Business
Italian Update
Italian Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n24 August 2007\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n24 August 2007\n\n Ascent Resources plc ('Ascent' or the 'Company')\n Italian Operations Update\n\nOverview\n\n • Arrone-1 well indicated strong gas shows during drilling but following\n log results it is not deemed to be commercial\n • Production test at Anagni-1 sustained at a rate of 200 barrels per day\n confirms the excellent productivity of the formation\n • Results of the offset well seismic at Anagni-1 confirm significant\n up-dip potential\n\nAscent Resources plc, the AIM traded oil and gas exploration and production\ncompany, has completed drilling the Arrone-1 well in the Fiume Arrone\nExploration Permit, to the west of Rome, and continues testing operations on the\nAnagni-1 oil discovery well in the Frosinone Exploration Permit to the south\neast of Rome.\n\nThe Arrone-1 well has been drilled to a total depth of 894m, The Base Pliocene\nUnconformity, which was the target for the well, was penetrated at 820m and\ndrilling continued into the underlying Miocene section. Despite strong gas shows\nduring drilling of the Pliocene section, which necessitated a 20% increase in\ndrilling mud weight, the logs showed that there were only thin, low porosity\nsand units that would not be capable of commercial production at this location.\nThe partners in the project, Italmin Exploration (14%), Oracle Energy (20%), JKX\nItalia (10%) and Ascent's wholly owned subsidiary Ascent Resources Italia (56%\nand operator),have therefore agreed to plug and abandon the well.\n\nThe production test of the Anagni-1 well continues with approximately 20% of the\nlost drilling fluid so far recovered. Samples of fluid taken a week ago, and\nanalysed in a third party laboratory, show traces of oil in the recovered fluids\nup to 0.5% by volume. The well, which is equipped with a pump jack\n('nodding-donkey' pump), has been producing back the drilling fluids at a\nsustained rate of circa 200 barrels (31.8 cu.m) per day. The preliminary results\nof the offset well seismic (VSP survey) have been received and these confirm\nthat the well was drilled on flank of the structure with the shallower part to\nthe east.\n\nAscent's Managing Director Jeremy Eng said, 'The result of the Arrone well was a\ndisappointment as during drilling all ...