Business
Hungarian Exploration Well Up
Hungarian Exploration Well Up.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 3447U Ascent Resources PLC 13 May 2008 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n13 May 2008\nAscent Resources plc ('Ascent' or 'the Company')\nHungarian Exploration Well Update\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production company, has decided to plug and abandon the Nko-Ny-1 gas exploration well in the Szolnok exploration permit in central Hungary. Ascent has a 27.5% interest in this project.\n\nThe well reached a total depth of 1,370m and despite drilling a number of potential reservoir sands in the lower Pannonian, logging results showed these to be primarily water bearing with minor traces of gas. The next phase of the exploration within the Szolnok permit will be based on the interpretation of the 3-D seismic survey, which has been acquired over the past few weeks.\n\nAscent's Managing Director, Jeremy Eng said, 'Exploration, by its very nature, will have more unsuccessful than successful outcomes and this result, although disappointing, is a relatively small part of Ascent's exploration strategy. This is the strength of the Company's portfolio policy - having a mix of exploration with development and appraisal activity across some 20 projects. In other areas, the Hungarian development projects continue to progress well with both Penészlek and Bajcsa on schedule for potential production of gas later this year.'\n\nThe technical information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who has 20 years relevant experience in the oil industry.\n\n* * ENDS * *\n\nFor further information visit www.ascentresources.co.uk or contact:\nJeremy Eng Ascent Resources plc Tel: 020 7251 4905\nHugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177\nMax Hartley Cenkos Securitie...