Business
Start of drilling in Hungary
Start of drilling in Hungary.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n07 April 2008\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n7 April 2008\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Hungarian operations start-up\n\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, announces that operations have commenced on the Szolnok exploration\npermit in Central Hungary where the Company has a 27.5% interest, with the\ndrilling of the first of two exploration wells and the start of a 3-D seismic\nsurvey.\n\n\nDrilling of the TIK-1 well began at 17:00 on Sunday 6th April with operations\nexpected to last about five weeks. The well is planned to reach a depth of\n2,250m and to intercept targets in the Pannonion, Miocene and pre-Miocene\nformations.\n\n\nThe Kunszentmarton 3-D seismic acquisition programme has also begun and the\nfield work is expected to take seven weeks. This programme will cover 150 sq km\nand as well as delineating six prospects identified from old 2-D lines, it is\nexpected to identify further targets.\n\n\nBoth in the area of, and surrounding the Szolnok exploration permit, there are a\nnumber of producing oil and gas fields as well as new discoveries that are been\ndrilled in the past two years being prepared for production.\n\n\nAscent Managing Director Jeremy Eng said, 'These works, along with the on-going\npreparations for the start-up of production at Ascent's PEN-104 gas discovery in\neastern Hungary, demonstrates the benefits of a portfolio approach which has the\nability to create value through the simultaneous implementation of both\nexploration and development programmes.'\n\n\n\n * * ENDS * *\n\n\n\nFor further information visit www.ascentresources.co.uk or contact:\n\nJeremy Eng Ascent Resources plc Tel:020 7251 4905\n\nHugo de Salis St Brides Media & Finance Ltd Tel:020 7242 4477\n\nMax Hartley Cenkos Securities plc Tel:020 7397 8924\n\n\n\nNotes\n\nAscent Resources plc has a diversified portfolio of some 20 hydrocarbon\nexploration and development projects across six countries in Europe: Italy,\nSwitzerland, Hungary, Spain, Slovenia and Netherlands. Ascent's portfolio\ncontains a solid base of field redevelopment projects with selected exposure to\nexploration upside. The portfolio is focussed on gas and with the exception of\nthe shallow water Netherlands projec...