Anagni-1 Update
08 January 2008
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
8th January 2008
Ascent Resources plc ("Ascent" or "the Company")
Anagni-1 update
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company is continuing testing operations at the Anagni-1 well in the Frosinone
Exploration Permit in the Latina Valley, onshore Italy. Although not yet
conclusive, preliminary results from this phase of the well testing are not
encouraging with the absence of significant hydrocarbons in the produced fluids
being noted. The pump test of the Anagni-1 well will continue until a conclusive
result is achieved. Notwithstanding, the information and data obtained to date
from Anagni-1 confirm the potential and prospectivity of the Frosinone
exploration permit area through the identification of all of the elements
required for a shallow carbonate thrust play in the Latina Valley.
As reported in December 2006, Anagni-1 was originally designated as a
stratigraphic (geological research) well with objectives to prove the geological
model and existence of reservoir quality carbonates beneath the local marls and
mudstones which provide the regional reservoir seal. Furthermore, traces of
live oil have been recovered both in core samples and during testing. Testing
operations were complicated by the very large volumes of drilling fluid (over
3,500 tonnes) that were lost into the fracture system during drilling. To date
3,261 tonnes have been recovered at a rate currently about 40 cubic metres (250
barrels) per day.
Seismic recorded in the well to supplement the low resolution conventional
surface seismic, indicated that the well was drilled in a less than optimal
subsurface location on the flank of the Anagni structure. New seismic
acquisition is planned before finalising the location of an appraisal well and
detailed mapping will also consider other similar thrust structures in the
permit area between the Anagni location and the producing Ripi oilfield some 40
km to the south east.
Ascent Managing Director Jeremy Eng said, "Testing of the Anagni-1 well is not
complete and lost drilling fluid may yet be masking the production of oil. The
benefit of the very low cost of onshore testing operations which do not require
the presence of a rig is a distinct advantage in this situation. The results of
this well are very important for hydrocarbon exploration in this region and
represent the first stage of the exploration of a new reservoir system in the
Frosinone exploration permit area."
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.
* * 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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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