Ascent to re-drill Fontana-1

Ascent Resources said it will commence the re-drilling of the Fontana-1 well. The drilling rig has arrived on location. Drilling is expected to take a month and is designed to collect cores to appraise the shallow part of the Anagni structure in the Frosinone Exploration permit in the Latina Valley of Italy. Re-drilling of the well is necessary, as the original well, while having demonstrated the presence of the target formations in a structurally high position, experienced mechanical problems which prevented the collection of core samples.

The original Fontana-1 well reached the target formation 300m shallower than at the Anagni-1 location and confirmed the interpretation of the seismic data. The new well will utilize a slightly larger rig and use a modified procedure to try to ensure the reliable recovery of core samples.

Jeremy Eng Ascent's Managing Director said the firm would be "employing a different operating approach to that used in the original drilling of Fontana-1 and therefore do not expect the technical issues previously encountered to reoccur."

In the Penészlek project in eastern Hungary, the PEN-101 wellsite location is almost complete, the PEN-106 location construction is underway, and despite the severe winter weather, the construction of the pipeline from PEN-105 to the gathering facilities and to the main export pipeline is almost complete and awaiting pressure testing.

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