Business
Slovenia and Switzerland New
Slovenia and Switzerland New.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 1533Z Ascent Resources PLC 16 July 2008 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n16 July 2008\nAscent Resources plc ('Ascent' or 'the Company')\nNew Projects in Slovenia and Switzerland\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production company, has signed a Preliminary Agreement (the 'Agreement') for an 80% participation in the exploration of the East Slovenia Exploration Permit to the north of the Petisovci oil and gas field redevelopment project. In addition, it has acquired a 35% beneficial interest in the Concordat Exploration Project ('Concordat') in North Eastern Switzerland.\n\nThe East Slovenian Project covers an area of 864 sq. km over three separate blocks within the 2,473 sq. km Pomurje Regional Exploration Area. A number of wells were drilled in this area in the 1950s by INA-Naftaplin of which at least six demonstrated good shows of oil or gas. The current work programme envisages a regional exploration study followed by seismic and exploration or appraisal drilling in 2009. Under the terms of the Agreement, Ascent will hold an 80% interest in the Project through its wholly owned subsidiary Nemmoco Slovenia Corporation, which also operates the adjoining Petisovci Redevelopment Project.\n\nIn Switzerland, Ascent has acquired a 35% beneficial interest in 7,238 sq. km of the 7,495 sq. km Concordat Exploration Permit. This interest will be assigned to PEOS AG, Ascent's wholly owned Swiss subsidiary. The work programme planned for permit for the remainder of 2008 involves the reprocessing of existing seismic data.\n\nIn Spain, the Rocamundo Exploration Application has been superseded by the Bigüenzo Exploration Application lodged by a Spanish Exploration Company. Rather than participating in this project and following the disposal of its other Spanish assets in 2007, Ascent has elected to exit Spain completely.\n\nAscent's Managing Director Jeremy Eng said, ...