Ascent Resources, through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), has started drilling the Gazzata-1 well near the city of Modena in Italy's Po Valley. The drilling is expected to take about three weeks to evaluate the primary target, a large gas prospect that is estimated to be at a depth of 2,100 meters.
Otto Energy of Australia has a farm-in agreement with Ascent whereby it will earn a 50% working interest in the project through the funding of the well. If the Gazzata-1 well is a significant discovery, Otto Energy will also fund a second well. The well is being drilled with the Perazzoli (Ascent 22.5% owned) HH-200 low environmental impact hydraulic rig.
The Gazzata Prospect
The Gazzata‐1 exploration well targets P50 prospective gas resources of over 100 Bcf in a seismically defined amplitude anomaly of over eight square kilometers in area. The minimum economic threshold for a commercial gas discovery in the Po valley with its excellent pipeline infrastructure and high European gas pricing is calculated by Otto Energy to be less than 10Bcf of recoverable gas.
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