Well Completion and Update

RNS Number : 7337B

Ascent Resources PLC

02 November 2009

 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

2 November 2009

Ascent Resources plc ('Ascent' or 'the Company')

PEN-104AA Completion and Fontana-1 Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its Hungarian subsidiary PetroHungaria Kft, has completed the drilling of the PEN-104 sidetracked gas well in the Nyírség permits of Eastern Hungary.  This well, drilled into the Miocene reservoir formation at the depth anticipated from the interpretation of the seismic data, is the second sidetrack well and the logs indicate the presence of a substantial gas reservoir.  

PEN-104AA required highly deviated drilling and inclinations of up to 66° were used.  The well drilled through 65 m of Miocene reservoir formation, equivalent to a vertical thickness of 34 m. Drilling was stopped at 1,872 m MD (1,322m TVD), close to the anticipated depth of the gas-water contact determined from offset wells. The well, completed with a slotted liner and external casing packers, will be tested after the drilling rig, which is now being demobilised, has left the well site.

Ascent has a 45.23% interest in the well; other partners in the project include DualEx Energy (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Further to the announcement of 28 October 28 2009 regarding the Fontana-1 well in Italy's Latina valley, drilling continues and is currently at a depth of 99 m.  The well, being drilled by a 50 tonne geotechnical rig, is permitted as a 'geotechnical investigation well' with its primary objective being to determine the nature and characteristics of the strata of the Carbonate platform at the Fontana location.  As operations are only in daylight hours and with a five day per week work schedule, Phase 1 is expected to take some three weeks and Phase 2, the coring and evaluation of the target strata, will take at least a further two weeks. The results of the well will assist in finalising a plan for further exploration in this area.

The technical information contained in this release has been reviewed and approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of SPE has 28 years relevant experience in the evaluation of hydrocarbon resources.

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For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent    Resources plc	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Max Hartley	Cenkos Securities plc	Tel: [phone]

Glossary:

'MD'        Measured depth along the well trajectory

'TVD'        True vertical depth, vertical depth below the well datum

'SPE'        Society of Petroleum Engineers

Notes

Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, 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.  Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

 

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