| Switzerland |
Ascent stake: 90% |
Oil & Gas |
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| During 2007 Ascent agreed to farm-out up to 40% of its 90% interest in the Seeland-Frienisberg Permit in north-western Switzerland to Leni Oil and Gas (LGO). Under the terms of the farm-out, LGO will fund the costs of the drilling and testing of the first well in the exploration permit. If LGO takes up its full 40% interest, it will additionally have the right of first refusal to participate in Ascent's other two Swiss projects on the same terms.
July 2006 – A third exploration permit was awarded in the Canton of Vaud through Joint Venture partner SEAG (Swiss Petroleum). The exploration permit, covering an area of 735.8 square kilometres, includes the Essertines well, drilled by BEB drilled in 1962. Oil in was discovered in this well in a Jurassic Rhaetian reservoir, which produced light oil (41.5 degrees API) with associated gas on test.
August 2005- The Joint venture was granted two gas exploration permits. The permit for the Seeland/Frienisberg area covers 363.5 square kilometres and contains the Hemrigen well discovered in 1982. The Thun permit covers 330 square kilometres and contains the Linden well discovered in 1972.
April 2005 - Ascent entered into a joint venture with SEAG (Swiss Petroleum) for an exploration project in the Molasse Basin of western Switzerland. The joint venture is owned 90% by Ascent and 10% by SEAG. The joint venture is targeting three unappraised discoveries: 1) A BEB (ExxonMobil & Shell) oil discovery made in 1962, 2) one gas discovery drilled by Elf Aquitaine in 1972 and 3) one gas discovery drilled by Elf Aquitaine in 1982.
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