Ascent Provides Slovenia Update

Ascent Resources plc, has reported that the Pg-11 evaluation well in the Petišovci Project is drilling ahead in an 8-1/2" hole and the current depth is 2,799m within the Miocene reservoir sequence.

The well is proceeding according to plan with some delays totalling over one week, caused by difficulties with some of the drilling equipment.  Whilst drilling, strong gas shows have been observed from each of the four reservoir intervals so far encountered.

Two 18m cores have been successfully cut and recovered from two of those intervals, one from the historically non-productive and shallowest 'A' sands and the second from the 'D' sands.  Two short duration openhole tests have been attempted, the first in the 'A' sands recovered gas to surface, with no associated water production, the second in the 'D' sands was prematurely terminated due to indications of the tool having been plugged.

The Pg-11 evaluation well is designed to be drilled to a 3,050m total depth (T.D.) and one more core is planned to be taken from the 'E' sands.  Once T.D. is reached, logs will be run over the entire reservoir section.  The interpretation of the logs and the analysis of the core over the coming months will help determine any potential re-development strategy.  Preliminary well results are anticipated to be available during February 2011.

In addition, Ascent announced that it has now received all the necessary consents to complete the transaction with EnQuest PLC, whereby it would acquire an additional 48.75% interest in the Petišovci Project in Slovenia, as announced on 21 December 2010.

Source: Ascent Resources