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27 April 2006
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Well |
Area |
Exploration |
Permit |
Target |
Commencing |
1 |
Tozo-1 |
Spain - Sedano Basin |
Basconcillos H |
Oil |
August |
2 |
PHNS-1 |
N-E Hungary |
Nyirseg Szatmar |
Gas |
August |
3 |
PHND-1 |
N-E Hungary |
Nyirseg Del |
Gas |
September |
4 |
Anagni-1 |
Italy - Latina Valley |
Frosinone |
Oil |
September |
5 |
FA-1 |
Italy - Latium Coast |
Fiume Arrone |
Gas |
October |
6 |
Hontomin-4 |
Spain - Sedano Basin |
Huemeces |
Oil |
October |
Spain: Oil Production and Exploration
Production from the Ayoluengo field continues to average a gross of 115 barrels of oil per day. The project's cashflow has been improved with the recent rise in international oil prices. Well work-overs (maintenance and upgrading work) are planned for the field and will commence in May subject to delivery of equipment and materials.
The two wells to be drilled in 2006 are the Tozo 1 re-entry and Hontomin 4 appraisal. Both are close to the Ayoluengo field and target oil discoveries that were made by Chevron in the 1970's.
Italy - Oil and Gas Exploration:
In the Po Valley, based on the results from the reprocessing and interpretation of the seismic acquired from ENI in the Cento and Bastiglia exploration permits, the permitting of the first two locations is now underway and a further two will commence shortly. The drilling of these gas exploration wells is to be included in the 2007 Drilling Programme.
In the Latina Valley, where the focus is on oil exploration, a 60km seismic survey and the drilling of the Anagni-1 well are both scheduled for September 2006.
In the Fiume Arrone permit, close to Rome's Fiumicino airport, a gas exploration well is planned for October 2006.
Hungary
Having received results from last year's seismic programme conducted on the Nyirseg permits, by Ascent's Hungarian Joint Venture PetroHungaria, the work programme for this area has now been prioritised and two wells are planned for late summer.
The Joint Steering Committee of PetroHungaria's project involving the rehabilitation of low permeability gasfields in conjunction with MOL Hungarian Oil and Gas plc, has approved the commencement of Phase 2. This includes the detailed planning of three horizontal recompletions in a producing gasfield in South Western Hungary.
Switzerland
In the Canton of Bern, re-processing of existing seismic in the area around the two existing gas discovery wells, Linden (1972) and Hermrigen (1982), is underway. Subsequent geological modelling with the incorporation of all hydrocarbon exploration data will lead to a prospectivity report to be published later this year. Subject to the results of this report, wells will be scheduled for the 2007 Drilling Programme.
In the Canton of Vaud, the application that surrounds the Essertines (1962) oil discovery well, drilled by BEB, has passed all regulatory stages and the issue of the permit is expected imminently.
Romania
Ascent recently acquired a 5% interest in three prospective exploration blocks, through its acquisition of MIRC. In Brodina, the first gas production is expected from the Bilca development in late July. An active exploration programme is underway in all three blocks including new seismic work and it is anticipated that four exploration wells will be drilled by the end of 2006.
Holland
Ascent made applications for six exploration licenses submitted last year. Following a three month gazettal period, competing bids have been submitted to the authorities on two of the six areas, and their decision on these two is awaited. The remaining four are uncontested.
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