Gazzata-1 Drilling Update

RNS Number : 0153R

Ascent Resources PLC

23 April 2009

 



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

23rd April 2009

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

Gazzata-1 Drilling Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), is completing the construction of the Gazzata-1 wellsite near the city of Modena in Italy's Po Valley. The mobilisation of the Perazzoli (Ascent 22.5% owned) HH-200 drilling rig is scheduled to start on the 5th May 2009 and spudding of the well is anticipated circa 10 days later.

The Gazzata-1 well, which targets a large gas prospect at 2,100m, is expected to take about a month to complete. 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.  

Ascent Managing Director Jeremy Eng said, 'The Gazzata prospect is both large and well defined on the seismic data and we look forward to the commencement of drilling.  A gas discovery at this location would undoubtedly prove to be very valuable for Ascent and I look forward to providing updates as the work progresses.'

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Glossary

HH-200    Drillmec 200 tonne diesel hydraulic drilling rig

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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