Ascent Resources Regulatory News (AST)

21 Dec 2007 07:01

Ascent Resources PLC21 December 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas Ascent Resources plc ("Ascent" or "the Company") Resumes testing the Anagni-1 well in Italy Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, announces that the workover operations on the Anagni-1 well in theFrosinone Exploration Permit in the Latina Valley, Italy, have been completedand that testing is expected to recommence today. The full potential of the well will not be known until large quantities ofdrilling fluids (drilling 'mud') that were lost into the reservoir formationwhile drilling are recovered. These losses, which are characteristic of highpermeability reservoirs in the region are due to the fractured nature of therock and will enhance the productivity of the formation. So far an estimated75% of the volume of the lost fluids has been recovered. Core analysis resultsare encouraging for the oil potential of the well and the downhole equipmentwhich uses the same pump as before has been reconfigured to more efficientlyreach a conclusive test result. Ascent has an 80% interest in the Anagni-1 well and the Company will releasefurther information on the progress of the testing operations as and whenavailable. * * 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 4477Max 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