Ascent Resumes Ops at Anagni-1 Well

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has restarted operations on the Anagni-1 oil discovery well located in the Frosinone Exploration Permit in the Latina Valley, some 80km east-southeast of Rome. The well was temporarily completed in January 2007 after log and core data indicated that the well has drilled into an oil reservoir. Ascent, which has an agreement with its operating partner Pentex Italia Limited increasing its share in the project to 80%, is to deepen and test the Anagni-1 well.

The well had been drilled to a depth of 971m and log data indicated the presence of a limestone (carbonate) reservoir formation over 50m from 921m where total lost circulation had occurred. Final depth of the well will be determined by the nature of the formations encountered and also, by the volumes of lost drilling fluid, the recovery of which may be necessary during the testing phase.

A well seismic program (offset vertical seismic profile) is then planned with the objective to confirm the structural configuration of the reservoir. The analysis of the dip meter log data indicated that the top carbonate formation had been penetrated by the Anagni-1 well at an angle of between 20 and 30. If this is confirmed by the seismic data interpretation, it will establish the optimum location for an up-dip appraisal well.

Testing operations are planned with the capability to equip the well with an artificial lift pump, with the final configuration dependant on the information obtained during deepening and on the approval of the relevant authority. Testing operations are expected to continue for several weeks following the conclusion of drilling.

Ascent Resources Managing Director Jeremy Eng said, "From the analysis of the original well data, Pentex and Ascent are already planning the first two appraisal wells to evaluate the size and extent of the Anagni structure. The additional information from the deepened well and the testing operations will be important to this process and it will take at least several weeks to assimilate all the results."


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