StockMarketWire.com - Ascent Resources' [LON:AST] shares soared after the group and its partners in Slovenia signed conditional agreements needed to allow commercial gas production to start as early as January.

The new route to market uses an existing production pipeline from the Petisovci field in Slovenia to the Croatian border where the raw gas will be sold.

The agreements mark a major step forward for Ascent which, for the first time, has a direct route to sell its gas without relying on further Slovenian permitting.

The materially lower investment required now to achieve first gas means the short term economics of the Petisovci project are much more attractive. Ascent’s shares were up by more than 58% in lunchtime trading.

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Europa Oil & Gas [LON:EOG] provided detailed technical information on the recently awarded licensing options (LO) 16/20 and 16/21.

Europa has a 100% interest in, and is operator of, seven licences in the Atlantic basins offshore Ireland including LO 16/20 and LO 16/21, which cover 945 km² and 832 km² respectively in the Greater Corrib play in the Slyne Basin and are near the producing Corrib gas field.

HIGHLIGHTS

- Several large gas leads identified across both LO 16/20 and LO 16/21 in the Greater Corrib area of the Slyne Basin - a hydrocarbon play proven by the Corrib gas field

- Gross mean un-risked prospective resources of 1 TCF identified in LO 16/20

- Gross mean un-risked indicative resources of 0.5 TCF identified in LO 16/21

- The Greater Corrib play comprises Triassic sandstone reservoirs in tilted fault block structures with hydrocarbons generated from Carboniferous source rocks

- Water depths range from 300-2,000m and the licences are already partially covered by historic 3D seismic data as well as extensive 2D seismic

- Strategy to expedite exploration by securing a farm-in partner(s) with which to reprocess historic 3D seismic over LO 16/20 and LO 16/21 and to mature leads to drillable prospect status

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Solo Oil [LON:SOLO] has been advised by the operator Aminex that the Mtwara Licence, of the Ruvuma Production Sharing Agreement in Tanzania, which was due to expire in December 2016, has now received formal Ministerial approval and signature for an extension of one year.

The Mtwara Licence, which includes the Ntorya Appraisal Area where the Company has an existing discovery well, Ntorya-1, that was tested at a rate of 20 million standard cubic feet per day ("mmscfd") of gas with 139 barrels of associated condensate per day.

In related news, Aminex has also advised that civil work for the construction of drilling site for the Ntorya-2 appraisal well has now commenced and it is expected that the well pad will be completed within approximately 10 weeks.

The Company has a 25% working interest in the Mtwara Licence and in Ntorya-2 which is located approximately 1,500 metres south west of the Ntorya-1 discovery well.

The well will satisfy the Company's appraisal drilling obligations in the Mtwara Licence, after which the Company, jointly with Aminex, intends to apply for a 25 year development licence subject to its success.

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Aminex [LON:AEX] said the Mtwara licence of the Ruvuma production sharing agreement (PSA) which was due to expire in December 2016, received formal ministerial approval and signature for an extension of one year until December 2017.

The Mtwara licence includes the Ntorya appraisal area where the company has an existing discovery well, which tested at 20 mmcf per day with 139 bbls of associated condensate.

Within the licence, civil work for the Ntorya-2 appraisal well has commenced and it is expected that the well pad will be completed within ten weeks.

The company has a 75% working interest and is the operator of this well which is positioned approximately 1500m South West of the Ntorya-1 discovery well.

The well will satisfy the company's appraisal drilling obligation after which the company intends to apply for a 25-year development licence subject to its success.

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Premier Oil [LON:PMO] said its lending group has agreed to a further deferral of the test of the company's financial covenants while discussions around its existing debt arrangements continue.

"The test for the 12 month period ending 31 July 2016 will now be waived and replaced by a test for the 12 month period ending 31 August 2016," said Premier in a statement.

"As previously announced, negotiations continue to progress well with agreement of terms targeted for during this quarter. Further deferral of the covenant test date will be sought if required."










At 3:52pm:

[LON:AEX] Aminex PLC share price was -0.05p at 1.25p

[LON:AST] Ascent Resources PLC share price was +0.7p at 1.55p

[LON:AUR] Aurum Mining PLC share price was 0p at 1p

[LON:BOR] Borders Southern Petroleum PLC share price was 0p at 1.8p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.1p at 6p

[LON:ENQ] EnQuest Plc share price was -1.12p at 23.63p

[LON:EOG] Europa Oil Gas Holdings PLC share price was +0.5p at 5.25p

[LON:GKP] Gulf Keystone Petroleum share price was -0.53p at 4.35p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 3.13p

[LON:INDI] Indus Gas Ltd share price was +0.13p at 272.63p

[LON:PET] Petrel Resources PLC share price was -0.13p at 7p

[LON:PMO] Premier Oil PLC share price was -4.5p at 59p

[LON:RKH] Rockhopper Exploration PLC share price was -1.37p at 28.88p

[LON:RPT] Regal Petroleum PLC share price was -0.18p at 3.25p

[LON:SOLO] Solo Oil PLC share price was -0.01p at 0.24p

[LON:XEL] Xcite Energy Ltd share price was -0.43p at 5.07p



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