Business
Szolnok Drilling Update
Szolnok Drilling Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n25 April 2008\n\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n25th April 2008\n\n Ascent Resources plc ('Ascent' or 'the Company')\n\n Szolnok drilling update\n\n\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production\ncompany, announces the abandonment of the TIK-1 exploration well in Szolnok,\ncentral Hungary, in which the Company has a 27.5% interest. The well, drilled\nunder the Company's farm-in agreement with Toreador Resources Corporation ('\nToreador'), found a thicker than expected gas reservoir however the gas\ncomposition was approximately 90% CO2 with only traces of methane.\n\n\n\nThe TIK-1 well was drilled to a depth of 2,003m and penetrated 40m of reservoir\nquality gas saturated sands between 1,918m and 1,967m. Logging and the analysis\nof wireline samples confirmed the presence of a high percentage of CO2 in the\nlower Pannonian formations. Following the plugging and abandonment of TIK-1,\nthe rig will move to the second exploratory location, Nko-Ny-1, where drilling\nis expected to commence in the first week of May.\n\n\n\nAscent Managing Director Jeremy Eng said, 'This is a disappointing result as the\ngas reservoir discovered by the TIK-1 well was substantially larger than\npre-drill estimates. The location of the second well in this programme, the\nNko-Ny-1 in the northern part of the Szolnok permit, is away from the deep fault\nsystem that is thought to contribute to CO2 migration.'\n\n\n\nThe technical information contained in this announcement has been reviewed and\napproved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who\nhas 20 years relevant experience in the oil industry.\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\nHugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177\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...