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Ascent Resources extends Croatia gas sales agreement

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Oilfield Technology,

Ascent Resources plc, the European-focused oil and gas exploration and production company, has extended the existing gas sales agreement, under which untreated gas is sold to INA in Croatia, until November 2019.

The agreement came into force on 3 November 2017 for an initial 12-month term, this was extended for six months to 2 May 2019 during July 2018. The agreement has now been extended for a further six-month period to 1 November 2019.

It is the intention of all sides to conclude a revised agreement to take effect from November 2019 in due course which takes into account the anticipated increase in gas volumes following the installation of compression equipment and, subject to permits, the re-stimulation of the current producing wells.

Colin Hutchinson, CEO of Ascent Resources, commented: "I am pleased that the agreement has been extended again. We value our relationship with INA and look forward to concluding a revised agreement with increased production targets in due course."

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