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Market: AIM
Sector: Energy
EPIC: AST
Latest Price: 2.68p  (0,00%)
52-week High: 4.38p
52-week Low: 1.63p
Market Cap: 27.48M
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Ascent Resources
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.

Full Ascent Resources profile here
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Ascent Resources unveils ‘very encouraging’ preliminary frac results from Pg-11A well

19th Oct 2011, 9:57 am by Jamie Ashcroft This morning the group said that testing of the shallowest of three stages has already indicated good productivity.

 

Ascent Resources (LON:AST) today revealed what it describes as very encouraging results of fracture stimulation of the Pg-11A well.

Managing director Jeremy Eng says the results are more than adequate to support the further development of the Petišovci project in Slovenia. 

Drilling was completed in June and it has subsequently carried out a fraccing programme. This morning the group said that testing of the shallowest of three stages has already indicated good productivity. 

So far only preliminary test results are available and the interval is not yet fully cleaned up with gas being produced along with spent fracture fluids, Ascent said.  

Ascent said it is planning more testing on this first stage to ascertain flow capability.  Furthermore due to high pressures, resulting from the higher productivity, a revised procedure is being prepared for the clean-out and testing of the two deeper stages.

A subsequent four stage testing programme is planned for the Pg-10 well, which was drilled in August.

"The indications from the first test of the fracture treatment on the Pg-11A well are very encouraging and it is clear that the improvements in fracture stimulation technology in recent years have worked well in these formations,” Eng said in a stock exchange statement.

“Results so far obtained are more than adequate to support the further development of these resources."

Will Arnstein, analyst at house broker finnCap, reckons Ascent could rapidly emerge as one of the cheapest stocks in the junior oil and gas sector if Eng’s bold assessment of the preliminary frac job is confirmed by high stabilised flow rates once testing is complete.

"We understand initial results are highly encouraging, with excellent productivity and high pressures observed in the shallower of the three zones fracced within the deeper Miocene reservoir,” Arnstein said in note to clients.

He added: “As a result, additional equipment is being mobilised before further well clean up and testing of the remaining two frac stages is undertaken.” 

Ascent owns a 75 per cent stake in the Petišovci project, alongside its Slovene partner Geoenergo which owns the remaining 25 per cent.

 

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