Business
Commencement of Drilling
Commencement of Drilling.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n19 March 2007\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n Ascent Resources plc ('Ascent' or the 'Company')\n\n Commences Drilling Operations on Huermeces Licence Onshore Spain\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, commenced drilling the Hontomin-4 well on the Huermeces licence onshore\nSpain on March 17th 2007. The objective of the well is an up-dip appraisal in\nthe Hontomin structure where three wells, drilled between 1965 and 1992,\nconfirmed the presence of an oil reservoir. Ascent's partner in this well is\nTethys Oil AB of Sweden with a 50% interest. Drilling operations on the well,\nwhich is planned to reach a depth of 1,570 metres, can be expected to last some\nfour weeks.\n\n\nThe Huermeces licence is 17 km southeast of the Ascent-operated Ayoluengo\noilfield in the Sedano basin, 180 km south of Bilbao in northern Spain. The well\nwas spudded at 06:00 local time on Saturday and on Sunday evening at 18:00 local\ntime was drilling ahead in 121/4' hole at 50m.\n\n\nThe first Hontomin well, No. 1, had oil shows in the Liassic Carniolas\nDolomites, and the Hontomin-2 discovery well drilled in 1968, produced on test\nnearly 3,000 barrels of oil over a 26 day period. Initial rates were over 300\nbarrels per day of oil, but a rapidly increasing water-cut suggested that the\nwell was close to the oil-water contact. A third well, Hontomin-3 (1991) was\nunsuccessful, and later seismic work showed that it had been drilled down-dip\nand on the wrong side of a fault from the main part of the Hontomin structure.\nThe oil is of good quality is of medium gravity (32 degree API).\n\n\nOnce drilling and logging are completed, it is planned that that the rig will\nreturn to Italy to evaluate the Anagni-1 well. The testing at Hontomin will use\nthe workover rig and facilities of the Ayoluengo field. Production from\nHontomin, as it is for the Ayoluengo field, can be readily transported to market\nby truck.\n\n\nThe information contained in this release has been reviewed and approved by Dr\nEloi Dolivo, Ascent's Exploration Manager. Dr Dolivo (member of the AAPG) has\n26 years experience in the evaluation of hydrocarbon resources.\n\n\n * * ENDS * *\n\n\nFor further information visit www.ascentresources.co.uk or contact:\n\nJeremy ...