Gazzata-1 Italian Exploration

RNS Number : 9030E

Ascent Resources PLC

02 October 2008

 



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

2nd October 2008 

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

Gazzata-1 Italian Exploration Well Update

Ascent Resources plc, the AIM-traded oil and gas production and exploration company, expects that the drilling of the Gazzata-1 gas exploration well in the Cento-Bastiglia permits of Italy's prolific Po Valley will now start in January 2009. The drilling schedule has been revised at the request of joint venture partner Otto Energy ('Otto') as Otto currently awaits income from first production at the Galoc oilfield in the Philippines.  

Otto will earn a 50% working interest in the Cento-Bastiglia permits via the funding of 100% of the cost of Gazzata-1 and, if successful, the cost of a second well. Over-budget expenditure on either well will be shared equally.

The Gazzata-1 well, which targets a large Pliocene gas exploration prospect at a depth of c 2,400 m, will be drilled by the new Perazzoli HH200 rig which is 22.5% owned by Ascent. The rig is currently drilling its first well for a third party in southern Italy and will now be contracted for two other third party wells in the Po Valley before mobilising to the Gazzata-1 location. The new rig is operating better than anticipated and is expected to complete these wells ahead of schedule.

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

Jeremy Eng	Ascent    Resources plc	Tel: [phone]
Hugo de Salis Victoria Thomas	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.

 

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