Testing on Anagni-1 in Italy 'Not Encouraging' for Ascent Resources

Ascent Resources is continuing testing operations at the Anagni-1 well in the Frosinone Exploration Permit in the Latina Valley, onshore Italy. Although not yet conclusive, preliminary results from this phase of the well testing are not encouraging with the absence of significant hydrocarbons in the produced fluids being noted. The pump test of the Anagni-1 well will continue until a conclusive result is achieved. Notwithstanding, the information and data obtained to date from Anagni-1 confirm the potential and prospectivity of the Frosinone exploration permit area through the identification of all of the elements required for a shallow carbonate thrust play in the Latina Valley.

As reported in December 2006, Anagni-1 was originally designated as a stratigraphic (geological research) well with objectives to prove the geological model and existence of reservoir quality carbonates beneath the local marls and mudstones which provide the regional reservoir seal. Furthermore, traces of live oil have been recovered both in core samples and during testing. Testing operations were complicated by the very large volumes of drilling fluid (over 3,500 tonnes) that were lost into the fracture system during drilling. To date 3,261 tonnes have been recovered at a rate currently about 40 cubic metres (250 barrels) per day.

Seismic recorded in the well to supplement the low resolution conventional surface seismic, indicated that the well was drilled in a less than optimal subsurface location on the flank of the Anagni structure. New seismic acquisition is planned before finalising the location of an appraisal well and detailed mapping will also consider other similar thrust structures in the permit area between the Anagni location and the producing Ripi oilfield some 40 km to the south east.

Ascent Managing Director Jeremy Eng said, "Testing of the Anagni-1 well is not complete and lost drilling fluid may yet be masking the production of oil. The benefit of the very low cost of onshore testing operations which do not require the presence of a rig is a distinct advantage in this situation. The results of this well are very important for hydrocarbon exploration in this region and represent the first stage of the exploration of a new reservoir system in the Frosinone exploration permit area."

The information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) and has 19 years relevant experience in the oil industry.

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