Business
Hungarian Farm-in
Hungarian Farm-in.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n19 December 2007\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n\n19th December 2007\n\n\n\n Ascent Resources plc ('Ascent' or 'the Company')\n Hungarian farm-in with Toreador Resources\n\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, has entered into a farm-in agreement with Toreador Resources\nCorporation ('Toreador') to drill two exploratory wells and acquire 170 square\nkilometres of 3-D seismic in Toreador's Szolnok exploration permit in Central\nHungary.\n\n\n\nThe Szolnok exploration permit is one of the largest in Hungary spanning 2,620\nsquare kilometres. The permit is located at the northern end of the Mako trough\nwhich has sourced numerous large gas fields which are currently producing in the\nsurrounding area. Many exploration and appraisal opportunities have already\nbeen identified in the Szolnok block in both the shallow Pannonian and deeper\nMiocene formations. The seismic acquisition and the drilling of the two farm-in\nwells are planned for the first half of 2008.\n\n\n\nAscent will be appointed joint technical operator of the Szolnok Project and has\nagreed to pay 36.67% of the cost of a two well drilling and seismic acquisition\nprogramme, which is estimated to cost a total of €6.5 million (dry hole case),\nto earn a 27.5% interest in the project. Toreador will retain a 25% working\ninterest.\n\n\n\nAscent Managing Director Jeremy Eng said, 'We see this agreement with Toreador\nas a great opportunity to benefit from our expertise in Hungary and to increase\nthe value of our portfolio. Alongside the Bajsca field redevelopment in the\nsouth west and the Peneszlek development in the eastern Nyirseg region, the\nToreador farm-in provides the platform for a third producing area to be\nestablished and with success, could open up yet another cashflow stream for\nAscent in 2009.'\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\nHugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477\nMax Hartley Cenkos Securities plc Tel: 020 7397 8924\n\n\n\nNotes\n\nAscent Resources plc has a diversified portfolio of over 20 hydrocarbon\nexploration and development projects across six countries in Europe: Italy,\nSwitzer...