Ascent Resources Regulatory News (AST)

20 Oct 2005 12:32

Ascent Resources PLC20 October 2005 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 20th October 2005 Ascent Resources plc ("Ascent" or "the Company") Acquires Interest in Producing Spanish Oil Field and 2D Seismic Acquisition in Hungary Underway Ascent Resources plc, the AIM quoted oil and gas exploration and productioncompany, has acquired a 50% interest in Northern Petroleum Exploration Limited('NPEL'), for a consideration of 370,370 shares and cash from Gold Oil plc.NPEL holds a 22.5% interest in the La Lora concession that contains theproducing Ayoluengo oil field in the Sedano Basin in Northern Spain. NPEL wasrecently sold by Northern Petroleum plc to Gold Oil plc. The Sedano basin is an established oil and gas producing area. The AyoluengoField has already produced some 17 million barrels of oil and is currentlyproducing 110 barrels of oil per day. The Company recently acquired a 50% interest in the Huermeces, Valderredible andBasconcillos-H exploration permits which are also located in the Sedano Basinand cover a total of 556 square kilometres surrounding the Ayoluengo Field.These permits contain two discoveries and an appraisal programme with thedrilling of two wells will commence as soon as possible. These wells willappraise the Hontomin 2 discovery well drilled by Chevron in 1968, whichproduced oil during testing, and the Tozo 1 discovery drilled by Chevron in1965, which flowed several hundred barrels over a five month period. The Tozo 1well also contains an un-tested gas sand. Furthermore, Ascent through its 90% owned joint venture Petro Hungaria, hascompleted over 100 km out of a planned 270 km of 2D seismic in the Nyirsegexploration permits of North Eastern Hungary. The new seismic will define theprospectivity of the permit that had already been recognised from there-processing of the old seismic, the analysis of well-logs and the analysis ofthe data from the Peneszlek field. The Peneszlek field is a gas field locatedin the exploration permit and it produced gas between 1983 and 1989. Theseismic acquisition which is using vibroseis technology is on schedule andwithin budget. It is expected that the field work will be complete in earlyNovember. * * ENDS * * Contacts: Jeremy Eng Ascent Resources Plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange