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Ascent Resources confirms plan to drill second appraisal well at Anagni

Published: 07:21 09 Sep 2008 BST

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European focused oil and gas exploration and production company, Ascent Resources, announced this morning what many investors had been anticipating for months - that a second appraisal well would be drilled at the Anagni discovery on the Frosinone Exploration Permit in Italy.


Ascent's first appraisal well at Anagni confirmed the presence of oil, but further tests were unable to confirm that the company had hit a commercial discovery. Since then, the prospect of Anagni has been a hot subject amongst private investors in the company.


Today Ascent Resources stated that it had received preliminary results from a new 2-D seismic program on the Frosinone Exploration Permit that "indicated that the structure drilled last year by the Anagni-1 well continues up dip in an easterly direction."


As a result, Ascent now intends to begin the process of drilling a second appraisal well, which starts with planning, permitting and securing a suitable rig.


 "These results from the new seismic are encouraging and planning for the drilling of another Anagni appraisal well can now start.  Although the work load of the Perazzoli rigs (Ascent 22.5%) remains high, as the permitting process proceeds, we would hope that we will be able to confirm the availability of a drilling unit in the near future." stated Ascent's Managing Director, Jeremy Eng.



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