🕐19.04.10 - 10:19 Uhr
Ascent Resources - Live oil at Fontana-1 Well in Italy
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
19 April 2010
Ascent Resources plc (Ascent or the Company)
Operations Update for Italy and Hungary
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl (ARI), has completed operations on the Fontana-1 well in Italys Latina Valley.
A core sample taken from the limestone of the target Carbonate Platform formations contained live oil, while deeper dolomite horizons have been shown to contain water from data acquired from logging tools.
The Partners believe that the results are sufficiently encouraging to proceed with the permitting of a hydrocarbon appraisal well, the Anagni-2, located within 1 km of the Fontana-1 location, which will target a smaller adjacent structure.
The Fontana well, was permitted and drilled as a geological appraisal well to collect cores from the carbonate platform identified while drilling the nearby Anagni-1 well.
The target Carbonate platform formations have been found over 300m shallower than in the original Anagni-1 well.
At the planned Anagni-2 location, it is expected that they will be even shallower still at an estimated 300m below ground level.
Importantly, the Fontana-1 well have confirmed the presence of a second thrust formation within the complex geology of this region.
In the Penszlek project in eastern Hungary, the project Partners have made the decision to plug and abandon the PEN-106 well after a drill stem test (DST) showed the target Miocene tuffaceous formations to be water bearing at the well location.
The drilling rig will now return to PEN-101 to drill a short sidetrack to bypass the damaged cementation in that production well.
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For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng
Ascent Resources plc
Tel: 020 7251 4905
Simon Cunningham
Ascent Resources plc
Tel: 020 7251 4905
Hugo de Salis
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Paul Youens
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Lindsay Mair
Astaire Securities
Tel: 020 7448 4400
Jerry Keen
Astaire Securities (Corporate Broking)
Tel: 020 7448 4492
Toby Gibbs
Astaire Securities
Tel: 020 7448 4400
Daniel Fox-Davies
Fox-Davies Capital Ltd
Tel: 020 7936 5200
James Hehn
Fox-Davies Capital Ltd
Tel: 020 7936 5200
Notes
Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.
Ascents 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 would be offshore.
Paul Youens
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7989 384 551 | F: +44 (0) 207 236 1188 | www.sbmf.co.uk
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