Ascent Resources Begins Drilling Anagni-1 in Italy

Ascent Resources has commenced the drilling of the Anagni-1 well in the Frosinone Exploration Permit about 80km east-south-east of Rome, with Pentex Italia Limited as operator.

Anagni-1, which is primarily designed as a stratigraphic (geological research) well, is planned to be drilled to a depth of 1,000m. The well location is in the Latina Valley in the Frosinone Exploration Permit (Ascent 70% interest) and is circa 40km north-east of the Ripi oilfield in the Strangolagalli Concession (Ascent 50% interest in the exploration rights). The Anagni-1 well will investigate the shallow and intermediate Cretaceous Carbonate plays of the Anagni Structure, which may contain oil reservoirs.

The drilling of the Anagni-1 well commenced on December 16th. On completion of this well, the rig is scheduled to move to Spain to drill the Hontomin 4 appraisal well in the Huermeces Exploration Permit (Ascent 50%). The drilling of the Arrone-1 well in the Fiume Arrone Exploration Permit (Ascent 40%) has been postponed and now may be drilled, contingent upon access to the drilling location, when the rig returns from Spain.

Ascent Resources Managing Director Jeremy Eng said, "The results of the Anagni-1 well will be very interesting, as we know that there is oil in the immediate vicinity. The seismic resolution in this area is poor, hence the necessity for this stratigraphic well, which none the less has the potential to make a notable oil discovery. Our drilling program is continuing and we are looking forward to the Hontomin well which is close to our existing production from the Ayoluengo oilfield in northern Spain".