Business
Portfolio Update for AGM
Portfolio Update for AGM.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 5811Z Ascent Resources PLC 22 July 2008 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n \n22nd July 2008 \nAscent Resources plc ('Ascent' or 'the Company')\nPortfolio Update for AGM\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production company, releases this announcement to coincide with the Company's Annual General Meeting scheduled for today at 10am. An updated Corporate Presentation will also be available on the Company's\nwebsite www.ascentresources.co.uk .\n\nStrategy\n \nThe Company is focusing its efforts on Central and Eastern Europe, particularly Italy, Switzerland, Hungary and Slovenia. Production is due to commence in Hungary by early August and the recently announced involvement in new projects in Switzerland and Slovenia strengthens the Company's portfolio of development, appraisal and exploration projects in the region. \n\n \nHungary\n \nPenészlek Gasfield Development - 45.2% interest\n \nFollowing the issue of the relevant permits, gas sales from the PEN-104 well are scheduled to commence shortly once the final components of the production facility are delivered and installed. The acquisition of 3-D seismic in the immediate area is planned; this will assist in evaluating other gas prospects which may be developed, including the partially depleted Penészlek field and the PEN-9 and PEN-12 wells, all of which have proven gas production.\n\nBajcsa Gasfield Redevelopment - 38.7% interest\n \nStudies have confirmed reserves of unproduced gas in a number of the multiple reservoirs of the Bajcsa field. The work programme is being finalised and will include the re-entry and workover of old wells and the drilling of new horizontal production wells. \n\nSzolnok Exploration Project - 27.5% interest\n \nOn the results of the 3-D seismic shot in April, a further two exploration wells and additional 3-D seismic are planned. Ascent has been approached with the view to farming down its interest in this project&...