Business
Gazzata-1 Italian Exploration
Gazzata-1 Italian Exploration.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 8272K Ascent Resources PLC 29 December 2008 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n29 December 2008\n\nAscent Resources plc ('Ascent' or 'the Company')\nGazzata-1 Italian Exploration Well Update\n\nAscent Resources plc, the AIM-traded oil and gas production and exploration company, has been requested by Otto Energy Limited ('Otto'), its farm-in partners in the Cento-Bastiglia exploration permits in Italy's prolific Po Valley, not to commence the drilling of the Gazzata-1 well before mid-March 2009, subject to rig availability. However in the meantime, Otto is forwarding the funds for long lead-time equipment and drill site construction which will commence in due course.\n\nThis is the second request from Otto to delay the drilling of the Gazzata-1 well due to problems they are experiencing with their production from the Galoc field in the Philippines. Otto is to earn a 50% working interest in the Cento-Bastiglia permits via funding 100% of the cost of Gazzata-1 and, if successful, the cost of a second well.\n\nThe Gazzata-1 well, which targets a large Pliocene gas exploration prospect at a depth of c 2,400 m, will be drilled by the Perazzoli HH200 rig which is 22.5% owned by Ascent. This rig is currently drilling for another operator in Italy.\n\nAscent Managing Director Jeremy Eng said, 'Otto have already expended over €2 million on the Gazzata-1 project and have now committed to the construction of the drilling site. Although this delays the exploration drilling, it is unlikely that there will be any further delays to the project'\n\n* * ENDS * *\n\nFor further information visit www.ascentresources.co.uk or contact:\n\n\n\n\nJeremy Eng \n\n\nAscent Resources plc\n\n\nTel: 020 7251 4905\n\n\n\n\nHugo de Salis\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n\nVictoria Thomas\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n\nMax Hartley\n\n\nCenkos Securities plc \n\n\nTel: 020 7397 8924\n\n\n\n\nDaniel Fox-Davies\n\n\n...