StockMarketWire.com - Shares in Ascent Resources (LON:AST) rose by over 9% after it revealed encouraging results from the Pg-10 well at the Petiaovci 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 400bn cu ft 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.

Ascent said that importantly, gas was 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 412bn cu ft attributable to the project by RPS Energy will now be updated.

MD Jeremy Eng said: "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."

Cairn Energy's (LON:CNE) revenues soared to $1,336m in the first six months - up from $333m a year ago.

Operating profits increased to $750m from $94m while pre-tax profits jumped to $733m from $88m.

The company had net assets of $3,803m - up from $2,741m last time - and net cash of $1,003m compared with $267m a year ago.

Tower Resources (LON:TRP) expects to be in a position to sput a well in Uganda in the fourth quarter.

It said that in Uganda, the high resolution aero gravity gradiometry survey over the Company's Exploration Area 5 was completed in June 2010 and the interpreted data clearly indicated an area expected to be favourable for the generation of hydrocarbons.

It also highlighted a clearly defined structural high in the vicinity of the newly defined hydrocarbon kitchen.

This interpretation provided the basis for a focused 187 km 2D seismic programme, which was completed on 4 August 2011 and the final data is being processed and interpreted.

Once interpretation is complete, this high quality data will enable the choice of a suitable well location within the next month.

Proposals from rig contractors and other service providers are being finalised and it is envisaged that a well can be drilled in the fourth quarter of 2011.

Offshore Namibia, in which Tower has a 15% carried interest in Licence 0010, the company has been notified by Arcadia Expro Namibia, the operator and 85% interest holder, that it is continuing its farm-out process and is expecting farm in proposals shortly from a number of potentially interested international oil and gas companies ahead of drilling a well on the very large Delta structure.

Tower is working with its drilling consultants in order to ensure that the drilling programme remains on track to spud a well as early as possible in the first half of 2012, currently anticipated in Spring.

Executive chairman Peter Kingston said: "With the recently acquired seismic data we should be in a position to spud a well in Uganda in the fourth quarter of this year.

"As Arcadia progresses its farm-out, the Tower Board continues to review the optimal route to maintain the Namibian project's schedule."

The sector's biggest risers were Enegi Oil (LON:ENEG) and Empyrean Energy (LON:EME) - up by more than 16% and nearly 12% respectively.





At 3:53pm:
(LON:AST) Ascent Resources share price was +0.28p at 3.25p
(LON:AUR) Aurum Mining share price was +0.01p at 3.13p
(LON:BOR) share price was +0.5p at 47p
(LON:CHAR) share price was -0.25p at 117p
(LON:CNE) Cairn Energy share price was +1.95p at 291.65p
(LON:DES) Desire Petroleum share price was +0.38p at 19.63p
(LON:DGO) Dragon Oil share price was +6.75p at 456.75p
(LON:EME) share price was +0.63p at 5.88p
(LON:ENEG) share price was +1.63p at 11.38p
(LON:ENQ) share price was -1.35p at 105.95p
(LON:FOGL) Falkland Oil and Gas Limited share price was +1.75p at 53p
(LON:GKP) Gulf Keystone Petroleum share price was +3p at 128.75p
(LON:GPX) share price was +4.5p at 147p
(LON:INDI) share price was +1.25p at 581p
(LON:PET) Petrel Resources share price was -0.13p at 9.75p
(LON:RKH) share price was -3p at 214.5p
(LON:RPT) Regal Petroleum share price was -1.25p at 35.13p
(LON:TRP) Tower Resources share price was +0.03p at 4.78p
(LON:XEL) share price was +1.75p at 121p


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