Ascent Resources Regulatory News (AST)

30 Apr 2007 07:05

Ascent Resources PLC30 April 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 30th April 2007 Ascent Resources plc ("Ascent" or the "Company") Results of Drilling Operations on Huermeces Licence Onshore Spain Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, in conjunction with its 50% partner Tethys Oil AB, has completed thedrilling of the Hontomin-4 well in Spain. Following the analysis of the logdata, the well is now to be plugged and abandoned, with the drilling rig thenreturning to Italy to continue the evaluation of the Anagni-1 oil discoveryannounced in January. Ascent Resources CEO, Jeremy Eng, said, "Whilst the Hontomin-4 well could haveprovided us with profitable incremental production because of its proximity tothe Ascent operated Ayoluengo oilfield, the relatively small reserves targetedby the well minimises the impact on the value of the Company's portfolio.Elsewhere, our drilling campaign progresses; in Hungary drilling has restartedon the first of two Nyirseg wells and in Italy, the Arrone-1 exploration well isplanned to be drilled immediately after the rig has completed its work on theAnagni-1 re-entry". The Hontomin-4 well was drilled to a depth of 1,610 metres and although thetarget Lower Jurassic clastics and the Triassic Carniolas carbonates werepresent, they did not contain oil. The well was drilled into the underlyingTriassic Keuper evaporites. Preliminary analysis suggests that the complexityof the faulting in the formations above the target has resulted in the lack ofan adequate seal for the reservoir. The well, equally funded by Ascent andTethys, is expected to be on budget despite delays caused by extreme weatherconditions with heavy snow on the location at the end of March and the failureof drilling contractor equipment, particularly the mud pumps. The Ayoluengo oil field is producing at an average rate of over 110 barrels perday and production enhancement programmes on the field continue. In the nearbyBasconcillos-H exploration permit, again in conjunction with Tethys, the plannedre-entry of the Tozo 1 well, to test some 30 m of good hydrocarbon shows in theCretaceous Purbeckian sands, has been postponed for operational reasons. The information contained in this release has been reviewed and approved by DrEloi Dolivo, Ascent's Exploration Manager. Dr Dolivo (member of the AAPG) has26 years experience in the evaluation of hydrocarbon resources. * * 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 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