Ascent Resources Regulatory News (AST)

7 Apr 2008 07:01

Ascent Resources PLC07 April 2008 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 7 April 2008 Ascent Resources plc ("Ascent" or "the Company") Hungarian operations start-up Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, announces that operations have commenced on the Szolnok explorationpermit in Central Hungary where the Company has a 27.5% interest, with thedrilling of the first of two exploration wells and the start of a 3-D seismicsurvey. Drilling of the TIK-1 well began at 17:00 on Sunday 6th April with operationsexpected to last about five weeks. The well is planned to reach a depth of2,250m and to intercept targets in the Pannonion, Miocene and pre-Mioceneformations. The Kunszentmarton 3-D seismic acquisition programme has also begun and thefield work is expected to take seven weeks. This programme will cover 150 sq kmand as well as delineating six prospects identified from old 2-D lines, it isexpected to identify further targets. Both in the area of, and surrounding the Szolnok exploration permit, there are anumber of producing oil and gas fields as well as new discoveries that are beendrilled in the past two years being prepared for production. Ascent Managing Director Jeremy Eng said, "These works, along with the on-goingpreparations for the start-up of production at Ascent's PEN-104 gas discovery ineastern Hungary, demonstrates the benefits of a portfolio approach which has theability to create value through the simultaneous implementation of bothexploration and development programmes." * * 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 Max Hartley Cenkos Securities plc Tel:020 7397 8924 Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbonexploration and development projects across six countries in Europe: Italy,Switzerland, Hungary, Spain, Slovenia and Netherlands. Ascent's portfoliocontains a solid base of field redevelopment projects with selected exposure toexploration upside. The portfolio is focussed on gas and with the exception ofthe shallow water Netherlands project, all of its projects are located onshorewhere operating and development costs are substantially lower than they areoffshore. This information is provided by RNS The company news service from the London Stock Exchange