Business
Drill Programme Commenced
Drill Programme Commenced.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n23 October 2006\n\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n23 October 2006\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Commences Drill Programme with First Well in Hungary\n\nAscent Resources plc, the AIM traded oil and gas exploration and production\ncompany, announces that its drilling campaign is now underway with the spudding\nof the PEN-104 well in Hungary.\n\n\nPetroHungaria kft (a 90% owned subsidiary of Ascent), spudded the PEN-104 well\non October 21, 2006. Partners in the well are DualEx of Canada (37.5%) and Petro\nPequnia of Sweden (2%). This morning at 6am (local time) the rig was drilling\nahead in 12-1/4' hole at 285m with a planned total depth (TD) of 1,350m.\n\n\nPEN-104 is a re-appraisal well within the once productive Peneszlek gas field\nand targets gas reservoirs in the Pannonian clastics and the underlying Miocene\ntuffs. The Peneszlek gas field produced a total of 4.8 bcf (136 mcm) of gas from\nsix wells between 1983 and 1989. Re-mapping of the field using seismic data\nacquired in 2006 by PetroHungaria leads the parties to believe that significant\nreserves may be remaining.\n\n\nOnce PEN-104 drilling is completed, the rig will be moved to the FGY-2 location\nin the north part of the block. The group then has the option to drill two\nfurther wells in the western part of the acreage in the first half of 2007.\n\n\n * * ENDS * *\n\n\nFor further information visit www.ascentresources.co.uk or contact:\n\nJeremy Eng Ascent Resources plc Tel: 020 7251 4905\n\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. The projects are onshore in Italy, Switzerland,\nHungary, Spain and Romania and offshore the Netherlands. Ascent is commencing a\nprogramme of six exploration wells, at least two in Hungary and two each in\nSpain and Italy. In 2007, high impact gas exploration wells are also planned in\nthe Po Valley in Italy and in Switzerland. Ascent will also participate in up to\nfour non-operated exploration wells in the Aurelian Oil & Gas PLC led project in\nRomania (5% Ascent) from where gas sales from the Bilca development commenced\nearlier this month. Ascent also produces about 100 barrels of oil ...