Ascent plc reported 350 thousand cubic feet per day (circa 58 barrels of oil equivalent per day) from the first five wells put back into production last month in the Wolf Point area, northern Utah.
INVENTORY
Operator Arb Energy LLC is undertaking maintenance on a further four wells expected to beginning long term production, before focusing on a further five wells.
The work follows the identification in June of the first 15 wells for workovers on the oil, gas and helium-rich leases.
Ascent will also review the natural gas and oil reserves in Colorado belonging to Locin Oil Corporation before finalising the first work programme to restart oil and gas production from existing well bores.
The company expects to complete its evaluation of the “large inventory” of prospective resources and select targets for potential development next year.
Ascent has additionally agreed with Arb Energy Utah, LLC and Locin a revised effective date of 1 July for the production sharing agreement.
Ascent can also choose when it will become the leases’ direct title holder in the next 12 months.
TVRs
The company also reported its total voting rights following the issue in May and June of a total of 215,274,654 new ordinary shares of 0.5p.
Of the total, 89,552,239 new shares were issued to Locin for a 49% share of their interest in certain leases in Colorado.
Arb Energy received a total 111,940,299 for a 49% share of their interest in certain leases in Utah.
And 13,782,116 new shares were issued to certain directors in lieu of salaries and / or fees.
A total of 6,891,058 new warrants have also been issued, in relation to the 13,782,116 new shares.
Non-executive director David Bullion received 702,000 new shares and 351,000 new warrants, and independent NED Edouard Etienvre received 571,968 new shares and 285,984 new warrants.
Following admission, Ascent will have 810,887,442 ordinary shares in issue, each with one voting right. None of the shares is held in treasury.