Business
Portfolio Update
Portfolio Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n06 February 2008\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n6 February 2008\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Portfolio Update\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, continues exploration and development work across its portfolio of\nassets in six European countries. Seven wells have been drilled in the last two\nyears and a further 10 are planned over the next two years. 2008 is expected to\nsee gas production from the Company's Hungarian assets and work is progressing\nwhich will also enable production from the Slovenian Petisovsci project.\n\n\nOverview\n\n\n •Seven wells drilled 2006-2007 including the successful PEN-104 gas\n discovery in Hungary, which is planned to produce gas in 2008.\n •Portfolio continues to grow and improve in quality through rigorous\n management of risk and value.\n •European platform provides a balance of low risk and high potential with\n managed exposure to upside value through the mix of Development, Appraisal\n and Exploration projects.\n •Focus remains on drilling and testing to prove hydrocarbon reserves - 10\n wells planned during 2008-2009.\n •Ready access to drilling rigs as a result of 22.5% strategic interest in\n Perazzoli Drilling srl ('Perazzoli').\n •Farm-outs in place enabling acceleration of projects - further risk\n reduction and provision of exploration capital from partnerships being\n explored prior to moving focus onto development and cash flow from\n production.\n\n\nAscent Managing Director Jeremy Eng said, 'The Company's strategy is to operate\nin Europe where it can benefit from highly profitable development projects, well\ndeveloped infrastructure with deregulated local market access and both political\nand financial stability. In line with this, our portfolio continues to improve\nin quality and value as the Company's technical staff work to reduce risk and\ncalibrate the value of each asset within the portfolio. As our portfolio\nmatures, the drilling and testing to prove hydrocarbon reserves will remain the\nprimary objective, with development and cash flow from production a secondary\nfocus.\n\n\n'The Company has gained a competitive advantage in the countries of operation\nand farm-outs for the time being will be the predom...