Ascent Resources PLC
03 July 2006
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
3 July 2006
Ascent Resources plc ('Ascent' or 'the Company')
Issue of Third Swiss Exploration License
Ascent Resources plc, the AIM traded oil and gas exploration and production
company through its joint venture partner SEAG, has been awarded a third
exploration permit in Switzerland; in the Canton of Vaud. The exploration
permit, covering an area of 735.8 km2, includes the Essertines well, drilled by
BEB drilled in 1962. Oil in a Jurassic Rhaetian reservoir was discovered in
this well, producing on test light (41.5 degrees API) oil with associated gas.
Ascent's 90% owned joint venture with SEAG (Schweizerisches Erdol AG), also has
two exploration permits in the Canton of Bern, each of which contain gas
discovery wells drilled by Elf Aquitaine in 1972 and 1982.
An on-going work programme for the Company's three permits is underway at
Ascent's Technical Services Division in Budapest, including the collation of all
the geological and geophysical data for the region and the reprocessing of the
seismic.
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Contacts
Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
Notes
Ascent Resources has an extensive portfolio of over 20 oil and gas projects
across six countries in Europe. These include an 88% interest and operatorship
of the only onshore Spanish oilfield which produces over 100 barrels of oil per
day. Ascent's other projects are in Italy, Switzerland, Hungary and Romania, as
well as applications offshore Netherlands and minor assets in Gabon. Starting
late this summer Ascent will drill six exploration wells, two each in Hungary,
Spain and Italy. High impact gas exploration wells in the Po Valley in Italy and
in Switzerland are planned for 2007. The Company will also participate in up to
four non-operated exploration wells in Romania.
With the strong and stable European gas market, the Company's portfolio is
balanced in favour of gas over oil, and with the exception of Netherlands,
projects are located onshore where operating and development costs are very much
less than they are offshore.
The Company has appointed to the Board a team of experienced directors who are
specialists in the European energy business and each of whom has expertise and
experience in commercialising energy assets. This provides the structure under
which the Company can accommodate the rapid growth that will accompany a
discovery made during this year's drilling campaign.
This information is provided by RNS
The company news service from the London Stock Exchange