Ascent Resources PLC
24 May 2007
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
24th May 2007
Ascent Resources plc ('Ascent' or the 'Company')
Drilling in Hungary
Ascent Resources plc, the AIM traded oil and gas exploration and production
company, in conjunction with its partners, has started drilling the VAM-1
exploration well which is the second of two option wells in the Nyirseg
exploration permits of north east Hungary.
PetroHungaria kft (a 90% owned subsidiary of Ascent), started drilling VAM-1 on
23 May 2007. This morning at 06:00 CET, the rig is cementing surface casing at
54m. The planned total depth of the well is 1,775m. It is expected that the
well will take approximately a month to complete.
Partners in the well are DualEx of Canada (37.5%) and Petro Pequnia of Sweden
(2%) and under the farm-out agreement, DualEx will pay 75% and Petro Pequnia 4%
of the costs of this well with PetroHungaria kft funding the remaining 21%. The
VAM-1 exploration well will test prospects in both the Miocene and Pannonian
formations in the Vamospercs area, roughly 18 kilometres to the southwest of the
Peneszlek field.
* * ENDS * *
For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
Notes:
Ascent Resources has a portfolio of over 20 gas and oil projects across six
countries in Europe. The projects are onshore in Italy, Switzerland, Hungary,
Spain, Slovenia and offshore Netherlands. Ascent is at present drilling a
programme of exploration wells across its portfolio. The Company operates
Spain's only onshore oilfield where production currently averages over 110
barrels of oil per day. With the stable European gas market, Ascent's portfolio
favours gas over oil. With the exception of the Netherlands, all of its projects
are located onshore where operating and development costs are substantially
lower than they are offshore.
This information is provided by RNS
The company news service from the London Stock Exchange FEREFISFID
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