8 Jul 2008 11:00
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
8th July 2008
Ascent Resources plc ("Ascent" or "the Company")
Gabon Well
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, notes that Sterling Resources Plc ('Sterling') has reported the commencement of drilling of the Iris Charlie Marin-1 ('ICM-1') well offshore Gabon. Ascent has a 1.75% net profits interest in the Iris Marin Production Sharing Contract Area where the ICM-1 well is being drilled.
The ICM-1 well, located 12 km southwest of the Gamba field in 25 metres of water, is targeting the Charlie Prospect, which Sterling estimates to contain reserves of 20-40 million barrels of oil in the Gamba Sandstone formation. Sterling expects drilling to be completed before the end of July 2008.
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For further information visit www.ascentresources.co.uk or contact:
| Jeremy Eng | Ascent Resources plc | Tel: 020 7251 4905 |
| Hugo de Salis Chris Welsh | St Brides Media & Finance Ltd St Brides Media & Finance Ltd | Tel: 020 7236 1177 Tel: 020 7236 1177 |
| Max Hartley | Cenkos Securities plc | Tel: 020 7397 8924 |
Notes
Ascent Resources plc has a diversified portfolio of over 20 hydrocarbon exploration and development projects across six countries in Europe: Italy, Switzerland, Hungary, Spain, 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.
Ascent Resources (AST)