Hungarian Farm-in

19 Dec 2007 07:01

Ascent Resources PLC19 December 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 19th December 2007 Ascent Resources plc ("Ascent" or "the Company") Hungarian farm-in with Toreador Resources Ascent Resources plc, the AIM-traded oil and gas exploration and productioncompany, has entered into a farm-in agreement with Toreador ResourcesCorporation ("Toreador") to drill two exploratory wells and acquire 170 squarekilometres of 3-D seismic in Toreador's Szolnok exploration permit in CentralHungary. The Szolnok exploration permit is one of the largest in Hungary spanning 2,620square kilometres. The permit is located at the northern end of the Mako troughwhich has sourced numerous large gas fields which are currently producing in thesurrounding area. Many exploration and appraisal opportunities have alreadybeen identified in the Szolnok block in both the shallow Pannonian and deeperMiocene formations. The seismic acquisition and the drilling of the two farm-inwells are planned for the first half of 2008. Ascent will be appointed joint technical operator of the Szolnok Project and hasagreed to pay 36.67% of the cost of a two well drilling and seismic acquisitionprogramme, which is estimated to cost a total of €6.5 million (dry hole case),to earn a 27.5% interest in the project. Toreador will retain a 25% workinginterest. Ascent Managing Director Jeremy Eng said, "We see this agreement with Toreadoras a great opportunity to benefit from our expertise in Hungary and to increasethe value of our portfolio. Alongside the Bajsca field redevelopment in thesouth west and the Peneszlek development in the eastern Nyirseg region, theToreador farm-in provides the platform for a third producing area to beestablished and with success, could open up yet another cashflow stream forAscent in 2009." * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477Max 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. Toreador Resources Corporation is an independent international energy companyengaged in the acquisition, development, exploration and production of naturalgas, crude oil and other income-producing minerals. It holds interests indeveloped and undeveloped oil and gas properties in France, Hungary, Romania andTurkey. This information is provided by RNS The company news service from the London Stock Exchange