Successful Pg-11 Fracture Stimulation

RNS Number : 4454Q

Ascent Resources PLC

19 October 2011

 



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

19 October 2011

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

Successful Pg-11 Fracture Stimulation - Petišovci Project, Slovenia

Ascent Resources plc, the AIM listed European oil and gas exploration and production company, has completed the fracture stimulation of the Pg-11A well at the Petišovci Project ('the Project') in Slovenia.  The testing of the shallowest of the three stages has already indicated good productivity and will be further tested to ascertain flow capability.  With the high productivity and due to the resulting high pressures, a revised procedure is being prepared for the clean-out and testing of the two deeper stages.

Both the Pg-10 and Pg-11A wells have been drilled and completed into the deeper Miocene sands of the Petišovci Project in Slovenia.  A three stage fracture stimulation treatment was pumped in Pg-11A at depths between 3,010m and 3,250m.  So far only preliminary test results from the shallowest stage are available and the interval is not yet fully cleaned up with gas being produced along with spent fracture fluids.  Results from the testing of all three stages of Pg-11A will be announced once definitive test results are obtained.

Once the clean-out of Pg-11A is completed, it is planned that operations will commence on the Pg-10 well where a four stages stimulation treatment is planned for the equivalent Miocene reservoirs.

Ascent's Managing Director, Jeremy Eng commented, "The indications from the first test of the fracture treatment on the Pg-11A well are very encouraging and it is clear that the improvements in fracture stimulation technology in recent years have worked well in these formations.  Results so far obtained are more than adequate to support the further development of these resources."

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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