Ascent Resources Regulatory News (AST)

18 Dec 2006 11:05

Ascent Resources PLC18 December 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 18th December 2006 Ascent Resources plc ("Ascent" or "the Company") Commences drilling Anagni-1 Well in Italy Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, has commenced the drilling of the Anagni-1 well in the FrosinoneExploration Permit about 80km east-south-east of Rome, with Pentex ItaliaLimited as operator. Anagni-1, which is primarily designed as a stratigraphic (geological research)well, is planned to be drilled to a depth of 1,000m. The well location is inthe Latina Valley in the Frosinone Exploration Permit (Ascent 70% interest) andis circa 40km north-east of the Ripi oilfield in the Strangolagalli Concession(Ascent 50% interest in the exploration rights). The Anagni-1 well willinvestigate the shallow and intermediate Cretaceous Carbonate plays of theAnagni Structure, which may contain oil reservoirs. The drilling of the Anagni-1 well commenced on December 16th. On completion ofthis well, the rig is scheduled to move to Spain to drill the Hontomin 4appraisal well in the Huermeces Exploration Permit (Ascent 50%). The drillingof the Arrone-1 well in the Fiume Arrone Exploration Permit (Ascent 40%) hasbeen postponed and now may be drilled, contingent upon access to the drillinglocation, when the rig returns from Spain. Ascent Resources Managing Director Jeremy Eng said, "The results of the Anagni-1well will be very interesting, as we know that there is oil in the immediatevicinity. The seismic resolution in this area is poor, hence the necessity forthis stratigraphic well, which none the less has the potential to make a notableoil discovery. Our drilling programme is continuing and we are looking forwardto the Hontomin well which is close to our existing production from theAyoluengo oilfield in northern Spain". * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477Hugh Oram Nabarro Wells & Co. Limited Tel: 020 7710 7400 Notes Ascent Resources has a portfolio of over 20 oil and gas projects across sixcountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,Spain and Romania and offshore the Netherlands. Ascent is currently drilling aprogramme of up to eight wells, two already complete and two more planned inHungary with two each planned in Spain and Italy. In 2007, high impact gasexploration wells are also planned in the Po Valley in Italy and in Switzerland.Ascent plans to participate in up to four non-operated exploration wells in theAurelian Oil & Gas PLC led project in Romania (5% Ascent) where gas is producedfrom the Bilca development and Ascent also produces over one hundred net barrelsof oil daily from Spain's only onshore oilfield. With the strong and stable European gas market, Ascent's portfolio favours gasover oil and, with the exception of the Netherlands, all of its projects arelocated onshore where operating and development costs are substantially lowerthan they are offshore. Ascent's directors are specialists in the oil and gas business and each directorhas expertise and experience in commercialising energy assets. The Company'sBoard and Executive Management provide the basis upon which Ascent canaccommodate the rapid growth that the Company anticipates in the short term. This information is provided by RNS The company news service from the London Stock Exchange