Ascent Still Waiting to Export to Croatia

UK upstream minnow Ascent is still waiting for approval to start exporting gas from its Petosivci field in Slovenia across the border into Croatia, it said in a stock exchange update October 20. In April of this year it had hoped to be in business by the end of June; but is still waiting for the bureaucracy to finish on the other side of the border.

On September 28, Ascent said that the final step in the process was the recertification of the export pipeline by the Croatian government, and that this was expected to be completed shortly. However, it has now moved forward through a number of stages taking place between different government departments and Ascent's customer, INA. 

The final stage is an exchange of signatures between INA and the Croatian authorities which the company has been advised to expect within a short timeframe, Ascent said.

The field holds P50 reserves of 13bn m³. The gas is being priced off the Central European Gas Hub, centred on Austria.

William Powell