Last checked at 19 Aug 2008 07:00
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
19th August 2008
Ascent Resources plc ("Ascent" or "the Company")
Gas production in Hungary
Ascent Resources plc, the AIM-traded oil and gas exploration and production company reports that production of gas from the PEN-104 well in the Penészlek area of the Nyírség permits in Hungary, which commenced on 12th August, has reached a stabilised average rate of 88,200 cu.m per day (3.12 MMscfd; 520 boepd).
Ascent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).
* * ENDS * *
Glossary cu. m Cubic metre
For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Victoria Thomas St Brides Media & Finance Ltd Tel: 020 7242 4477
Max Hartley Cenkos Securities plc Tel: 020 7397 8924
NotesAscent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore.