Fontana-1 Drilling Commences

RNS Number : 4733B

Ascent Resources PLC

28 October 2009

 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

28 October 2009

Ascent Resources plc ('Ascent' or 'the Company')

Fontana-1 Drilling Commences

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), has commenced the drilling of the Fontana-1 well which is designed to appraise the shallow part of the Anagni structure in the Frosinone Exploration permit in the Latina Valley.

The drilling is planned in two phases; the first phase will drill an 8-1/2" hole and set 7" casing at approximately 300m, the second phase is designed to drill and recover cores (geological samples) from this depth to the total depth of the well.

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For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent Resources plc	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Max Hartley	Cenkos Securities plc	Tel: [phone]

Notes

Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, 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 also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

 

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