Geoenergo, d. o. o.
Geoenergo, d.o.o. (‘Geoenergo’), is a joint venture company, 50% owned by Petrol, d. d, Ljubljana and 50% owned by Nafta Lendava, d. o. o. (‘Nafta’). Petrol is Slovenia’s largest company and the main supplier of petroleum products in Slovenia with annual sales of some €4 billion. Petrol main business is oil and gas trading, electricity trading and energy and environmental solutions. Nafta is a state owned company active in the production of chemicals, the treatment of waste water, fire prevention services and petroleum storage products. Nafta will supply much of the onsite assistance required for the development of the Petišovci project, particularly in relation to water treatment services, fire prevention services and, to some extent, project design services. A concession contract granted by the Republic of Slovenia, in 2002, gives Geoenergo exclusive rights to exploit mineral and hydrocarbon resources in an area in the Mura Depression, where the Petišovci field lies. This area has been an oil and gas producing region since the 1940s. Geoenergo currently produces oil and gas from the concession area but as there is no suitable connection to the national distribution network, the gas produced is sold directly to companies locally. The company has entered into a Joint Operating Agreement (JOA) with Ascent Slovenia Limited, a subsidiary of Ascent Resources plc, under which Ascent manages operations in the Petišovci oil and gas field. The company believes that this domestic, affordable and reliable energy source represents a major commercial opportunity for the development of a competitive, economic environment, not only to the Prekmurje region, but to the whole of Slovenia. A major benefit will be the creation of new jobs.
Ascent Resources plc
Ascent Resources plc (Ascent) is an oil and gas exploration and production company headquartered in London, United Kingdom, and listed on the AIM market of the London Stock Exchange (LSE:AST). Since it was founded, Ascent’s portfolio has consisted of predominantly European onshore projects. Today, the company’s principal asset is the Petišovci tight gas project in Slovenia which it considers to be an outstanding prospect. Ascent manages joint operations in the Petišovci tight gas project through two wholly-owned subsidiaries, Ascent Slovenia Limited and Ascent Resources, d. o. o. Ascent Slovenia Limited is a partner in the joint venture with Geoenergo, the holder of the exploitation concession in which the Petišovci project lies. All operational activities that are approved by Geoenergo are undertaken by Ascent Resources d.o.o. Ascent’s experienced management team is supplemented, as the need arises, with regional technical and operational expertise to ensure the highest standards are met and delivered on the project. Work is carried out using modern techniques, the application of leading-edge technology, where applicable, and incorporates recent advances in operational management. Ascent and its partner are committed to the highest standards in technical, social responsibility, environmental, health and safety compliance.
Petrol Geoterm d.o.o.
(‘Geoterm’) is the owner and operator of certain infrastructure on the concession and has been appointed by the JV partners as the Field Operator. Geoterm is a wholly owned subsidiary of Petrol d.d., Ljubljana, engaged in drilling, processing and the transportation of natural gas as well as the management and development of geothermal district heating systems. In its role as the Operator, Geoterm will undertake the following works and services for the joint venture, in compliance with government mining regulations: operation of the infrastructure, well design, drilling, procurement of materials & equipment and permitting. Geoterm may also undertake geological studies, reservoir analysis & engineering, petroleum economics, well control, geosciences and development & production design as appropriate. As part of the Petrol Group, Geoterm is committed to socially and environmentally responsible work practices.