Ascent IDs 400 Bcf of Gas-in-Place at Slovenia Well

- Ascent IDs 400 Bcf of Gas-in-Place at Slovenia Well

Tuesday, August 23, 2011
Ascent Resources plc

Ascent has successfully completed the drilling of the Pg-10 well at the Petišovci Project in Slovenia. The results confirm the reservoir quality and potential commerciality of the Middle Miocene reservoir section, which is independently estimated to contain over 400 Bcf of gas-in-place, and delineate the substantial new deeper reservoir section discovered by the Pg-11A well.

The Pg-10 well was drilled to a total depth of 3,545m. The appraisal of the deeper Miocene or 'K' sand reservoirs showed a total of approximately 123m of new net additional reservoir with 63m of good to moderate sand quality along with another 60m of poorer quality sands in a 370m gross reservoir section. Importantly, gas is present throughout the 'K' sand in PG-10 and with the total depth of the well 45m below Pg-11A, it increases the depth of the deepest known gas. The independent audit of the gas-in-place estimate of 412 Bcf attributable to the Project by RPS Energy ('RPS') will now be updated. Given the larger than expected thicker reservoir discovered by Pg-10, Ascent remains confident that the RPS P50 gas in place estimate will increase significantly.

Both Pg-10 and Pg-11A are now being completed in preparation for fracture stimulation. Mobilization of fracturing equipment is planned for September 2011. Following the appointment of global oil services company Halliburton as the contractor for fracturing and ancillary services, final treatment design is underway. This fracture stimulation program is being funded from existing cash resources.

Ascent's Managing Director, Jeremy Eng commented, "The results from Pg-10 are highly encouraging and have defined substantial additional gas resources in the deeper Miocene 'K' sands. Our efforts are now focused on the fracture stimulation of Pg-10 and Pg-11A, which we believe will unlock the significant intrinsic value of the project."

Ascent through its wholly owned subsidiary Ascent Slovenia Limited, has a 75% interest in the Petišovci Project. Ascent's partner is Geoenergo with a 25% interest. Geoenergo d.o.o. is the holder of the Petišovci Exploitation Concession and is a company jointly owned by Nafta Lendeva, the Slovenian State Oil Company and Petrol, the leading energy conglomerate in Slovenia.

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Ascent Spuds Slovenia Well

- Ascent Spuds Slovenia Well

Thursday, June 23, 2011
Ascent Resources plc

Ascent has commenced drilling the Pg-10 well which is the second redevelopment well of the Petišovci Project in Slovenia. The primary objective of the well is to confirm the reservoir quality and commerciality of the Middle Miocene reservoir section, independently assessed by RPS Energy ('RPS') to contain over 400 Bcf of gas-in-place, and secondarily to further delineate the substantial new deeper reservoir which was recently discovered by the Pg-11 well.

Early estimates suggest that the newly discovered reservoirs could increase the RPS P50 gas estimate by over 50%. Significantly the deeper Miocene pay section in Pg-11A has better reservoir characteristics than the thinner sands, which produced a total of 8 Bcf of gas from the Pg-1 and Pg-5 wells at initial rates of 1.5 and 2.5 MMcfd in 1987. These rates were achieved after fracture stimulation of the vertical wells using, what are now considered to be, outdated techniques.

With the increase in the gas resources of the field and their high pressure and temperature, a stimulation program involving state-of-the-art fracturing treatments to optimize the gas recovery from the redevelopment is being implemented. Full details of the forward program will be announced when fracture stimulation design, which will incorporate the extensive log and core data obtained from the Pg-11 and 11A wells, is complete within the next few weeks.

Ascent's Managing Director commented, "This intensive work program is expected to lead to the successful re-development of significantly bigger reserves than initially predicted and from a field that is now becoming one of the largest under-exploited onshore European gas fields."

Ascent through its wholly owned subsidiary Ascent Slovenia Limited, has a 75% interest in the Petišovci Project. Ascent's partner is Geoenergo with a 25% interest. Geoenergo d.o.o. is the holder of the Petišovci Exploitation Concession and is a company jointly owned by Nafta Lendeva, the Slovenian State Oil Company and Petrol, the leading energy conglomerate in Slovenia.

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Ascent Concludes Drilling Ops at Slovenia Well

- Ascent Concludes Drilling Ops at Slovenia Well

Monday, June 13, 2011
Ascent Resources plc

Ascent has successfully completed the drilling of the Pg-11A well in the Petišovci Project in Slovenia. Initial results are encouraging and have confirmed the presence of good quality gas and well logs indicated the discovery of approximately 114m of new net additional reservoir in the deeper Miocene. The drilling rig is now moving to drill the second redevelopment well, Pg-10. Meanwhile, a workover rig will now be mobilized for a completion testing program on Pg-11A, designed to optimize the production completions for Pg-11A, Pg-10 and other future redevelopment wells.

• Petišovci Project appraisal drilling proceeding according to plan;
• Good initial results from the Pg-11 and Pg-11A drilling with a substantial increase in gas-in-place for the project following the discovery of 114m new net pay in deeper Miocene reservoirs;
• Short term work program objectives are to drill Pg-10 as a second development well and for the delineation of the lateral extent of the new gas bearing reservoirs; to determine the optimum completion methodology and to commence production;
• Medium term objectives are to define recoverable reserves of the project and to commence the implementation of the field re-development.

The Petišovci Project in eastern Slovenia targets the redevelopment of the major Middle Miocene Badenian tight gas reserves, which were partially produced in the 1980's. The project has a core area in which RPS Energy Limited, an independent reserves auditor, has ascribed a P50 gas-in-place estimated of more than 400 Bcf (c. 12 Bm3; 69 MMboe). Their estimate excludes additional gas volumes which were encountered in Pg-11A within deeper reservoirs, and exclude any upside volumes associated with a number of undrilled exploration prospects within the concession. Once data from the Pg-10 well is available an updated gas-in-place assessment will be commissioned.

The Pg-11 and Pg-11A wells successfully confirmed the main technical parameters for the Middle Miocene Badenian tight gas reservoirs and also discovered the deeper gas reservoirs, which will substantially increase gas-in-place estimates for the project. The Pg-11A well logs indicated approximately 114m of net reservoir in the new section drilled between 3,000m and 3,500m, on which analysis continues to confirm the exact geological age. The top part of these reservoirs was tested openhole and flowed good quality gas. Further tests in this section are planned using a more representative cased hole procedure following the installation of the completion by the workover rig. These results will help determine the configuration of the initial production completions for both the Pg-11A and Pg-10 wells and whether conventional completions or simple, low cost fracture stimulations of the vertical wellbores are best suited to optimize any commercial production. The Company currently has sufficient financial resources available to put these wells into production under either scenario. The use of horizontal side-tracks are not considered to be cost effective at this time.

Ascent's Managing Director Jeremy Eng commented, "This project continues to provide very good results for the Company, starting from the 3-D seismic acquired back in 2009 through to the drilling results of Pg-11 and 11A. We have confirmed the presence of gas in all the previously known Badenian reservoirs and proven the newly discovered deeper reservoirs to be productive for gas. The Badenian reservoirs, the original focus of the field redevelopment plan, already provided the Company with a substantial project. However, if the Pg-10 well, which is close to the area of the original field development in the Badenian, also confirms the presence of gas in the deeper reservoirs in the western part of the field, the additional upside in gas volumes should be very significant indeed."

Ascent, through its wholly owned subsidiary Ascent Slovenia Limited, has a 75% interest in the Petišovci Project. Ascent's partner is Geoenergo with a 25% interest in the Project. Geoenergo d.o.o. is the holder of the Petišovci Exploitation Concession and is a company jointly owned by Nafta Lendeva, the Slovenia State Oil Company and Petrol, the leading energy conglomerate in Slovenia.

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First Gas Flows at Ascent's Slovenia Well

- First Gas Flows at Ascent's Slovenia Well

Tuesday, May 24, 2011
Ascent Resources plc

Ascent has flowed gas from an open-hole test of the Karpatian reservoir of the Pg-11A well and now continues drilling to the planned total depth of 3,500m. The Pg-11A well is positioned to become the first re-development well in the Petišovci Project in Slovenia where the Company has a 75% interest.

Following the re-commencement of operations on the Pg-11A in April 2011, the well was re-drilled to a depth of c. 3,000m where a 7" liner and tie-back string was successfully set and cemented immediately above the Karpatian reservoir. The top part of the sandstone reservoir was cored and the well deepened to expose approximately 50m of reservoir. An open hole test on this section produced and flared good quality hydrocarbon gas at a constrained rate of c. 2,500m3 per day (c. 90 Mscfd). On-site gas analysis indicated a better than expected carbon dioxide concentration of less than 1%. Gas samples and the core will now be analyzed and integrated with the extensive geological and engineering data already obtained from the well. While the preliminary results from the Karpatian reservoir are positive, the delineation of the full extent of the reservoir is the primary purpose for the extra 450m drilling to the planned total depth of 3,500m. Although the Karpatian may produce at commercial rates unstimulated, hydraulic fracturing maybe required or economically justified to optimize production rates.

With the high pressures and temperatures experienced in this well, drilling conditions were challenging and have led to some delays in the previous hole section.

Ascent's Managing Director, Jeremy Eng commented, "Operations are progressing steadily at our Petišovci Project in Slovenia and we are pleased that the first test on the Karpatian proved the presence of producible gas. The lower than expected carbon dioxide levels in the gas, if confirmed by laboratory analysis, will be advantageous as CO2 processing equipment may not be required in the early stages of the redevelopment."

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