Ascent Resources PLC
20 September 2007
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
Ascent Resources plc ('Ascent' or the 'Company')
Anagni-1 test update
Ascent Resources plc, the AIM traded oil and gas exploration and production
company, continues testing operations in the Anagni-1 well located in the
Frosinone Exploration Permit in the Latina Valley.
During drilling, drilling fluid is used as a lubricant and to remove drill
cuttings. In Anagni-1, due to the high permeability and fractured nature of the
reservoir, significant amounts of drilling fluid were lost into the formation.
In order to evaluate the potential of the reservoir, this lost fluid needs to be
recovered. So far 1,435 tonnes of fluids have been have been pumped from the
well. This is just over 40% of the amount that was estimated to have been lost
during the drilling operations.
In accordance with standard geological practises, the recovered fluids are
sampled daily and analysed in a 3rd party laboratory. Importantly, the analysis
results show traces of oil in over 65% of the samples, with one reporting as
much as 1% of oil.
The well is producing a steady 200 barrels of fluids per day and the testing
permit is valid until the end of October.
Ascent has an 80% interest in the Frosinone exploration permit and Pentex Italia
Limited has a 20% interest.
The information contained in this announcement has been reviewed and approved by
Gavin Ward, Ascent's Exploration Manager (member of the AAPG) and has 19 years
relevant experience in the oil industry.
* * ENDS * *
For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
Notes:
Ascent Resources has a portfolio of over 20 gas and oil projects across six
countries in Europe. The projects are onshore in Italy, Switzerland, Hungary,
Spain, Slovenia and offshore Netherlands. The Company operates Spain's only
onshore oilfield where production currently averages over 110 barrels of oil per
day. With the stable European gas market, Ascent's portfolio favours gas over
oil. With the exception of the Netherlands, all of its projects are located
onshore where operating and development costs are substantially lower than they
are offshore.
This information is provided by RNS
The company news service from the London Stock Exchange
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