Ascent rises on resource estimate

13th Oct 2010 08:19

Ascent Resources, the oil and gas exploration and production company, has received an independent report corroborating the highly prospective nature of its Petisovci-Lovaszi project area on the Hungarian-Slovenian border.An independent oil and gas assessor has estimated proven and probable (P50) reserves of gas in place at 412bn cubic feet (Bcf).The corresponding P90 (proven) and P10 (proven + probable + possible) estimates are 200 Bcf and 834 Bcf respectively, with a mean of 478 Bcf.Acent's managing director, Jeremy Eng, said the independent assessment vindicated the board's decision to invest in the 3-D seismic survey, which was funded entirely by the company."The future development of this project has become the first priority for Ascent. We now look forward to receiving the information from the Pg-11 well which, apart from facilitating the detailed planning for the development of these reserves, is also expected to become our first production well in Slovenia," Eng said.The company said the Pg-11 well is ready to drill with commencement targeted in November 2010. The Pg-11 well has a number of important objectives and the evaluation programme for the well, which includes core sampling and state-of-the-art wireline logging, is designed to collect sufficient data for stimulation design, as well as calibration of the 3-D seismic to optimise the geological modelling over the entire project area.