Ascent expects boost from high gas prices
London-listed Ascent Resources expects to earn €100,000 ($116,000)/month from its two production wells at the Petisovci gas project in Slovenia, thanks to record high gas prices, the company said on October 11.
Central Eastern Gas Hub spot prices are currently at around €105/MWh, while the hub's Q1 2022 futures are currently priced at nearly €105/MWh, versus the €11.4 announced by the company in September last year.
Ascent added it had agreed with its joint venture partner Geoenergo on key work streams at Petisovci, including the long-term concession extension, environmental impact assessment and permitting to re-stimulate the PG-10 and PG-11A wells. Ascent has a 75% interest in the project while Geoenergo has 25%.
"The company is also in constructive dialogue with its JV partners in Slovenia regarding the resolution of all disputed legacy matters and the restructuring of certain production costs," the company said.