Ascent Provides Petišovci Pg-11 Preliminary Results

Ascent Resources plc has successfully completed the first phase of operations on the Pg-11 well in the Petišovci Project ('the Project') in Slovenia, where the Company has a 75% interest.

The primary objectives of the well have been satisfied with gas confirmed by logs in all of the six Middle Miocene Badenian reservoirs.  In addition, gas and condensate were sampled from the Lower Miocene Karpatian reservoir and gas flowed for the first time from the shallowest 'A' sands.  The next phase of the operations depends on the analysis of the log and core data and it is planned that the Crosco Cardwell-1 rig will remain on location so a horizontal production sidetrack can be drilled.

Overview

·        All six Middle Miocene Badenian reservoirs confirmed to be gas bearing, underpinning commercial potential of the Project;

·        Gas and condensate sampled and flared from Lower Miocene Karpatian reservoir;

·        'A' sands flowed gas to surface during an open hole test;

·        The E and F sands and the Lower Miocene Karpatian reservoir all encountered in a structurally high position;

·        Three 18m core samples recovered from each of the A, D and E sands and state-of-the-art logging data acquired across the 1,000m prospective horizons.  This data is now being analysed to determine the optimum exploitation strategy;

·        Pg-11 was the first well to be drilled in 22 years on the Petišovci-Lovaszi project area which has P50 estimate of gas-in-place of 412 Bcf (11.7 Bm3; 68.7 MMboe); and

·        The Karpatian reservoir is likely to contribute to an increase in the gas-in-place estimates.

Ascent's Managing Director, Jeremy Eng commented, "The results from the Pg-11 appraisal well, which reached its planned depth of 3,050m last week, have exceeded our expectations.  These results substantially de-risk the Project and underpin its commercial potential.  Gas was logged in all six reservoir intervals and as an added bonus gas is present in the unexploited and apparently naturally fractured Lower Miocene Karpatian reservoir, which we hope will contribute to an increase in the current P50 estimate of gas-in-place.

Source: Ascent Resources