Business
Swiss Drilling Plans
Swiss Drilling Plans.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n04 February 2008\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n4 February 2007\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Swiss Drilling Plans\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, confirms that, in response to media comment in Switzerland, it is in\ndiscussions with the Council of the Community of Hermrigen in the Canton of\nBern, Switzerland, regarding its intention to appraise the Hermrigen-1 gas\ndiscovery made by Elf Aquitane in 1982.\n\n\nAscent has completed geological and geophysical analyses and studies in the area\nand now plans to drill the Hermrigen-2 well as an appraisal to the 1982\nHermrigen-1 gas discovery. The Hermigen-1 well tested gas from reservoirs at\n2,250m but due to drilling complications it did not reach its deeper, primary\ntarget. The Ascent operated Hermrigen-2 well is planned as a 3,000m vertical\nwell that will re-test the productive gas reservoir and drill the deeper target.\n\n\nThe Canton of Bern is to issue a three-year extension to the surface exploration\npermit and a sub-surface exploration permit for the Hermrigen area. It is\nplanned to drill the Hermrigen-2 well in the second half of 2008, subject to the\nissue of a construction permit and the consent of the local community. The well\nwill be drilled with the newly built, latest generation, low environmental\nimpact 200 tonne rig owned by Ascent's 22.5% subsidiary, Perazzoli Drilling srl.\n\n\nAscent is operator of the project retaining an 80% interest and its partners in\nthe project are SEAG (Schweiz Erdoel or Swiss Petroleum) of Zurich (10%) and\nLeni Gas and Oil plc (10%).\n\n\nAscent Managing Director Jeremy Eng said, 'There have only been about 20\nhydrocarbon exploration wells drilled on prospective acreage in Switzerland,\nmaking it the least explored country in Western Europe, with an average of about\n1 well per 1,000 sq km. The Hermrigen-1 discovery well was drilled by Elf\nAquitane 26 years ago, and the Hermrigen-2 Appraisal well will be the first well\nto be drilled in the area since the Finsterwald field was in production in the\nneighbouring Canton of Lucerne between 1985 and 1994.\n\n\n'Through our Swiss partners, SEAG, we are working closely with the local\ncommunity to ensure that everyone's interest...