ICM-1 Well Commences

RNS Number : 5522Y

Ascent Resources PLC

08 July 2008

 



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

8th July 2008

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

Gabon Well

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, notes that Sterling Resources Plc ('Sterling') has reported the commencement of drilling of the Iris Charlie Marin-1 ('ICM-1') well offshore Gabon. Ascent has a 1.75% net profits interest in the Iris Marin Production Sharing Contract Area where the ICM-1 well is being drilled.

The ICM-1 well, located 12 km southwest of the Gamba field in 25 metres of water, is targeting the Charlie Prospect, which Sterling estimates to contain reserves of 20-40 million barrels of oil in the Gamba Sandstone formation.  Sterling expects drilling to be completed before the end of July 2008.  

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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 over 20 hydrocarbon exploration and development projects across six countries in Europe: Italy, Switzerland, Hungary, Spain, 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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