Shares in Ascent Resources climbed almost 8% this morning after the London-headquartered firm revealed work on its Petišovci project in Slovenia was progressing well.
The Petišovci Project lies in the north-eastern corner of Slovenia on the borders with Hungary and Croatia.
Ascent drilled two wells, Pg-10 and Pg-11 in 2010-11. Since then, it has been working to bring gas to market.
The company said today that work on infrastructure for delivering gas to Croatian firm Ina was going to plan.
It said a key pipeline had passed its technical inspection and was ready for use.
Ina is due to complete the re-certification of its pipeline on the Croatian side of the border in time to receive Petišovci gas.
The re-certification task should be completed by the end of this month.
Ascent chief executive Colin Hutchinson said: “We have made significant progress over the last three weeks in getting the infrastructure ready and look forward to commencing the supply of gas to Ina shortly.”
Ascent shares were up 7.81% to 1.72p on the London Stock Exchange as of 9am this morning.
Ascent holds a 75% interest in Petišovci with the remaining 25% held by its joint venture partner Geoenergo.