Ascent Resources Regulatory News (AST)

12 Sep 2006 08:00

Aurelian Oil & Gas plc12 September 2006 Aurelian Oil & Gas PLC Ascent Resources plc & Europa Oil & Gas plc 'Bilca Development Update' Aurelian Oil & Gas PLC ("Aurelian" or the "Company"), the exploration andproduction company focussed on Central Europe, acting as operator of the jointventure with MIRC (a wholly owned subsidiary of Ascent Resources plc) and EuropaOil & Gas (Holdings) plc, is pleased to announce that it has signed a contractwith S.N.G. N, Romgaz S.A, the Romanian state gas company and the fourth partnerin this Joint Venture, for the sale of gas production from the Bilca Developmentsituated in the Brodina Block in Northern Romania. The production facilities have now been commissioned and a production licencehas been applied for from the Romanian authorities. It is anticipated that thepermit will be issued during September and production will commence once thepermit has been issued. An initial production rate of 7 million cubic feet perday is planned (c. 200 th. cu.m/day). This rate will be kept under observationand will be adjusted according to reservoir conditions. Michael Seymour, Managing Director of Aurelian commented "We are particularly pleased to have brought these first three gas discoveriesin Romania to production within only 27 months of the first discovery well. Thishas been an important and constructive first production project for Aurelianwhich will stand us in good stead for the future discoveries we are confidentwhich will follow in Romania." 12th September 2006 Note: The Joint Venture is between Aurelian, (28.75%), Europa (28.75%) and Ascent (5%)and the Romanian state gas producing company S.N.G. N, Romgaz S.A, (37.5%) andcovers the Brodina Concession, which covers 1,475 km2 in Northern Romania on theUkraine border. Three wells were drilled in 2005 and 2006, of which all werediscoveries. These are known as the "Bilca Development" which is the subject ofthis announcement. Aurelian is the operator. Enquiries: Aurelian Oil & Gas +44 20 7629 7986 Michael Seymour, Managing Director Frank Jackson, Commercial Director Marc Cramsie, Nabarro Wells +44 20 7710 7400 Nick Elwes / Paddy Blewer, College Hill +44 20 7457 2020 Ascent Resources plc Jeremy Eng, Managing Director +44 20 7251 4905 Hugo de Salis, St Brides Media and Finance Ltd +44 20 7242 4477 Europa Oil & Gas (Holdings) plc Paul Barrett Managing Director +33 5 63 33 18 97 Ewen Ainsworth Finance Director +44 20 8924 7227 Jonathan Wright / Parimal Kumar, Seymour Pierce Ltd +44 20 7107 8000 Jade Mamarbachi / Toby Hall, gth media relations +44 20 7153 8035 www.aurelianoil.com Notes to Editors: Aurelian Oil & Gas PLC Aurelian Oil & Gas PLC, was founded in December 2002, by current ManagingDirector, Michael Seymour. The Company's strategy is to explore for, appraise,develop and produce oil and natural gas reserves focused in Central Europe. The Company's expertise lies in identifying sound projects, negotiating with therelevant Ministries or state companies, and conducting high quality technicalwork to upgrade its projects to the point where they are ready for drilling anddevelopment Aurelian Oil & Gas currently has projects in four countries with a diverserange of risk profiles. In Romania the Company is operator and holds interestsin four blocks; Brodina (28.75%) Cuejdiu (28.75%), Bacau (47.5%) and Suceava(50%). In Bulgaria Aurelian has a 75% interest in and is operator of theB-Golitza and B1-Golitza Blocks, whilst in Poland Aurelian is the operator ofthe Pozan East gas appraisal project with a 90% interest. In Slovakia, Aurelianhas 100% interest in three license blocks awarded in August 2006 The Company listed on AIM on 22 August 2006. Europa Oil & Gas (Holdings) plcEuropa Oil & Gas (Holdings) plc focuses on the production and exploration ofhydrocarbons in Europe and North Africa. It currently produces 210 barrels ofoil per day from UK onshore fields and 25 barrels of oil equivalent from theUkraine. Production is expected to rise significantly after its Romanian BilcaGas Project comes on-stream during September 2006. Operating a balancedportfolio, Europa currently has field appraisal activity on projects in the UKSouthern Gas Basin and onshore Romania and exploration activity on a furthereight licences across the Europe - North Africa region. For more informationplease visit www.europaoil.com. Ascent Resources PLC Ascent Resources PLC 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. Starting late this summer Ascent willdrill six (with two optional extra) exploration wells, two (or four) in Hungaryand two each in Spain and Italy. In 2007, high impact gas exploration wells areplanned in the Po Valley in Italy and in Switzerland. This information is provided by RNS The company news service from the London Stock Exchange