Anagni-1 Log Results

16 Jul 2007 07:01

Ascent Resources PLC16 July 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 16 July 2007 Ascent Resources plc ('Ascent' or the 'Company') Anagni-1 Log Results Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, has completed logging operations in the Anagni-1 well located in theFrosinone Exploration Permit in the Latina Valley in Italy. The results oflogging and core sampling are encouraging and now a production test over a 450metre section of potential reservoir is planned. The Anagni-1 well has been deepened from 971 metres to a current total depth of1,355 metres. As previously, total loss of circulation was experiencedthroughout and the only rock samples recovered to surface were four cores, whichall had traces of oil. These are detailed below. The analysis of log data indicates that the complete section is drilled in acontinuous limestone with extensive dolomitised zones totalling over 140 metreswithin the 450 metres gross thickness. Porosity in the dolomite frequentlyexceeds 10%. From the core data, the limestones area of Miocene and lateCretaceous age. The core samples recovered to surface were from the intervals as detailed below. Core Depth Recovery 1 1,073 to 1,089 m 33% 2 1,100 to 1,106 m 100% 3 1,200 to 1,206 m 95% 4 1,349 to 1,355 m 30% Subject to the necessary approvals, it is planned to complete the well with adownhole pump and to test it over the coming weeks. The pump is necessary torecover substantial quantities of mud and water lost while drilling. Before thetest commences it is planned to move the drilling rig to the nearby Fiume Arroneexploration permit where the Arrone-1 gas exploration well is to be drilled. Ascent has an 80% interest in the Frosinone exploration permit and Pentex ItaliaLimited has a 20%interest. Ascent's Managing Director Jeremy Eng said, "The results that we have from thiswell to date are promising and as we had anticipated, the geological provenanceof this area is good. The nearest proven oil is 45km to the south east andeverything between that and Anagni-1 is within the Frosinone Exploration Permit,which we believe has the possibility to contain a number of similar structures." The information contained in this announcement has been reviewed and approved byDr Eloi Dolivo, Ascent's Exploration Manager and Dr Clive Ninnes, Ascent'sEngineering Manager. Dr Dolivo (member of the AAPG) and Dr Ninnes (member ofSPE) both having 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 4905 Hugo 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. The Company operates Spain's onlyonshore oilfield where production currently averages over 110 barrels of oil perday. With the stable European gas market, Ascent's portfolio favours gas overoil. 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