Ascent Resources Regulatory News (AST)

29 Jan 2007 07:01

Ascent Resources PLC29 January 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas Ascent Resources plc ("Ascent" or "the Company") To Re-Enter Anagni-1 Well Following Oil Discovery Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, has temporarily completed the Anagni-1 well as an oil discovery afterlog and core data indicated that the well has drilled into an oil reservoir.Ascent with a 70% interest and its operating partner Pentex Italia Limited (30%)is drilling the Anagni-1 well in the Frosinone Exploration Permit which islocated in the Latina Valley some 80km east-south-east of Rome. Anagni-1 was designed as a stratigraphic (geological research) well to test forthe presence of the Carbonate platform of the Northern Apennine Thrust. TheCarbonate platform was encountered at 865m and after drilling a further 40m into the limestone, oil shows were observed in the cuttings. Total lostcirculation at 921m confirmed the presence of reservoir quality rock and a 5mcore that was then taken below the lost circulation zone was recovered with oilpresent in open fractures. After coring, the well was drilled down to 971mstill in the carbonates and electric logs confirmed the presence of fracturesthroughout this section. The well has been temporarily completed to allow for the procurement ofadditional equipment to enable the well to be deepened to c.2,000m toinvestigate the complete Carbonate sequence and also for the planning andpreparation of the testing operations necessary to evaluate this oil reservoir. In the meantime, the drilling rig will be moved to Spain to drill the Hontomin-4appraisal well in the Huermeces Exploration Permit (Ascent 50%). Ascent Resources Managing Director Jeremy Eng said, "Finding the top of theoil-prone Carbonates close to our anticipated depth and much shallower than inthe nearby Gavignano-1 well was encouraging. Then to drill reservoir qualityrocks containing oil is a fine result. We are going to deepen Anagni-1 toquantify this discovery and will proceed as soon as suitable equipment has beensourced." The information contained in this release has been reviewed and approved by DrEloi Dolivo, Ascent's Exploration Manager and Dr Clive Ninnes, Ascent'sEngineering Manager. Dr Dolivo (member of the AAPG) and Dr Ninnes (member ofSPE) have 26 and 25 years experience respectively in the evaluation ofhydrocarbon resources. * * 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 20 oil and gas projects across fivecountries in Europe. The projects are onshore in Italy, Switzerland, Hungary andSpain and offshore Netherlands. Ascent is at present drilling a programme ofsix exploration wells. Two have already been drilled in Hungary, one of whichwas a gas discovery. The Anagni-1 well, first of two Italian wells, has beentemporarily completed for future deepening and testing and two wells arescheduled for Spain. Later in 2007, two more gas exploration wells are to bedrilled in Hungary, high impact gas exploration wells are planned in the PoValley in Italy, and one well in Switzerland, subject to permitting and rigavailability. Ascent operates Spain's only onshore oilfield where production currentlyaverages at least 100 barrels of oil per day. With the stable European gas market, Ascent's portfolio favours gas over oiland, 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