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.
