Görbeháza-1 Drilling Commence

RNS Number : 5959X

Ascent Resources PLC

18 August 2009

 



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

18 August 2009

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

Görbeháza-1 Drilling Commences

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces the commencement of the drilling at 5pm CET yesterday of the Görbeháza-1 well, located in the western part of the Nyírség Szatmár permits in Hungary, known as the Panhandle.  The drilling, expected to take about ten days, will evaluate a primary gas target estimated to be at a depth of 1,200 metres.

The Görbeháza-1 well (GH-1) is located a few kilometres south of the Hajdúnánás-1 gas discovery drilled by Hungarian Horizon Energy ('HHE') and JKX Oil and Gas plc ('JKX') and is some 70 kilometres north-west of PetroHungaria's PEN-104 gas production well in which Ascent has a 45.23% interest.  Ascent has a 20.167% interest in the Panhandle exploration project, having acquired an additional 2.666% from Geomega Kft.  The other partners in the project include HHE (33.333% and operator), JKX (33.333%), DualEx Energy International Inc. (12.5%) and Swede Resources AB (0.667%).

Further to the announcement of 10th August 2009, drilling of the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary is in progress and is currently drilling ahead at 310 metres in 12-1/4' hole.  It is expected it will reach the primary target within two weeks, a gas prospect in the Miocene aged formation that is estimated to be at a depth of 1,500 metres.

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

Jeremy Eng	Ascent Resources plc	Tel: [phone]
Hugo de Salis Chris Welsh	St Brides Media & Finance Ltd St Brides Media & Finance Ltd	Tel: [phone] 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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