Ascent to Re-enter Italian Well Following Oil Discovery

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has temporarily completed the Anagni-1 well as an oil discovery after log and core data indicated that the well has drilled into an oil reservoir. Ascent with a 70% interest and its operating partner Pentex Italia Limited (30%) is drilling the Anagni-1 well in the Frosinone Exploration Permit which is located in the Latina Valley some 80km east-southeast of Rome.

Anagni-1 was designed as a stratigraphic (geological research) well to test for the presence of the Carbonate platform of the Northern Apennine Thrust. The Carbonate platform was encountered at 865m and after drilling a further 40m in to the limestone, oil shows were observed in the cuttings. Total lost circulation at 921m confirmed the presence of reservoir quality rock and a 5m core that was then taken below the lost circulation zone was recovered with oil present in open fractures. After coring, the well was drilled down to 971m still in the carbonates and electric logs confirmed the presence of fractures throughout this section.

The well has been temporarily completed to allow for the procurement of additional equipment to enable the well to be deepened to c.2,000m to investigate the complete Carbonate sequence and also for the planning and preparation of the testing operations necessary to evaluate this oil reservoir.

In the meantime, the drilling rig will be moved to Spain to drill the Hontomin-4 appraisal well in the Huermeces Exploration Permit (Ascent 50%).

Ascent Resources Managing Director Jeremy Eng said, "Finding the top of the oil-prone Carbonates close to our anticipated depth and much shallower than in the nearby Gavignano-1 well was encouraging. Then to drill reservoir quality rocks containing oil is a fine result. We are going to deepen Anagni-1 to quantify this discovery and will proceed as soon as suitable equipment has been sourced."

Ascent Resources has a portfolio of 20 oil and gas projects across five countries in Europe. The projects are onshore in Italy, Switzerland, Hungary and Spain and offshore Netherlands. Ascent is at present drilling a program of six exploration wells. Two have already been drilled in Hungary, one of which was a gas discovery. The Anagni-1 well, first of two Italian wells, has been temporarily completed for future deepening and testing and two wells are scheduled for Spain. Later in 2007, two more gas exploration wells are to be drilled in Hungary, high impact gas exploration wells are planned in the Po Valley in Italy, and one well in Switzerland, subject to permitting and rig availability.

Ascent operates Spain's only onshore oilfield where production currently averages at least 100 barrels of oil per day.

With the stable European gas market, Ascent's portfolio favours gas over oil and, with the exception of the Netherlands, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore.


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