Ascent Resources Regulatory News (AST)

24 May 2007 07:03

Ascent Resources PLC24 May 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 24th May 2007 Ascent Resources plc ("Ascent" or the "Company") Drilling in Hungary Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, in conjunction with its partners, has started drilling the VAM-1exploration well which is the second of two option wells in the Nyirsegexploration permits of north east Hungary. PetroHungaria kft (a 90% owned subsidiary of Ascent), started drilling VAM-1 on23 May 2007. This morning at 06:00 CET, the rig is cementing surface casing at54m. The planned total depth of the well is 1,775m. It is expected that thewell will take approximately a month to complete. Partners in the well are DualEx of Canada (37.5%) and Petro Pequnia of Sweden(2%) and under the farm-out agreement, DualEx will pay 75% and Petro Pequnia 4%of the costs of this well with PetroHungaria kft funding the remaining 21%. TheVAM-1 exploration well will test prospects in both the Miocene and Pannonianformations in the Vamospercs area, roughly 18 kilometres to the southwest of thePeneszlek field. * * 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 4477 Notes: Ascent Resources has a portfolio of over 20 gas and oil projects across sixcountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,Spain, Slovenia and offshore Netherlands. Ascent is at present drilling aprogramme of exploration wells across its portfolio. The Company operatesSpain's only onshore oilfield where production currently averages over 110barrels of oil per day. With the stable European gas market, Ascent's portfoliofavours gas over oil. With the exception of the Netherlands, all of its projectsare located onshore where operating and development costs are substantiallylower than they are offshore. This information is provided by RNS The company news service from the London Stock Exchange