13th May 2008 14:55
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
13 May 2008
Ascent Resources plc ("Ascent" or "the Company")
Hungarian Exploration Well Update
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has decided to plug and abandon the Nko-Ny-1 gas exploration well in the Szolnok exploration permit in central Hungary. Ascent has a 27.5% interest in this project.
The well reached a total depth of 1,370m and despite drilling a number of potential reservoir sands in the lower Pannonian, logging results showed these to be primarily water bearing with minor traces of gas. The next phase of the exploration within the Szolnok permit will be based on the interpretation of the 3-D seismic survey, which has been acquired over the past few weeks.
Ascent's Managing Director, Jeremy Eng said, "Exploration, by its very nature, will have more unsuccessful than successful outcomes and this result, although disappointing, is a relatively small part of Ascent's exploration strategy. This is the strength of the Company's portfolio policy - having a mix of exploration with development and appraisal activity across some 20 projects. In other areas, the Hungarian development projects continue to progress well with both Penészlek and Bajcsa on schedule for potential production of gas later this year."
The technical information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who has 20 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 some 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.
Related Shares:
Ascent Resources