Ascent Resources’ 3D seismic in Slovenia exceeds expectations, maps 12 new targets with estimated 7

Ascent Resources (AIM: AST) has completed the 3-D seismic processing and the preliminary interpretation for the Petišovci project in Slovenia, and the results have exceeded its expectations. The 3-D seismic data was acquired over some 120 square kilometres, extending the project area and mapping over 12 new drilling targets with a total estimated potential of over 75Bcf (billion cubic feet) of recoverable gas.

"The preliminary results from the seismic acquisition have exceeded our expectations”, Ascent MD Jeremy Eng commented. “We now have a much better understanding of the configuration of the reservoirs within the project and have identified additional prospects outside the previously reported area of the original Petišovci field".

Subsequently Ascent plans to drill these targets with a number of wells in 2010 and 2011. The planning phase is now underway and discussions are on-going with project partners, to prioritise the drilling of the prospects that have been identified. It can also be expected that successful drilling of some of these prospects will lead to further follow-on targets as they investigate trap types that have not been previously drilled in this area, Ascent stated.

London-based stockbroker, Astaire Securities noted that the completion of the interpretation work is in line with the planned timetable, and the results are highly encouraging.

Ascent’s wholly-owned subsidiary, Nemmoco Slovenia Corporation (NSC) conducted the 3-D seismic acquisition. The program primarily covered territory in Slovenia, but it also covered 25 square kilometres across the border in Hungary. The Petišovci project is being explored through two separate joint ventures, in respect of the original and extended project area.

In the original Petišovci project area which covers 35.5 square kilometres, in partnership with Geoenergo, Stratic Energy and Kulczyk Oil Ventures, NSC has a 45% interest in the shallow oil and gas reservoirs and a 15.75% interest in the deeper tight gas reservoirs. 

With the 3-D seismic, the project area in Slovenia has been increased by 61.5 square kilometres.  NSC has a 75% interest in both the shallow and the deep reservoirs and is in partnership with Geoenergo only. Ascent noted that the majority of the new prospects have been identified in the extended area.

In the adjacent Hungarian part of the project, through its wholly-owned subsidiary Ascent Hungary Limited, the company has a 50% interest in 90 square kilometres in partnership with MOL Oil & Gas.

A further 65 square kilometres 3-D seismic has been contracted and preliminary survey work is expected to begin immediately. Subsequently, the drilling of two initial exploration wells are planned in this area, and possible locations have already been identified on the 25 square kilometres of 3-D seismic already acquired.

http://www.proactiveinvestors.com.au/companies/news/5977/ascent-resources-3d-seismic-in-slovenia-exceeds-expectations-maps-12-new-targets-with-estimated-7-5977.html