Business
Project Update
Project Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 1438W Ascent Resources PLC 23 July 2009 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n23 July 2009\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, is pleased to provide an update on its current strategy and portfolio ahead of its Annual General Meeting, which will be held at 11am today. A PDF version of the Company's latest corporate presentation is available to view or download at www.ascentresources.co.uk. \n\nStrategy\n\nAscent continues to advance its strategy of participating in European onshore assets with high upside potential, focused primarily on gas. The Company maintains a balanced portfolio of development, appraisal and exploration projects, prioritising reserve growth over production. It targets high initial equity participation, especially for exploration, and focuses on operated projects utilising local operating entities. The Company currently has some 20 operated projects across five countries in Europe: Hungary, Slovenia, Italy, Switzerland and the Netherlands. \n\nAscent's business model is centred on debt/equity funding for development projects and farmout for exploration projects, as demonstrated by the Nyírség Project in Hungary and the Gazzata-1 well in Italy. With Gazzata, the Company had an initial 100% interest but farmed out 50% in return for being carried on drilling and seismic costs. \n\nActivity For The Remainder Of 2009 \n\nNyírség - Penészlek Area Development - Hungary \n\nThe Penészlek gas field, Ascent's primary producing asset, has a current production rate of 4.2 MMscfd. The Company, in conjunction with its partners, is planning a number of further development wells in the area to maximise the potential of the gas field and increase production. In particular, site preparation for the PEN-105 is underway with drilling scheduled to start on 31 July 2009. Additionally, the drilling of a further three development wells, PEN-101, PEN-106 and PEN-104AA, are planned in the Penészlek area in the near future and the evaluation of a number of further PEN locations i...