Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
25 November 2011
Ascent Resources plc ('Ascent' or 'the Company')
Stabilised High Gas Flows from Successful Pg-10 Fracture Stimulation - Petišovci Project, Slovenia
Ascent Resources plc, the AIM listed European oil and gas exploration and production company, has completed the fracture stimulation of the Pg-10 well at the Petišovci Project ('the Project') in Slovenia. The preliminary testing of the shallowest of two stages has flowed at a stabilised rate of 8.5 MMscfd (240,000 m3; 1,420 boepd) on a 20/64" choke with a flowing well head pressure of over 290 barg (4,260 psia).
Stimulation work on both the Pg-10 and Pg-11A wells is now complete. It is planned that both wells will be recompleted during January and February 2012 and that a further testing phase will be undertaken to better understand the long term productivity performance of the reservoir. The recompletions planned will involve the replacement of the large diameter fracture treatment work-string with smaller diameter production tubing and the installation of production packers and a flowhead (Christmas tree). Options are being studied to allow the production and associated cash flow generation of the Pg-10 and Pg-11A wells by mid 2012.
The producing interval in Pg-10 is between 3,125 and 3,175m in the 'F' sands of the Middle Miocene, a reservoir interval that has not previously been produced. A deeper zone that was stimulated within the 'K' sands produced water and a detailed analysis of the fracture procedure, the logs of the zone and the pressure data acquired will be required to fully evaluate that part of the reservoir.
An updated gas-in-place volumetric assessment for the field is now being finalised and will be reported when it is completed.
Ascent's Managing Director, Jeremy Eng commented, "This result from Pg-10 is excellent and exceeds our expectations. 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 will be hosting a conference call on Monday 28th November at 16.00 to discuss the results of the recent drilling campaign on the Petišovci Project. Dial in details are as follows:
Dial in number: 0844 84 84 84 0 (UK participants) or +44 20 7788 3000 (Non UK participants)
Access code: 37511
The Petišovci Project is a joint venture between Geoenergo d.o.o. a Slovene company that is the concessionaire and which holds a 25% interest in the project and Ascent Slovenia Limited, a wholly owned subsidiary of Ascent Resources plc, which holds a 75% interest in the project.
The technical information contained in this release has been reviewed and approved by Dr. Cameron Davies, a Non-executive Director of Ascent who has over 30 years' relevant experience in the oil and gas industry.
For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng | Ascent Resources plc | Tel: 020 7251 4905 |
Scott Richardson Brown | | |
Sarah Wharry | finnCap Ltd (NOMAD & Broker) | Tel: 020 7600 1658 |
Ben Thompson | | |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
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Notes:
Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.
