Business
Anagni-1 test update
Anagni-1 test update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n20 September 2007\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n\n\n\n Ascent Resources plc ('Ascent' or the 'Company')\n\n\n\n Anagni-1 test update\n\n\n\nAscent Resources plc, the AIM traded oil and gas exploration and production\ncompany, continues testing operations in the Anagni-1 well located in the\nFrosinone Exploration Permit in the Latina Valley.\n\n\n\nDuring drilling, drilling fluid is used as a lubricant and to remove drill\ncuttings. In Anagni-1, due to the high permeability and fractured nature of the\nreservoir, significant amounts of drilling fluid were lost into the formation.\nIn order to evaluate the potential of the reservoir, this lost fluid needs to be\nrecovered. So far 1,435 tonnes of fluids have been have been pumped from the\nwell. This is just over 40% of the amount that was estimated to have been lost\nduring the drilling operations.\n\n\n\nIn accordance with standard geological practises, the recovered fluids are\nsampled daily and analysed in a 3rd party laboratory. Importantly, the analysis\nresults show traces of oil in over 65% of the samples, with one reporting as\nmuch as 1% of oil.\n\n\n\nThe well is producing a steady 200 barrels of fluids per day and the testing\npermit is valid until the end of October.\n\n\n\nAscent has an 80% interest in the Frosinone exploration permit and Pentex Italia\nLimited has a 20% interest.\n\n\n\nThe information contained in this announcement has been reviewed and approved by\nGavin Ward, Ascent's Exploration Manager (member of the AAPG) and has 19 years\nrelevant experience in the oil industry.\n\n\n\n * * ENDS * *\n\n\n\nFor further information visit www.ascentresources.co.uk or contact:\n\nJeremy Eng Ascent Resources plc Tel: 020 7251 4905\nHugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477\n\n\n\nNotes:\n\nAscent Resources has a portfolio of over 20 gas and oil projects across six\ncountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,\nSpain, Slovenia and offshore Netherlands. The Company operates Spain's only\nonshore oilfield where production currently averages over 110 barrels of oil per\nday. With the stable European gas market, Ascent's portfolio favours gas over\noil. With the exception of the Netherlands, all of its projects are located\nonshore where oper...