Ascent Resources Regulatory News (AST)

28 Jun 2007 07:02

Ascent Resources PLC28 June 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 28th June 2007 Ascent Resources plc ("Ascent" or "the Company") Resumes operations on the Anagni-1 Well Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, has restarted operations on the Anagni-1 oil discovery well located inthe Frosinone Exploration Permit in the Latina Valley, some 80km east-south-eastof Rome. The well was temporarily completed in January 2007 after log and coredata indicated that the well has drilled into an oil reservoir. Ascent, whichhas an agreement with its operating partner Pentex Italia Limited increasing itsshare in the project to 80%, is to deepen and test the Anagni-1 well. The well had been drilled to a depth of 971m and log data indicated the presenceof a limestone (carbonate) reservoir formation over 50m from 921m where totallost circulation had occurred. Final depth of the well will be determined bythe nature of the formations encountered and also, by the volumes of lostdrilling fluid, the recovery of which may be necessary during the testing phase. A well seismic programme (offset vertical seismic profile) is then planned withthe objective to confirm the structural configuration of the reservoir. Theanalysis of the dipmeter log data indicated that the top carbonate formation hadbeen penetrated by the Anagni-1 well at an angle of between 20 degrees and 30 degrees. If this is confirmed by the seismic data interpretation, it will establish the optimum location for an up-dip appraisal well. Testing operations are planned with the capability to equip the well with anartificial lift pump, with the final configuration dependant on the informationobtained during deepening and on the approval of the relevant authority.Testing operations are expected to continue for several weeks following theconclusion of drilling. Ascent Resources Managing Director Jeremy Eng said, "From the analysis of theoriginal well data, Pentex and Ascent are already planning the first twoappraisal wells to evaluate the size and extent of the Anagni structure. Theadditional information from the deepened well and the testing operations will beimportant to this process and it will take at least several weeks to assimilateall the results." 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) each have 26 years experience in the evaluation of hydrocarbon 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 over 20 gas and oil projects across sixcountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,Spain, Slovenia and offshore Netherlands. Ascent is at present drilling aprogramme of exploration wells across its portfolio. The Company operatesSpain's only onshore oilfield where production currently averages over 110barrels of oil per day. With the stable European gas market, Ascent's portfoliofavours gas over oil. With the exception of the Netherlands, all of its projectsare located onshore where operating and development costs are substantiallylower than they are offshore. This information is provided by RNS The company news service from the London Stock Exchange