PEN-105 Drilling Update

RNS Number : 1311X

Ascent Resources PLC

10 August 2009

 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

10th August 2009

Ascent Resources plc ('Ascent' or 'the Company')

PEN-105 Drilling Update 

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, advises that mobilisation of the rig that will drill the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary has commenced.  It is expected that drilling will begin over the next week and that it will take approximately three weeks to evaluate the primary target, a gas prospect that is estimated to be at a depth of 1,500m.

Ascent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria kft.  Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

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For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent    Resources plc	Tel: [phone]
Hugo de Salis Chris Welsh	St Brides Media & Finance Ltd St Brides Media & Finance Ltd	Tel: [phone] Tel: [phone]
Max Hartley	Cenkos Securities plc	Tel: [phone]

Notes

Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, 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. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

 

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