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Ascent retreats on Agagni-1 well update

Last updated: 08:00 08 Jan 2008 GMT, First published: 09:00 08 Jan 2008 GMT

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Ascent Resources , the oil and gas exploration and production company with a focus on onshore continental Europe, retreated after releasing an update on testing operations at the Anagni-1 well in Italy.

Preliminary results from the extended testing at Anagni-1 "are not encouraging with the absence of significant hydrocarbons". Despite the apparent bad news, Ascent's Managing Director Jeremy Eng said that testing would continue until a conclusive result was achieved, as it is possible that the large volumes of drilling fluid lost during the original exploration well may be affecting the results. Additional seismic on the well also discovered that the well was drilled at the flank of the structure, which is not optimal.


Ascent Managing Director Jeremy Eng said,

"Testing of the Anagni-1 well is not complete and lost drilling fluid may yet be masking the production of oil. The benefit of the very low cost of onshore testing operations which do not require the presence of a rig is a distinct advantage in this situation. The results of
this well are very important for hydrocarbon exploration in this region and represent the first stage of the exploration of a new reservoir system in the Frosinone exploration permit area."


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