Ascent Resources Regulatory News (AST)

21 Nov 2006 07:01

Ascent Resources PLC21 November 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 21 November 2006 Ascent Resources plc ("Ascent" or "the Company") Spuds Second Well in Hungary Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, announces the spudding of its second well in Hungary. The Fehergyarmat2 (FGY-2) well, with a planned total depth of 1,100m, targets Pannonianclastics, the same formations which were successfully tested in the PEN-104 well(announced 14 November 2006). The FGY-2 well, which is located approximately 70km north north-east of PEN-104, is aimed at quantifying the extent of the gasreserves in the northern part of the Nyirseg exploration permits. PetroHungaria kft (a 90% owned subsidiary of Ascent), with its partners DualExof Canada (37.5%) and Petro Pequnia of Sweden (2%), has the option to drill twofurther wells in the permits and the same drilling rig is available to the Groupin March 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 Hugh 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 drilling a programmeof six exploration wells, at least two in Hungary and two each in Spain andItaly. In 2007, high impact gas exploration wells are also planned in the PoValley in Italy and in Switzerland. Ascent will also participate in up to fournon-operated exploration wells in the Aurelian Oil & Gas PLC led project inRomania (5% Ascent) where gas is produced from the Bilca development. Ascentalso produces a hundred barrels of 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 plans in the short term. This information is provided by RNS The company news service from the London Stock Exchange