Ascent Resources Continuing Testing Operations at Anagni-1

Ascent Resources continues testing operations in the Anagni-1 well located in the Frosinone Exploration Permit in the Latina Valley.

During drilling, drilling fluid is used as a lubricant and to remove drill cuttings. In Anagni-1, due to the high permeability and fractured nature of the reservoir, significant amounts of drilling fluid were lost into the formation. In order to evaluate the potential of the reservoir, this lost fluid needs to be recovered. So far 1,435 tonnes of fluids have been have been pumped from the well. This is just over 40% of the amount that was estimated to have been lost during the drilling operations.

In accordance with standard geological practises, the recovered fluids are sampled daily and analysed in a 3rd party laboratory. Importantly, the analysis results show traces of oil in over 65% of the samples, with one reporting as much as 1% of oil.

The well is producing a steady 200 barrels of fluids per day and the testing permit is valid until the end of October.

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

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.