Report Confirms Highly Prospective Nature of Ascent Project
Ascent Resources Plc announced that an independent report by RPS Energy has estimated 412 billion cubic feet of P50 gas in place at its tight gas Petisovci-Lovaszi project area, which covers approximately 200 sq km straddling the Hungarian-Slovenian border.
The RPS report also estimated P90 and P10 gas in place estimates to be around 200 Bcf and 834 Bcf. with a mean of 478 Bcf.
“The future development of this project has become the first priority for Ascent,” said managing director Jeremy Eng.
“We now look forward to receiving the information from the Pg-11 well which, apart from facilitating the detailed planning for the development of these reserves, is also expected to become our first production well in Slovenia.”
The Pg-11 well, the first well in the Slovenian part of the project, is due to be spudded in November. Drilling will have a number of important objectives and the evaluation programme, which includes core sampling and state-of-the-art wireline logging, is designed to collect sufficient data for stimulation design, as well as calibration of the 3D seismic to optimize the geological modeling over the entire project area.
During the last year Ascent acquired 3D seismic surveys that cover the entire area. The processed data showed significantly different targets from previous geological models, said Ascent in a statement.
“The structures have two sets of reservoirs, the shallower Pontian and the deeper Miocene. The Miocene reservoirs are Ascent’s development objective as the shallow reservoirs were extensively developed during the 1960’s and are considered to be almost fully depleted. The RPS report considers mainly the Miocene reservoirs that contain gas in low permeability sandstones found at a moderate depth of between 2000 metres and 3000 metres.”
Ascent holds a 50% stake in 90.1 sq km Hungarian section of the acreage with partner MOL. In Slovenia, Ascent’s partners are Geoenergo and Stratic Energy Corporation.