Ascent Resources PLC
10 March 2005
Joint Enterprise in Hungary
Ascent Resources plc (Ascent) are pleased to announce that it has entered into
an agreement for a Joint Enterprise in Hungary initially covering two
exploration permits, Nyriseg-South, covering an area of 927 km2, and
Nyirseg-Szatmar, covering an area of 1,556 km2 in north eastern Hungary.
These two exploration permits contain, in addition to the fallow Peneszlek gas
field, a number of wells that have produced gas.
The Joint Venture Company will be owned 90% by Ascent and 10% by Geomega.
Geomega is a Hungarian company whose principals have many years experience in
Hungarian oil and gas exploration and the company was formed to exploit the
opportunities that have become available since 1996. Geomega is the registered
titleholder of the two exploration permits.
Ascent will pay the costs of the on-going geological, geophysical and
engineering evaluation, the costs of the work commitment for the first
exploration term and will issue one million options to the principals of Geomega
exercisable at 5p for a period of four years from issue. Additional tranches of
shares up to a maximum of 1.5 million will be issued on confirmation of proven
gas reserves of up to 2 billion cu.m (approx. 70 Bcf).
The Joint Venture will also pursue other hydrocarbon exploration and production
opportunities in Hungary including new exploration permit applications and coal
bed methane projects.
Contact:
Jeremy Eng
Managing Director
Telephone: +44 20 7251 4905
Facsimile: +44 20 8681 2680
E-mail: jeng@ascentresources.co.uk
David Steinepreis
Chairman
Telephone: +44 7913 402 727
E-mail: dcs@ascentcapital.com.au
This information is provided by RNS
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