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Petisovci Project Update
Petisovci Project Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2893I Ascent Resources PLC 13 June 2011 \n \n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n13 June 2011 \nAscent Resources plc ('Ascent' or 'the Company')\nPetišovci Project Update\n \nAscent Resources plc, the AIM-traded oil and gas production and exploration company, has successfully completed the drilling of the Pg-11A well in the Petišovci Project in Slovenia. Initial results are encouraging and have confirmed the presence of good quality gas and well logs indicated the discovery of approximately 114m of new net additional reservoir in the deeper Miocene. The drilling rig is now moving to drill the second redevelopment well, Pg-10. Meanwhile, a workover rig will now be mobilised for a completion testing programme on Pg-11A, designed to optimise the production completions for Pg-11A, Pg-10 and other future redevelopment wells. \n \n· Petišovci Project appraisal drilling proceeding according to plan;\n· Good initial results from the Pg-11 and Pg-11A drilling with a substantial increase in gas-in-place for the project following the discovery of 114m new net pay in deeper Miocene reservoirs;\n· Short term work programme objectives are to drill Pg-10 as a second development well and for the delineation of the lateral extent of the new gas bearing reservoirs; to determine the optimum completion methodology and to commence production;\n· Medium term objectives are to define recoverable reserves of the project and to commence the implementation of the field re-development.\n \nThe Petišovci Project in eastern Slovenia targets the redevelopment of the major Middle Miocene Badenian tight gas reserves, which were partially produced in the 1980's. The project has a core area in which RPS Energy Limited, an independent reserves auditor, has ascribed a P50 gas-in-place estimated of more than 400 Bcf (c. 12 Bm3; 69 MMboe). Their estimate excludes additional gas volumes which were encountered in Pg-11A within deeper reservoirs, and exclude any upside volumes associated with a number of undrilled exploration prospects within the concession. Once data from the Pg-10 well is available an updated gas-in-place assessment will be commissioned.\n \nThe Pg-11 and...