Ascent Resources PLC
28 June 2007
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
28th June 2007
Ascent Resources plc ('Ascent' or 'the Company')
Resumes operations on the Anagni-1 Well
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has restarted operations on the Anagni-1 oil discovery well located in
the Frosinone Exploration Permit in the Latina Valley, some 80km east-south-east
of Rome. The well was temporarily completed in January 2007 after log and core
data indicated that the well has drilled into an oil reservoir. Ascent, which
has an agreement with its operating partner Pentex Italia Limited increasing its
share in the project to 80%, is to deepen and test the Anagni-1 well.
The well had been drilled to a depth of 971m and log data indicated the presence
of a limestone (carbonate) reservoir formation over 50m from 921m where total
lost circulation had occurred. Final depth of the well will be determined by
the nature of the formations encountered and also, by the volumes of lost
drilling fluid, the recovery of which may be necessary during the testing phase.
A well seismic programme (offset vertical seismic profile) is then planned with
the objective to confirm the structural configuration of the reservoir. The
analysis of the dipmeter log data indicated that the top carbonate formation had
been penetrated by the Anagni-1 well at an angle of between 20 degrees and 30
degrees. If this is confirmed by the seismic data interpretation, it will
establish the optimum location for an up-dip appraisal well.
Testing operations are planned with the capability to equip the well with an
artificial lift pump, with the final configuration dependant on the information
obtained during deepening and on the approval of the relevant authority.
Testing operations are expected to continue for several weeks following the
conclusion of drilling.
Ascent Resources Managing Director Jeremy Eng said, 'From the analysis of the
original well data, Pentex and Ascent are already planning the first two
appraisal wells to evaluate the size and extent of the Anagni structure. The
additional information from the deepened well and the testing operations will be
important to this process and it will take at least several weeks to assimilate
all the results.'
The information contained in this release has been reviewed and approved by Dr
Eloi Dolivo, Ascent's Exploration Manager and Dr Clive Ninnes, Ascent's
Engineering Manager. Dr Dolivo (member of the AAPG) and Dr Ninnes (member of
SPE) each have 26 years experience in the evaluation of hydrocarbon resources.
* * 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. Ascent is at present drilling a
programme of exploration wells across its portfolio. 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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