www.ascentresources.co.uk
Ascent Resources plc is an independent, multi-project, European focussed oil and gas exploration and production company. Its portfolio is balanced providing access to low-risk development and revenue generating production projects, alongside exploration projects with the potential for higher returns. An experienced management team, implementing a defined development programme on primarily onshore projects, provides Ascent with a solid platform to grow and generate value for stakeholders. Licences are held in Hungary, Slovenia, Italy, Switzerland and The Netherlands.
Ascent Resources successfully completes PEN-101 sidetrack well
Ascent Resources PLC (AIM: AST) announced the successful completion the PEN-101 sidetrack well, part of the Penészlek project in the Nyírség exploration permits of eastern Hungary, through its subsidiary PetroHungaria kft.
The PEN-101 sidetrack will produce gas from the Miocene tuffaceous gas formation, the target of which was defined by 3D seismic in 2008. The well was originally drilled in February 2010 to a total depth of 1,500 metres, however during completion an acid stimulation treatment had broken through a repair to the cement isolation behind the steel casing and allowed water production from a deeper formation.
The sidetrack was drilled to overcome this problem and the well has now been successfully completed and perforated, with gas flowed on a short test. Once the rig has been demobilised from the location, the PEN-101 well will be acidized and connected to the adjacent production facility where the PEN-105 gas is already processed.
Astaire Securities featured Ascent in its daily Morning Report, saying that following the unfortunate delay, PEN-101 is now very near completion, and given its close proximity to the existing production facility, the broker expects production to sales in the near term.
Ascent Resources has interests in a diversified portfolio of hydrocarbon exploration and development projects across several countries in Europe: Italy, Hungary, Slovenia and Netherlands. Ascent's 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.
Last month, the company sold its 100% owned Swiss subsidiary, PEOS AG, to eCORP Europe International in a cash-deal worth €8 million. Ascent’s Swiss unit held beneficial interests in various permits in Switzerland, including a 90 percent beneficial interest in the Hermrigen, Linden and Gros de Vaud permits. Under the terms of the deal, Ascent will retain farm-in rights relating to conventional discoveries made on the disposed permits.
Ascent had commented on the Swiss deal: “The additional funds will be used to expand our intensive work programme across our portfolio, which includes our drilling and production programme in Hungary, the exciting prospects of the Anagni-2 appraisal well in Italy, alongside further drilling and exploration work scheduled in Slovenia.”
A few days after announcing the Swiss deal, on April 28, the company told investors that it will now retain a 100 percent interest in the Cento & Bastiglia exploration permit in the Po Valley of northern Italy, after its joint venture partner, Otto Energy, withdrew from the project.
Elsewhere in Italy, in mid-April, Ascent completed operations on the Fontana-1 well in Italy's Latina Valley, achieving sufficiently encouraging results to proceed with the permitting of a hydrocarbon appraisal well, Anagni-2.
