Ascent Resources PLC
19 December 2007
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
19th December 2007
Ascent Resources plc ('Ascent' or 'the Company')
Hungarian farm-in with Toreador Resources
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has entered into a farm-in agreement with Toreador Resources
Corporation ('Toreador') to drill two exploratory wells and acquire 170 square
kilometres of 3-D seismic in Toreador's Szolnok exploration permit in Central
Hungary.
The Szolnok exploration permit is one of the largest in Hungary spanning 2,620
square kilometres. The permit is located at the northern end of the Mako trough
which has sourced numerous large gas fields which are currently producing in the
surrounding area. Many exploration and appraisal opportunities have already
been identified in the Szolnok block in both the shallow Pannonian and deeper
Miocene formations. The seismic acquisition and the drilling of the two farm-in
wells are planned for the first half of 2008.
Ascent will be appointed joint technical operator of the Szolnok Project and has
agreed to pay 36.67% of the cost of a two well drilling and seismic acquisition
programme, which is estimated to cost a total of €6.5 million (dry hole case),
to earn a 27.5% interest in the project. Toreador will retain a 25% working
interest.
Ascent Managing Director Jeremy Eng said, 'We see this agreement with Toreador
as a great opportunity to benefit from our expertise in Hungary and to increase
the value of our portfolio. Alongside the Bajsca field redevelopment in the
south west and the Peneszlek development in the eastern Nyirseg region, the
Toreador farm-in provides the platform for a third producing area to be
established and with success, could open up yet another cashflow stream for
Ascent in 2009.'
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For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
Max Hartley Cenkos Securities plc Tel: 020 7397 8924
Notes
Ascent Resources plc has a diversified portfolio of over 20 hydrocarbon
exploration and development projects across six countries in Europe: Italy,
Switzerland, Hungary, Spain, Slovenia and Netherlands. Ascent's portfolio
contains a solid base of field redevelopment projects with selected exposure to
exploration upside. The portfolio is focussed on gas and with the exception of
the shallow water Netherlands project, all of its projects are located onshore
where operating and development costs are substantially lower than they are
offshore.
Toreador Resources Corporation is an independent international energy company
engaged in the acquisition, development, exploration and production of natural
gas, crude oil and other income-producing minerals. It holds interests in
developed and undeveloped oil and gas properties in France, Hungary, Romania and
Turkey.
This information is provided by RNS
The company news service from the London Stock Exchange