Business
Partner Withdrawal from Po Va
Partner Withdrawal from Po Va.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 9121K Ascent Resources PLC 28 April 2010 \n \n\nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n28 April 2010\nAscent Resources plc ('Ascent' or 'the Company')\nPartner Withdrawal from Po Valley Permit\n \nAscent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl, has agreed terms with farm-in partner Otto Energy Limited ('Otto') for Otto's withdrawal from the Cento & Bastiglia exploration permit ('the Permit') in the Po Valley of northern Italy. Under the terms of the withdrawal, Ascent will retain 100% of the licence and Otto will immediately contribute funds towards potential restoration costs and forfeit its entitlement to the refund of any value added tax ('VAT') due on the project.\n \nIn 2007, Ascent farmed out a 50% working interest in the Permit to Otto in return for the funding of the Gazzata-1 exploration well that was drilled in 2009 and €1.5 million of seismic expenses. After the unsuccessful Gazzata well and a strategic review of its geographic focus, Otto has elected not to continue with the exploration of the licence. The value to Ascent of the VAT refund and the restoration funding is estimated to be €800,000.\n \nAscent has reviewed the technical data on the licence and is considering seismic acquisition as the next stage of the exploration programme. However, for 2010, priority will be given to the major Petišovci Lovaszi development project in Slovenia and Hungary where 3-D seismic is currently being acquired at Lovaszi and planning for up to six wells in Slovenia continues.\n \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\nHugo de Salis\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n\nPaul Youens\n\n\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\n\n\n\n\nShane Gallwey\n\n\nAstaire Securities \n\n\nTel: 020 7448 4400\n\n\n\n\nJerry Keen\n\n\nAstaire Securities (Corporate Broking)\n\n\nTel: 020 7448 4492\n\n\n\n\nToby Gib...