Szolnok Drilling Update
25 April 2008
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
25th April 2008
Ascent Resources plc ("Ascent" or "the Company")
Szolnok drilling update
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, announces the abandonment of the TIK-1 exploration well in Szolnok,
central Hungary, in which the Company has a 27.5% interest. The well, drilled
under the Company's farm-in agreement with Toreador Resources Corporation ("
Toreador"), found a thicker than expected gas reservoir however the gas
composition was approximately 90% CO2 with only traces of methane.
The TIK-1 well was drilled to a depth of 2,003m and penetrated 40m of reservoir
quality gas saturated sands between 1,918m and 1,967m. Logging and the analysis
of wireline samples confirmed the presence of a high percentage of CO2 in the
lower Pannonian formations. Following the plugging and abandonment of TIK-1,
the rig will move to the second exploratory location, Nko-Ny-1, where drilling
is expected to commence in the first week of May.
Ascent Managing Director Jeremy Eng said, "This is a disappointing result as the
gas reservoir discovered by the TIK-1 well was substantially larger than
pre-drill estimates. The location of the second well in this programme, the
Nko-Ny-1 in the northern part of the Szolnok permit, is away from the deep fault
system that is thought to contribute to CO2 migration."
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 20 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 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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