Ascent Resources Regulatory News (AST)

4 Feb 2008 07:00

Ascent Resources PLC04 February 2008 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 4 February 2007 Ascent Resources plc ("Ascent" or "the Company") Swiss Drilling Plans Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, confirms that, in response to media comment in Switzerland, it is indiscussions with the Council of the Community of Hermrigen in the Canton ofBern, Switzerland, regarding its intention to appraise the Hermrigen-1 gasdiscovery made by Elf Aquitane in 1982. Ascent has completed geological and geophysical analyses and studies in the areaand now plans to drill the Hermrigen-2 well as an appraisal to the 1982Hermrigen-1 gas discovery. The Hermigen-1 well tested gas from reservoirs at2,250m but due to drilling complications it did not reach its deeper, primarytarget. The Ascent operated Hermrigen-2 well is planned as a 3,000m verticalwell that will re-test the productive gas reservoir and drill the deeper target. The Canton of Bern is to issue a three-year extension to the surface explorationpermit and a sub-surface exploration permit for the Hermrigen area. It isplanned to drill the Hermrigen-2 well in the second half of 2008, subject to theissue of a construction permit and the consent of the local community. The wellwill be drilled with the newly built, latest generation, low environmentalimpact 200 tonne rig owned by Ascent's 22.5% subsidiary, Perazzoli Drilling srl. Ascent is operator of the project retaining an 80% interest and its partners inthe project are SEAG (Schweiz Erdoel or Swiss Petroleum) of Zurich (10%) andLeni Gas and Oil plc (10%). Ascent Managing Director Jeremy Eng said, "There have only been about 20hydrocarbon exploration wells drilled on prospective acreage in Switzerland,making it the least explored country in Western Europe, with an average of about1 well per 1,000 sq km. The Hermrigen-1 discovery well was drilled by ElfAquitane 26 years ago, and the Hermrigen-2 Appraisal well will be the first wellto be drilled in the area since the Finsterwald field was in production in theneighbouring Canton of Lucerne between 1985 and 1994. "Through our Swiss partners, SEAG, we are working closely with the localcommunity to ensure that everyone's interests are taken into account and thatthe gas development potential is fully realised." The technical information contained in this announcement has been reviewed andapproved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) whohas 19 years relevant experience in the oil industry. * * 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 7236 1177 Max Hartley Cenkos Securities plc Tel: 020 7397 8924 Notes Ascent Resources plc has a diversified portfolio of over 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