PEN-106 Drilling Update

RNS Number : 5879J

Ascent Resources PLC

01 April 2010

 



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

1 April 2010

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

PEN-106 Drilling Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its subsidiary PetroHungaria kft, announces that it is currently drilling the PEN-106 well, part of the Penészlek Project in the Penészlek area of the Nyírség exploration permits in eastern Hungary. 

The target of the well is the Miocene tuffaceous formation within a structure defined on 3-D seismic of the area acquired in 2008 and similar to that proven by the PEN-105 well.  The well is planned for a total depth of approximately 1,500m and, if productive, will be connected to the existing Penészlek facilities by a 2 km pipeline, for which the permit has already been obtained.

Once the rig has finished the PEN-106 well, it will return to PEN-101 to complete the remedial work required to ready the well for production.

Partner interests in the Penészlek Project are:

	Project Interest	PEN-101 & PEN-106
		Revenue Interest	Cost Share
Ascent Resources plc	48.776%	51.654%	53.381%
DualEx	40.440%	42.826%	44.258%
Swede Resources	2.157%	2.285%	2.361%
Geomega kft	8.627%	3.235%	0%

* * ENDS * *

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

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Simon Cunningham	Ascent  Resources plc	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Paul Youens	St Brides Media & Finance Ltd	Tel: [phone]
Lindsay Mair	Astaire Securities	Tel: [phone]
Jerry Keen	Astaire Securities (Corporate Broking)	Tel: [phone]
Toby Gibbs	Astaire Securities	Tel: [phone]
Daniel Fox-Davies	Fox-Davies Capital Ltd	Tel: [phone]
James Hehn	Fox-Davies Capital Ltd	Tel: [phone]

Notes

Ascent Resources plc has a diversified portfolio of 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 would be offshore.

 

END

 

 

DRLSDDEFFFSSEFD