Start of drilling in Hungary
07 April 2008
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
7 April 2008
Ascent Resources plc ("Ascent" or "the Company")
Hungarian operations start-up
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, announces that operations have commenced on the Szolnok exploration
permit in Central Hungary where the Company has a 27.5% interest, with the
drilling of the first of two exploration wells and the start of a 3-D seismic
survey.
Drilling of the TIK-1 well began at 17:00 on Sunday 6th April with operations
expected to last about five weeks. The well is planned to reach a depth of
2,250m and to intercept targets in the Pannonion, Miocene and pre-Miocene
formations.
The Kunszentmarton 3-D seismic acquisition programme has also begun and the
field work is expected to take seven weeks. This programme will cover 150 sq km
and as well as delineating six prospects identified from old 2-D lines, it is
expected to identify further targets.
Both in the area of, and surrounding the Szolnok exploration permit, there are a
number of producing oil and gas fields as well as new discoveries that are been
drilled in the past two years being prepared for production.
Ascent Managing Director Jeremy Eng said, "These works, along with the on-going
preparations for the start-up of production at Ascent's PEN-104 gas discovery in
eastern Hungary, demonstrates the benefits of a portfolio approach which has the
ability to create value through the simultaneous implementation of both
exploration and development programmes."
* * 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 7242 4477
Max Hartley Cenkos Securities plc Tel:020 7397 8924
Notes
Ascent Resources plc has a diversified portfolio of some 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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