Business
Spanish Update
Spanish Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n04 December 2006\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n4 December 2006\n\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Spanish production and exploration update\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, has made significant progress with its production and exploration\nactivities in the Sedano Basin in Northern Spain, which it believes has\nconsiderable upside potential. The Company has stabilised production from the\nAyoluengo field, obtained permits for two appraisal wells to be drilled in known\noil bearing structures in its exploration areas and submitted an application for\ncontiguous exploration acreage with known gas potential.\n\n\nLast week, the Official Gazette of Spain published the final approval of the\ntransfer of the 25% interest in the La Lora Concession from Petroleum Oil and\nGas Espana to Ascent's affiliate NPEL (as announced on February 14th, 2006). As\npart of the consideration, Ascent is issuing 562,967 New Ordinary Shares at 12\npence per share (value of €100,000). Accordingly, application has been made for\nthe admission of these new shares to trading on the AIM market where they will\nrank pari passu with the existing ordinary shares of 0.1 pence each in the\nCompany. Dealings in the New Ordinary Shares are expected to commence on\nDecember 6th, 2006.\n\n\nProduction on the Ayoluengo oilfield within the La Lora Concession (Ascent:\n88.75%, Gold Oil plc: 11.25%) has been maintained at over 110 barrels of oil per\nday for the past eight months (November average: 116 bopd) following the summer\nimplementation of a workover programme designed to improve well efficiency.\nFurther production enhancements are being planned to increase production and\nfurther improve profitability by Q2 2007 including additional workovers, new oil\nproduction technology and enzyme treatments for enhanced oil recovery.\n\n\nOn the exploration front, permits for drilling have been granted for the\nHontomin-4 Well in the Huermeces Concession and the Tozo-1 Well in the\nBasconcillos 'H' Concession. Drilling will commence when the drilling rig\narrives from Italy after drilling the Anagni-1 Well, which is scheduled to spud\nthis week. Seismic interpretation is on-going in the Valderredibles concession\nto map ...