Business
Italy Update
Italy Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n06 August 2007\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n6th August 2007\n\n Ascent Resources plc ('Ascent' or 'the Company')\n Commences drilling the Arrone-1 Well in Italy\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, has commenced the drilling of the Arrone-1 gas exploration well in the\n358 sq km Fiume Arrone Exploration Permit in Central Italy. The well, which is\ntargeting gas prospective basal Pliocene sands, is 25km west of Rome and 11km\nnorth-north-west of Rome's Fiumincino International airport. Arrone-1 is the\nfirst well on the permit and the partners in the project are Oracle Energy of\nCanada (20%), Italmin Exploration of Italy (14%) and JKX of the UK (10%). Ascent\nResources Italia is the operator with a 56% working interest.\n\nThe Arrone-1 well spudded on Saturday and the conductor casing is now set and\ncemented at 55m. It is planned to drill to a depth of 1,000m and is expected to\ntake approximately three weeks to complete. Two wells have previously been\ndrilled in the area of the permit, one of which, the Roma-2 well drilled in\n1955, reported gas shows.\n\nAscent Resources Managing Director Jeremy Eng said, 'As highlighted by our\nrecent three announcements including the spudding of the Arrone-1 well, the\nfarm-out in the Po Valley and the on-going test on the Anagni-1 well, Ascent has\na diverse spread of projects and a continued high level of exploration drilling\nactivity.'\n\nProduction testing of the Anagni-1 well continues and a further update will be\nprovided by the Company in due course.\n\nThis announcement is timed for simultaneous release of information in UK and\nCanada.\n\n\n * * ENDS * *\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\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. Wit...