Business
Drilling Update
Drilling Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 2224X Ascent Resources PLC 02 December 2010 \n \n\nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n2 December 2010\nAscent Resources plc ('Ascent' or 'the Company')\nDrilling Update\n \nAscent Resources plc, the AIM-traded oil and gas exploration and production company, has been advised by its drilling contractor, Crosco International, that the mobilisation of a rig has started for the Pg-11 evaluation well in the Petişovci-Lovaszi project area in Slovenia, and that they expect to commence drilling on or around 16 December 2010, subject to weather conditions.\n \nThe well is the first to be drilled by Ascent on the Petişovci-Lovaszi project area in which the Company recently announced an independently verified P50 estimate of gas-in-place of 412 Bcf (11.7 Bm3; 68.7 MMboe). The PG-11 well has a number of important objectives and the evaluation programme, which includes core sampling and state-of-the-art wireline logging, is designed to collect sufficient data for development planning, as well as calibration of the 3-D seismic to optimise the geological modelling over the entire project area.\n \nAscent's Managing Director Jeremy Eng said, \"Pg-11 in Slovenia is an important well and whilst the main effort is in the evaluation of the Miocene gas reservoirs, we expect that it will be completed as a producing well and then brought into production as soon as possible.\"\n \n* * ENDS * *\n \nFor further information visit www.ascentresources.co.uk or contact:\n \n\n\n\n\nJeremy Eng\n\n\nAscent Resources plc\n\n\nTel: 020 7251 4905\n\n\n\n\nSimon Cunningham\n\n\nAscent Resources plc\n\n\nTel: 020 7251 4905\n\n\n\n\nSarah Wharry\n\n\nfinnCap Ltd\n\n\nTel: 020 7600 1658\n\n\n\n\nHenrik Persson\n\n\nfinnCap Ltd\n\n\nTel: 020 7600 1658\n\n\n\n\nHugo de Salis\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n\n \nNotes\nAscent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, a...