Ascent Successfully Completes Petišovci Frack in Slovenia

Ascent Resources has completed fracture stimulation of the Pg-10 well at the the Petišovci Project in Slovenia, with successful stabilised gas flow confirmed.

The company says that preliminary testing on the shallowest two stages has shown a stabilised flow rate of 8.5 MMscfd (240,000 cubic metres; 1,420 boepd) on a 20/64" choke with a flowing well head pressure of over 290 barg (4,260 psia).

The successful stimulation concludes stimulation operations on the Pg-10 and Pg-11A wells. Ascent will re-complete both the Pg-10 and Pg-11A wells in January and February 2012 and will enter a further testing period to test the long-term productivity performance of both wells. 

The preliminary test results relate to the "F" sands of the Middle Miocene, at a distance of 3,125 and 3,175 metres. Further testing is needed on the "K" sands, a deeper zone that was stimulated in the frack and produced water. The fracture procedure, the logs of the zone and the pressure data will all be assessed to inform the company more fully on that area of the reservoir.

"This result from Pg-10 is excellent and exceeds our expectations," Jeremy Eng, managing director of Ascent Resources said.

"It follows the commercial, although less prolific, result from the Pg-11A stimulation, and gives us confidence that the redevelopment of the Petišovci field can and will now proceed.  There is a wealth of new information that now needs to be integrated into the redevelopment plan as our understanding of the field continues to improve."

Ascent Slovenia Limited, a subsidiary of Ascent Resources, holds a 75 per cent stake in the Petišovci field, with concessionaire Geoenergo d.o.o holding the remaining 25 per cent.