Business
Anagni-1 Update
Anagni-1 Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n08 January 2008\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n8th January 2008\n\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Anagni-1 update\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany is continuing testing operations at the Anagni-1 well in the Frosinone\nExploration Permit in the Latina Valley, onshore Italy. Although not yet\nconclusive, preliminary results from this phase of the well testing are not\nencouraging with the absence of significant hydrocarbons in the produced fluids\nbeing noted. The pump test of the Anagni-1 well will continue until a conclusive\nresult is achieved. Notwithstanding, the information and data obtained to date\nfrom Anagni-1 confirm the potential and prospectivity of the Frosinone\nexploration permit area through the identification of all of the elements\nrequired for a shallow carbonate thrust play in the Latina Valley.\n\nAs reported in December 2006, Anagni-1 was originally designated as a\nstratigraphic (geological research) well with objectives to prove the geological\nmodel and existence of reservoir quality carbonates beneath the local marls and\nmudstones which provide the regional reservoir seal. Furthermore, traces of\nlive oil have been recovered both in core samples and during testing. Testing\noperations were complicated by the very large volumes of drilling fluid (over\n3,500 tonnes) that were lost into the fracture system during drilling. To date\n3,261 tonnes have been recovered at a rate currently about 40 cubic metres (250\nbarrels) per day.\n\nSeismic recorded in the well to supplement the low resolution conventional\nsurface seismic, indicated that the well was drilled in a less than optimal\nsubsurface location on the flank of the Anagni structure. New seismic\nacquisition is planned before finalising the location of an appraisal well and\ndetailed mapping will also consider other similar thrust structures in the\npermit area between the Anagni location and the producing Ripi oilfield some 40\nkm to the south east.\n\nAscent Managing Director Jeremy Eng said, 'Testing of the Anagni-1 well is not\ncomplete and lost drilling fluid may yet be masking the production of oil. The\nbenefit of the very low cost of onshore testing operations which do not require\nthe prese...