Business
Drill programme update
Drill programme update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n21 November 2006\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n\n21 November 2006\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Spuds Second Well in Hungary\n\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, announces the spudding of its second well in Hungary. The Fehergyarmat\n2 (FGY-2) well, with a planned total depth of 1,100m, targets Pannonian\nclastics, the same formations which were successfully tested in the PEN-104 well\n(announced 14 November 2006). The FGY-2 well, which is located approximately 70\nkm north north-east of PEN-104, is aimed at quantifying the extent of the gas\nreserves in the northern part of the Nyirseg exploration permits.\n\n\n\nPetroHungaria kft (a 90% owned subsidiary of Ascent), with its partners DualEx\nof Canada (37.5%) and Petro Pequnia of Sweden (2%), has the option to drill two\nfurther wells in the permits and the same drilling rig is available to the Group\nin March 2007.\n\n\n\n * * ENDS * *\n\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\nHugh Oram Nabarro Wells & Co. Limited Tel: 020 7710 7400\n\n\n\nNotes\n\nAscent Resources has a portfolio of over 20 oil and gas projects across six\ncountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,\nSpain and Romania and offshore the Netherlands. Ascent is drilling a programme\nof six exploration wells, at least two in Hungary and two each in Spain and\nItaly. In 2007, high impact gas exploration wells are also planned in the Po\nValley in Italy and in Switzerland. Ascent will also participate in up to four\nnon-operated exploration wells in the Aurelian Oil & Gas PLC led project in\nRomania (5% Ascent) where gas is produced from the Bilca development. Ascent\nalso produces a hundred barrels of oil daily from Spain's only onshore oilfield.\n\n\n\nWith the strong and stable European gas market, Ascent's portfolio favours gas\nover oil and, with the exception of the Netherlands, all of its projects are\nlocated onshore where operating and development costs are substantially lower\nthan they are offshore.\n\n\n\nAscent's directors are specialists in the oil an...