Last checked at 16 Jun 2008 07:00
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
16th June 2008
Ascent Resources plc ("Ascent" or "the Company")
Commences Seismic Acquisition on Frosinone permit
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, is starting a 2-D seismic acquisition programme of approximately 30 km on its Frosinone Exploration Permit in the Latina Valley, onshore Italy. The new seismic acquisition will focus on the area up dip from the Anagni-1 well with an objective of establishing the presence of the key sealing faults. Depending on the results of the seismic interpretation an appraisal well location may be chosen.
This seismic acquisition programme follows the drilling of the Anagni-1 well, which penetrated a porous, reservoir quality, carbonate formation. The new seismic programme will be integrated with the Anagni well data to assist Ascent's technical team in evaluating the potential of the Anagni structure.
Ascent Managing Director Jeremy Eng said, "The Anagni-1 results underpin the hydrocarbon potential of the region and represent the first stage of exploration for a new reservoir system in the Frosinone permit area. Seismic recorded at the time of drilling indicate that the well was drilled in a less than optimal subsurface location on the flank of the Anagni structure. However, traces of live oil were recovered both in core samples and during testing, which have provided enough encouragement for further exploration and evaluation of the permit's potential and hence the commencement of this seismic survey."
The information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) and has 19 years relevant experience in the oil industry.
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For further information visit www.ascentresources.co.uk or contact:
| Jeremy Eng | Ascent Resources plc | Tel: 020 7251 4905 |
| Hugo de Salis/Victoria Thomas | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Max Hartley | Cenkos Securities plc | Tel: 020 7397 8924 |
Notes
Ascent Resources plc has a diversified portfolio of over 20 hydrocarbon exploration and development projects across six countries in Europe: Italy, Switzerland, Hungary, Spain, 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 are offshore.