Ascent Resources Regulatory News (AST)

23 Oct 2006 11:00

Ascent Resources PLC23 October 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 23 October 2006 Ascent Resources plc ("Ascent" or "the Company") Commences Drill Programme with First Well in Hungary Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, announces that its drilling campaign is now underway with the spuddingof the PEN-104 well in Hungary. PetroHungaria kft (a 90% owned subsidiary of Ascent), spudded the PEN-104 wellon October 21, 2006. Partners in the well are DualEx of Canada (37.5%) and PetroPequnia of Sweden (2%). This morning at 6am (local time) the rig was drillingahead in 12-1/4" hole at 285m with a planned total depth (TD) of 1,350m. PEN-104 is a re-appraisal well within the once productive Peneszlek gas fieldand targets gas reservoirs in the Pannonian clastics and the underlying Miocenetuffs. The Peneszlek gas field produced a total of 4.8 bcf (136 mcm) of gas fromsix wells between 1983 and 1989. Re-mapping of the field using seismic dataacquired in 2006 by PetroHungaria leads the parties to believe that significantreserves may be remaining. Once PEN-104 drilling is completed, the rig will be moved to the FGY-2 locationin the north part of the block. The group then has the option to drill twofurther wells in the western part of the acreage in the first half of 2007. * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905 Hugo 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. The projects are onshore in Italy, Switzerland,Hungary, Spain and Romania and offshore the Netherlands. Ascent is commencing aprogramme of six exploration wells, at least two in Hungary and two each inSpain and Italy. In 2007, high impact gas exploration wells are also planned inthe Po Valley in Italy and in Switzerland. Ascent will also participate in up tofour non-operated exploration wells in the Aurelian Oil & Gas PLC led project inRomania (5% Ascent) from where gas sales from the Bilca development commencedearlier this month. Ascent also produces about 100 barrels of oil daily fromSpain'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 less than they areoffshore. Ascent's Board of Directors are specialists in the oil and gas business and eachdirector has extensive expertise and experience in commercialising energyassets. The Company's Board and Executive Management provide the basis uponwhich Ascent can accommodate the rapid growth that will accompany a discoverymade during the drilling campaign. This information is provided by RNS The company news service from the London Stock Exchange