Operations Update for Italy a

RNS Number : 3650K

Ascent Resources PLC

19 April 2010

 



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

19 April 2010

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

Operations Update for Italy and Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), has completed operations on the Fontana-1 well in Italy's Latina Valley.  A core sample taken from the limestone of the target Carbonate Platform formations contained live oil, while deeper dolomite horizons have been shown to contain water from data acquired from logging tools.  The Partners believe that the results are sufficiently encouraging to proceed with the permitting of a hydrocarbon appraisal well, the Anagni-2, located within 1 km of the Fontana-1 location, which will target a smaller adjacent structure.

The Fontana well, was permitted and drilled as a geological appraisal well to collect cores from the carbonate platform identified while drilling the nearby Anagni-1 well.  The target Carbonate platform formations have been found over 300m shallower than in the original Anagni-1 well.  At the planned Anagni-2 location, it is expected that they will be even shallower still at an estimated 300m below ground level.  Importantly, the Fontana-1 well have confirmed the presence of a second thrust formation within the complex geology of this region.

In the Penészlek project in eastern Hungary, the project Partners have made the decision to plug and abandon the PEN-106 well after a drill stem test ('DST') showed the target Miocene tuffaceous formations to be water bearing at the well location.  The drilling rig will now return to PEN-101 to drill a short sidetrack to bypass the damaged cementation in that production well.

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

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Simon Cunningham	Ascent  Resources plc	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Paul Youens	St Brides Media & Finance Ltd	Tel: [phone]
Lindsay Mair	Astaire Securities	Tel: [phone]
Jerry Keen	Astaire Securities (Corporate Broking)	Tel: [phone]
Toby Gibbs	Astaire Securities	Tel: [phone]
Daniel Fox-Davies	Fox-Davies Capital Ltd	Tel: [phone]
James Hehn	Fox-Davies Capital Ltd	Tel: [phone]

Notes

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.  Ascent's 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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