Ascent Successfully Fracs Slovenia Shale Well

Ascent Resources plc has completed the fracture stimulation of the Pg-10 well at the Petišovci Project in Slovenia. The preliminary testing of the shallowest of two stages has flowed at a stabilised rate of 8.5 MMscfd (240,000 m3; 1,420 boepd) on a 20/64" choke with a flowing well head pressure of over 290 barg (4,260 psia).

Stimulation work on both the Pg-10 and Pg-11A wells is now complete. It is planned that both wells will be recompleted during January and February 2012 and that a further testing phase will be undertaken to better understand the long term productivity performance of the reservoir. The recompletions planned will involve the replacement of the large diameter fracture treatment work-string with smaller diameter production tubing and the installation of production packers and a flowhead (Christmas tree). Options are being studied to allow the production and associated cash flow generation of the Pg-10 and Pg-11A wells by mid 2012.

The producing interval in Pg-10 is between 3,125 and 3,175m in the 'F' sands of the Middle Miocene, a reservoir interval that has not previously been produced. A deeper zone that was stimulated within the 'K' sands produced water and a detailed analysis of the fracture procedure, the logs of the zone and the pressure data acquired will be required to fully evaluate that part of the reservoir.

An updated gas-in-place volumetric assessment for the field is now being finalised and will be reported when it is completed.

Ascent's Managing Director, Jeremy Eng commented, "This result from Pg-10 is excellent and exceeds our expectations. It follows the commercial, although less prolific, result from the Pg-11A stimulation, and gives us confidence that the redevelopment of the Petišovci field can and will now proceed. There is a wealth of new information that now needs to be integrated into the redevelopment plan as our understanding of the field continues to improve."

The Petišovci Project is a joint venture between Geoenergo d.o.o. a Slovene company that is the concessionaire and which holds a 25% interest in the project and Ascent Slovenia Limited, a wholly owned subsidiary of Ascent Resources plc, which holds a 75% interest in the project.