Oil & Gas Corporate News
Ascent Resources (LON:AST) (BUY, £0.20) (AST, 7.63p, ? (1.61%)) announced the successful completion of the first phase of the Pg-11 well in the Petisovci Project ('the Project') in Slovenia. The primary objectives of the well have been satisfied with gas confirmed by logs in all of the six Middle Miocene Badenian reservoirs. In addition, gas and condensate were sampled from the Lower Miocene Karpatian reservoir and gas flowed for the first time from the shallowest 'A' sands. The next phase of the operations depends on the analysis of the log and core data and it is planned that the drilling rig will remain on location so a horizontal production sidetrack can be drilled. AST?s Managing Director stated that: ?The new data generated from the Pg-11 well supplements the recent 3-D surveys recorded across the whole 200km2 project area and enables us to move forward with the second phase of the well programme focussed on a horizontal production side track. Facilities design studies are now being completed for the redevelopment programme and we believe that there is the potential to commence production within a year?. Also, full sized cores were recovered (18m long) from three of the reservoir intervals and these are now being analysed for a full range of reservoir parameters. Two open hole tests were also run: the first in the shallowest 'A' sand produced a flow of gas estimated to be 600m3 per day (21.2 Mscfd), whilst the second test in the 'D' sand was terminated early with indications that the testing tool had become plugged. Both tests confirmed the expected pressure gradient that ranges from 1.25SG in the shallowest interval to approximately 1.6SG in the deepest 'F' sand. Because of this pressure transition, which reached 1.78SG in the Karpatian, testing of intervals below the 'D' sand were not contemplated and recovery of the test tools after the 'D' sand test proved difficult. Below the 'F' sand, 58m of the Karpatian formation with a higher 1.7 SG pore pressure was drilled and strong gas shows were observed throughout. During circulation after logging, gas from the Karpatian formation was flared and condensate samples were collected. At this time the drill string became stuck and over 1,100m of drill pipe remains in the well. However this will not prevent drilling a horizontal side track. The drilling and log…
