Ascent Resources Regulatory News (AST)

23 Oct 2008 12:00



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

23rd October 2008 

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

Commences 3D Seismic in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has commenced the shooting of a 3D seismic survey in the Penészlek area of the Nyírség permits in Hungary. 

The survey, covering 100 square kilometres of the license area, is being conducted by Ascent's Hungarian associate, PetroHungaria kft. The acquisition of further data from Penészlek follows the commencement of gas production from the PEN-104 well in August 2008 and is intended to delineate other gas reserves in the vicinity. Two wells in the survey area, PEN-9 and PEN-12 have previously tested gas but to date, have not been put into production. The partially depleted Penészlek field also is within the survey area.

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%).

Ascent Managing Director Jeremy Eng said, "This is a positive step forward in the continued development of our Hungarian assets. Following the success of the PEN-104 well, currently producing 108,000 cu. M per day (3.8 MMscfd), we expect that the data acquired from this survey will point us towards new drilling opportunities and allow us to bring further cash generative wells on line in the area."

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

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.