Business
PEN-105 Drilling Update
PEN-105 Drilling Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 1311X Ascent Resources PLC 10 August 2009 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n10th August 2009\nAscent Resources plc ('Ascent' or 'the Company')\nPEN-105 Drilling Update \n\nAscent Resources plc, the AIM-traded oil and gas exploration and production company, advises that mobilisation of the rig that will drill the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary has commenced. It is expected that drilling will begin over the next week and that it will take approximately three weeks to evaluate the primary target, a gas prospect that is estimated to be at a depth of 1,500m.\n\nAscent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).\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\nChris Welsh\n\n\nSt Brides Media & Finance Ltd\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\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\n\nNotes\nAscent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.\nThis information is provided by RNSThe company n...