Ascent Resources Regulatory News (AST)

23 Nov 2005 08:58

Ascent Resources PLC23 November 2005 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 23 November 2005 Ascent Resources plc ("Ascent" or "the Company") Operational update in Hungary and Italy Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, announces that its 90% owned Hungarian joint venture, Petro HungariaKft has completed its planned 270 km 2D seismic survey in the NyirsegExploration Permits in north eastern Hungary. After processing the data andincorporating the results into the existing geological model, the Company plansto select two drilling locations, permitting of which may take up to six monthsbefore permission to drill is received. The seismic acquisition was completed onschedule and within budget. In Italy, Pentex Italia Limited, the operator of the Frosinone ExplorationPermit, has informed Ascent that it has signed a Letter of Intent with anItalian drilling contractor for a rig to drill the Anagni 1 oil well in theLatina Valley. Mobilisation is planned to take place in March 2006. Ascent's Managing Director Jeremy Eng commented: "As Ascent's first majoroperation we are please that the seismic programme in Hungary has been completedon schedule and below budget. We are also pleased to have secured a suitable,new generation rig to drill the Anagni 1 well. Due the high activity levels,rigs are in short supply as are drilling materials, however, with our purchaseof Vintage Italiana, we acquired sufficient drilling inventory for at leastthree wells." * * ENDS * * Contacts: Jeremy Eng Ascent Resources Plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange