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Expanding its Slovenia asset base, Ascent Resources has signed a preliminary agreement for an 80% participation in the exploration of the East Slovenia Exploration Permit located north of the Petisovci oil and gas field redevelopment project. The East Slovenian Project covers an area of 864 sq km over three separate blocks within the 2,473 sq km Pomurje Regional Exploration Area. A number of wells were drilled in this area in the 1950s by INA-Naftaplin of which at least six demonstrated good shows of oil or gas. The current work program envisages a regional exploration study followed by seismic and exploration or appraisal drilling in 2009. Under the terms of the agreement, Ascent will hold an 80% interest through its wholly owned subsidiary Nemmoco Slovenia Corporation. Ascent acquired Nemmoco in February 2007, a company whose assets include a 45% interest and operatorship of the joint venture that owns the development rights to the Petisovci Dolina (P-D) oil and gas fields and a 15.75% interest and operatorship of the joint venture that owns the development rights to the underlying Petisovci Globoki (P-G) gas field. The fields are in eastern Slovenia near Lendava, close to the borders of Slovenia, Austria, Hungary and Croatia with access to European markets. The oil and gas fields, which were originally discovered in 1942, currently produce minor amounts of oil and gas through nearby production facilities. Ascent has plans to re-enter new-pool wildcat Dolina 14 (D-14) located on the crest of the Petisovci-Dolina structure, to carry out additional logging and testing. The D-14 well targeted multiple reservoirs in the Petisovci-Globoki (Pg) zone (sandstones and marls of the Middle Miocene Murska Sobota Formation) at depths between 2,000-2,950m. The well location is approximately 2km north-east of, and more than 150m structurally higher than wells that have produced almost 9 Bcf of natural gas from one of the Pg sands. Secondary targets include the Paka and Petisovci zones above 2,000m.
This article is extracted from International Oil Letter, Vol 24 issue 29 dated 21st July 2008.
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