Ascent Resources Regulatory News (AST)

3 Jul 2006 07:00

Ascent Resources PLC03 July 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 3 July 2006 Ascent Resources plc ("Ascent" or "the Company") Issue of Third Swiss Exploration License Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany through its joint venture partner SEAG, has been awarded a thirdexploration permit in Switzerland; in the Canton of Vaud. The explorationpermit, covering an area of 735.8 km2, includes the Essertines well, drilled byBEB drilled in 1962. Oil in a Jurassic Rhaetian reservoir was discovered inthis well, producing on test light (41.5 degrees API) oil with associated gas. Ascent's 90% owned joint venture with SEAG (Schweizerisches Erdol AG), also hastwo exploration permits in the Canton of Bern, each of which contain gasdiscovery wells drilled by Elf Aquitaine in 1972 and 1982. An on-going work programme for the Company's three permits is underway atAscent's Technical Services Division in Budapest, including the collation of allthe geological and geophysical data for the region and the reprocessing of theseismic. * * ENDS * * Contacts Jeremy Eng Ascent Resources plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes Ascent Resources has an extensive portfolio of over 20 oil and gas projectsacross six countries in Europe. These include an 88% interest and operatorshipof the only onshore Spanish oilfield which produces over 100 barrels of oil perday. Ascent's other projects are in Italy, Switzerland, Hungary and Romania, aswell as applications offshore Netherlands and minor assets in Gabon. Startinglate this summer Ascent will drill six exploration wells, two each in Hungary,Spain and Italy. High impact gas exploration wells in the Po Valley in Italy andin Switzerland are planned for 2007. The Company will also participate in up tofour non-operated exploration wells in Romania. With the strong and stable European gas market, the Company's portfolio isbalanced in favour of gas over oil, and with the exception of Netherlands,projects are located onshore where operating and development costs are very muchless than they are offshore. The Company has appointed to the Board a team of experienced directors who arespecialists in the European energy business and each of whom has expertise andexperience in commercialising energy assets. This provides the structure underwhich the Company can accommodate the rapid growth that will accompany adiscovery made during this year's drilling campaign. This information is provided by RNS The company news service from the London Stock Exchange