Ascent Resources Regulatory News (AST)

8 Jan 2008 07:00

Ascent Resources PLC08 January 2008 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 8th January 2008 Ascent Resources plc ("Ascent" or "the Company") Anagni-1 update Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany is continuing testing operations at the Anagni-1 well in the FrosinoneExploration Permit in the Latina Valley, onshore Italy. Although not yetconclusive, preliminary results from this phase of the well testing are notencouraging with the absence of significant hydrocarbons in the produced fluidsbeing noted. The pump test of the Anagni-1 well will continue until a conclusiveresult is achieved. Notwithstanding, the information and data obtained to datefrom Anagni-1 confirm the potential and prospectivity of the Frosinoneexploration permit area through the identification of all of the elementsrequired for a shallow carbonate thrust play in the Latina Valley. As reported in December 2006, Anagni-1 was originally designated as astratigraphic (geological research) well with objectives to prove the geologicalmodel and existence of reservoir quality carbonates beneath the local marls andmudstones which provide the regional reservoir seal. Furthermore, traces oflive oil have been recovered both in core samples and during testing. Testingoperations were complicated by the very large volumes of drilling fluid (over3,500 tonnes) that were lost into the fracture system during drilling. To date3,261 tonnes have been recovered at a rate currently about 40 cubic metres (250barrels) per day. Seismic recorded in the well to supplement the low resolution conventionalsurface seismic, indicated that the well was drilled in a less than optimalsubsurface location on the flank of the Anagni structure. New seismicacquisition is planned before finalising the location of an appraisal well anddetailed mapping will also consider other similar thrust structures in thepermit area between the Anagni location and the producing Ripi oilfield some 40km to the south east. Ascent Managing Director Jeremy Eng said, "Testing of the Anagni-1 well is notcomplete and lost drilling fluid may yet be masking the production of oil. Thebenefit of the very low cost of onshore testing operations which do not requirethe presence of a rig is a distinct advantage in this situation. The results ofthis well are very important for hydrocarbon exploration in this region andrepresent the first stage of the exploration of a new reservoir system in theFrosinone exploration permit area." 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 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Max Hartley Cenkos Securities plc Tel: 020 7397 8924 Notes Ascent Resources plc has a diversified portfolio of over 20 hydrocarbonexploration and development projects across six countries in Europe: Italy,Switzerland, Hungary, Spain, Slovenia and Netherlands. Ascent's portfoliocontains a solid base of field redevelopment projects with selected exposure toexploration upside. The portfolio is focussed on gas and with the exception ofthe shallow water Netherlands project, all of its projects are located onshorewhere operating and development costs are substantially lower than they areoffshore. This information is provided by RNS The company news service from the London Stock Exchange