Swiss Drilling Plans
04 February 2008
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
4 February 2007
Ascent Resources plc ("Ascent" or "the Company")
Swiss Drilling Plans
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, confirms that, in response to media comment in Switzerland, it is in
discussions with the Council of the Community of Hermrigen in the Canton of
Bern, Switzerland, regarding its intention to appraise the Hermrigen-1 gas
discovery made by Elf Aquitane in 1982.
Ascent has completed geological and geophysical analyses and studies in the area
and now plans to drill the Hermrigen-2 well as an appraisal to the 1982
Hermrigen-1 gas discovery. The Hermigen-1 well tested gas from reservoirs at
2,250m but due to drilling complications it did not reach its deeper, primary
target. The Ascent operated Hermrigen-2 well is planned as a 3,000m vertical
well that will re-test the productive gas reservoir and drill the deeper target.
The Canton of Bern is to issue a three-year extension to the surface exploration
permit and a sub-surface exploration permit for the Hermrigen area. It is
planned to drill the Hermrigen-2 well in the second half of 2008, subject to the
issue of a construction permit and the consent of the local community. The well
will be drilled with the newly built, latest generation, low environmental
impact 200 tonne rig owned by Ascent's 22.5% subsidiary, Perazzoli Drilling srl.
Ascent is operator of the project retaining an 80% interest and its partners in
the project are SEAG (Schweiz Erdoel or Swiss Petroleum) of Zurich (10%) and
Leni Gas and Oil plc (10%).
Ascent Managing Director Jeremy Eng said, "There have only been about 20
hydrocarbon exploration wells drilled on prospective acreage in Switzerland,
making it the least explored country in Western Europe, with an average of about
1 well per 1,000 sq km. The Hermrigen-1 discovery well was drilled by Elf
Aquitane 26 years ago, and the Hermrigen-2 Appraisal well will be the first well
to be drilled in the area since the Finsterwald field was in production in the
neighbouring Canton of Lucerne between 1985 and 1994.
"Through our Swiss partners, SEAG, we are working closely with the local
community to ensure that everyone's interests are taken into account and that
the gas development potential is fully realised."
The technical information contained in this announcement has been reviewed and
approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who
has 19 years relevant experience in the oil industry.
* * ENDS * *
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 7236 1177
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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