Gazzata-1 Drilling Commences

RNS Number : 5378S

Ascent Resources PLC

20 May 2009

 



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

20th May 2009

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

Gazzata-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 started drilling the Gazzata-1 well near the city of Modena in Italy's Po Valley. The drilling is expected to take about three weeks to evaluate the primary target, a large gas prospect that is estimated to be at a depth of 2,100m.

Otto Energy of Australia has a farm-in agreement with Ascent whereby it will earn a 50% working interest in the project through the funding of the well. If the Gazzata-1 well is a significant discovery, Otto Energy will also fund a second well. The well is being drilled with the Perazzoli (Ascent 22.5% owned) HH-200 low environmental impact hydraulic rig.

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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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