Preliminary Pg-11A Results

RNS Number : 3158R

Ascent Resources PLC

02 November 2011

 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

2 November 2011

Ascent Resources plc ('Ascent' or 'the Company')

Preliminary Pg-11A Fracture Stimulation Results - Petišovci Project, Slovenia

Ascent Resources plc, the AIM listed European oil and gas exploration and production company, has completed initial testing operations following the successful fracture stimulation of the Pg-11A well at the Petišovci Project ('the Project') in Slovenia.  After cleaning out the three pumped stages the stabilised gas flow rate of 2.1 MMscfd and approximately 50 bpd of condensate was achieved.  The combined gas and condensate production rate was c.400 barrels of oil equivalent per day.  Pg-11A will now be prepared for production with the installation of a customised production string to optimise the flow rate and gas recovery.

Halliburton's equipment will now be moved to the Pg-10 well where fracture stimulation operations will commence in the coming days.

Ascent's Managing Director, Jeremy Eng commented, "Although the stabilised flow rate has exceeded our commercial threshold, a number of difficulties with the fracturing operation lead us to believe that this flow rate may not be representative of the true potential of the reservoir.  We will soon commence the fracture stimulation of Pg-10 in order to learn more about the likely gas production rate from a different part of the field, the fluid dynamics of the various reservoirs and how best we can commercialise the clear potential of this gasfield."

The Petišovci Project is a joint venture between Geoenergo d.o.o. a Slovene company that is the concessionaire and which holds a 25% interest in the project and Ascent Slovenia Limited, a wholly owned subsidiary of Ascent Resources plc, which holds a 75% interest in the project.

For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Scott Richardson Brown
Sarah Wharry	finnCap Ltd (NOMAD & Broker)	Tel: [phone]
Ben Thompson
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]

Notes:

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.  Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside.  The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.

 

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