Business
Award of Exploration Permits
Award of Exploration Permits.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n03 July 2006\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n\n3 July 2006\n\n Ascent Resources plc ('Ascent' or 'the Company')\n Issue of Third Swiss Exploration License\n\n\nAscent Resources plc, the AIM traded oil and gas exploration and production\ncompany through its joint venture partner SEAG, has been awarded a third\nexploration permit in Switzerland; in the Canton of Vaud. The exploration\npermit, covering an area of 735.8 km2, includes the Essertines well, drilled by\nBEB drilled in 1962. Oil in a Jurassic Rhaetian reservoir was discovered in\nthis well, producing on test light (41.5 degrees API) oil with associated gas.\n\n\nAscent's 90% owned joint venture with SEAG (Schweizerisches Erdol AG), also has\ntwo exploration permits in the Canton of Bern, each of which contain gas\ndiscovery wells drilled by Elf Aquitaine in 1972 and 1982.\n\n\nAn on-going work programme for the Company's three permits is underway at\nAscent's Technical Services Division in Budapest, including the collation of all\nthe geological and geophysical data for the region and the reprocessing of the\nseismic.\n\n\n * * ENDS * *\n\n\nContacts\n\nJeremy Eng Ascent Resources plc Tel: 020 7251 4905\nHugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477\n\n\nNotes\n\nAscent Resources has an extensive portfolio of over 20 oil and gas projects\nacross six countries in Europe. These include an 88% interest and operatorship\nof the only onshore Spanish oilfield which produces over 100 barrels of oil per\nday. Ascent's other projects are in Italy, Switzerland, Hungary and Romania, as\nwell as applications offshore Netherlands and minor assets in Gabon. Starting\nlate this summer Ascent will drill six exploration wells, two each in Hungary,\nSpain and Italy. High impact gas exploration wells in the Po Valley in Italy and\nin Switzerland are planned for 2007. The Company will also participate in up to\nfour non-operated exploration wells in Romania.\n\nWith the strong and stable European gas market, the Company's portfolio is\nbalanced in favour of gas over oil, and with the exception of Netherlands,\nprojects are located onshore where operating and development costs are very much\nless than they are offshore.\n\nThe Company has appointed to the Board a team of experienced directors who are\n...