Ascent Resources says Fontana-1 re-drilling imminent, PEN-105 pipeline nears completion

Ascent Resources (AIM: AST) is set to commence the re-drilling of the Fontana-1 well within the next few day to appraise the shallow part of the Anagni structure in the Frosinone exploration permit in the Latina Valley of Italy after mechanical problems in the original well prevented the collection of core samples after the interpretation of seismic data and the presence of the target formations was confirmed some 300 metres shallower than at Anagni-1.

The new well will utilise a slightly larger rig, which has already arrived on location, and use a modified procedure to try to ensure the reliable recovery of core samples. Drilling is expected to take one month.

“The potential upside from Fontana-1 still remains and we are keen to test the structure that we believe has significant potential.  As well as using the larger rig, we are employing a different operating approach to that used in the original drilling of Fontana-1 and therefore do not expect the technical issues previously encountered to reoccur,” said managing director Jeremy Eng.

The company also provided an update on its Peneszlek project in Hungary, saying the PEN-101 wellsite location was almost complete, the PEN-106 location construction was underway and the construction of the pipeline from PEN-105 to the gathering facilities and to the main export pipeline was almost complete and awaiting pressure testing.

Ascent operates the Frosinone oil exploration permit with a working interest of 70%.

http://www.proactiveinvestors.co.uk/companies/news/12859/ascent-resources-says-fontana-1-re-drilling-imminent-pen-105-pipeline-nears-completion-12859.html