal Petroleum (LON:RPT) and San Leon Energy (LON:SLE) - down by more than 7.2% and over 6.9% respectively.
(LON:AST) Ascent Resources PLC share price was -0.05p at 1.65p
(LON:AUR) Aurum Mining PLC share price was +0.63p at 7.63p
(LON:BOR) Borders Southern Petroleum PLC share price was +0.15p at 3.2p
(LON:CHAR) Chariot Oil Gas Ltd share price was +0.33p at 8.38p
(LON:ENQ) EnQuest Plc share price was +5.38p at 55.13p
(LON:GKP) Gulf Keystone Petroleum share price was +1.5p at 138.75p
(LON:GPX) Gulfsands Petroleum PLC share price was +0.25p at 9.63p
(LON:INDI) Indus Gas Ltd share price was +0.13p at 395.13p
(LON:PET) Petrel Resources PLC share price was -0.13p at 6p
(LON:PMO) Premier Oil PLC share price was +5.13p at 83.88p
(LON:RKH) Rockhopper Exploration PLC share price was +0.63p at 23.38p
(LON:RPT) Regal Petroleum PLC share price was -0.25p at 3.25p
(LON:XTR) Xtract Resources Plc share price was 0p at 0.02p