Ascent Resources Regulatory News (AST)

20 Sep 2007 07:01

Ascent Resources PLC20 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 productioncompany, continues testing operations in the Anagni-1 well located in theFrosinone Exploration Permit in the Latina Valley. During drilling, drilling fluid is used as a lubricant and to remove drillcuttings. In Anagni-1, due to the high permeability and fractured nature of thereservoir, significant amounts of drilling fluid were lost into the formation.In order to evaluate the potential of the reservoir, this lost fluid needs to berecovered. So far 1,435 tonnes of fluids have been have been pumped from thewell. This is just over 40% of the amount that was estimated to have been lostduring the drilling operations. In accordance with standard geological practises, the recovered fluids aresampled daily and analysed in a 3rd party laboratory. Importantly, the analysisresults show traces of oil in over 65% of the samples, with one reporting asmuch as 1% of oil. The well is producing a steady 200 barrels of fluids per day and the testingpermit is valid until the end of October. Ascent has an 80% interest in the Frosinone exploration permit and Pentex ItaliaLimited has a 20% interest. The information contained in this announcement has been reviewed and approved byGavin Ward, Ascent's Exploration Manager (member of the AAPG) and has 19 yearsrelevant experience in the oil industry. * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905Hugo 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 sixcountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,Spain, Slovenia and offshore Netherlands. The Company operates Spain's onlyonshore oilfield where production currently averages over 110 barrels of oil perday. With the stable European gas market, Ascent's portfolio favours gas overoil. With the exception of the Netherlands, all of its projects are locatedonshore where operating and development costs are substantially lower than theyare offshore. This information is provided by RNS The company news service from the London Stock Exchange