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Ascent Resources ( (GB:AST) ) has shared an announcement.
Ascent Resources Plc has initiated a work program on leases operated by ARB Energy Utah, LLC, following its acquisition of a 10% interest in these leases and rights to 50% of incremental production from work-over operations. The program involves reinstating production from previously producing wells by installing compression units to address pipeline back-pressure issues. Ascent will fund these operations, receiving a 50% interest in the increased production. The first phase targets five wells with a budget of $100,000, and further operations are planned in the coming weeks, pending shareholder approval for new share issuance.
More about Ascent Resources
Ascent Resources Plc is a company operating in the oil and gas industry, focusing on the acquisition and development of energy resources. The company is involved in projects that aim to enhance production from existing wells, particularly through work-over operations.
Average Trading Volume: 516,543
Technical Sentiment Signal: Sell
Current Market Cap: £2.83M
Learn more about AST stock on TipRanks’ Stock Analysis page.