EnQuest will take a 22.5% equity stake in Ascent in return for its interest in the project.
Post the completion of this transaction, Ascent’s interest in the deep reservoirs of the highly prospective Petisovci concession will increase from 26.25% to 75%.
EnQuest will also provide technical support to Ascent for the Slovenian project, as well as for the evaluation of future European business development opportunities.
At the moment, the Pg-11 evaluation well in the Petisovci project is drilling ahead in an 8-1/2" hole and the current depth is 2,799m within the Miocene reservoir sequence.
Strong gas shows have been observed from each of the four reservoir intervals so far encountered.
EnQuest is an independent oil and gas production and development company focused on the UK Continental Shelf.
