Ascent Resources confirm live oil at Fontana-1 well in Italy

Monday, Apr 19 2010 by
1
Ascent Resources confirm live oil at Fontana1 well in Italy

Ascent Resources (LON:AST) announced today it has completed operations on the Fontana-1 well in Italy's Latina Valley. The oil and gas exploration and production company with a portfolio of hydrocarbon exploration and development projects in Italy, Switzerland, Hungary, Slovenia and Netherlands confirmed that a core sample extracted from the limestone has revealed live oil, whilst deeper dolomite horizons have been shown to contain water from data acquired from logging tools.

According to the report. the board believe that the results are sufficiently encouraging to proceed with the permitting of a hydrocarbon appraisal well, the Anagni-2, located within 1 km of the Fontana-1 location, which will target a smaller adjacent structure. In the Penészlek prospect in eastern Hungary, the project partners have made the decision to plug and abandon the PEN-106 well after a drill stem test showed the target Miocene tuffaceous formations to be water bearing at the well location. The drilling rig will now return to PEN-101 to drill a short sidetrack to bypass the damaged cementation in that production well.

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Ascent Resources plc is an independent oil and gas exploration and production (E&P) company. The Company's portfolio consists of European onshore projects. The Company operates through two segments: Slovenia and UK. The Slovenia segment is engaged in exploration and development work. The UK segment includes head office. It operates the Petisovci tight gas project in Slovenia. The Company's project is operated through a local entity in a joint venture. The Petisovci Tight Gas Project is located in an area covering approximately 100 square kilometers in north eastern Slovenia. The Petisovci Tight Gas Project targets the development of tight gas reservoirs, which include Miocene clastic sediments. The structure has over two sets of reservoirs, the shallower Upper Miocene and the deeper Middle Miocene. It is focused on the development of the Middle Miocene Badenian reservoirs. Its subsidiaries include Ascent Slovenia Limited, Ascent Resources doo and Ascent Resources Netherlands BV. more »

LSE Price
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Change
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Mkt Cap (£m)
5.9
P/E (fwd)
2.0
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n/a



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