Ascent Plans Production Test for Anagni-1 Well

Ascent Resources has completed logging operations in the Anagni-1 well located in the Frosinone Exploration Permit in the Latina Valley in Italy. The results of logging and core sampling are encouraging and now a production test over a 450-meter section of potential reservoir is planned.

The Anagni-1 well has been deepened from 971 meters to a current total depth of 1,355 meters. As previously, total loss of circulation was experienced throughout and the only rock samples recovered to surface were four cores, which all had traces of oil.

The analysis of log data indicates that the complete section is drilled in a continuous limestone with extensive dolomitised zones totalling over 140 meters within the 450 meters gross thickness. Porosity in the dolomite frequently exceeds 10%. From the core data, the limestones area of Miocene and late Cretaceous age.

Subject to the necessary approvals, it is planned to complete the well with a downhole pump and to test it over the coming weeks. The pump is necessary to recover substantial quantities of mud and water lost while drilling. Before the test commences it is planned to move the drilling rig to the nearby Fiume Arrone exploration permit where the Arrone-1 gas exploration well is to be drilled.

Ascent has an 80% interest in the Frosinone exploration permit and Pentex Italia Limited has a 20% interest.

Ascent's Managing Director Jeremy Eng said, 'The results that we have from this well to date are promising and as we had anticipated, the geological provenance of this area is good. The nearest proven oil is 45km to the south east and everything between that and Anagni-1 is within the Frosinone Exploration Permit, which we believe has the possibility to contain a number of similar structures.'