Pen?szlek Operations Update

RNS Number : 7409Z

Ascent Resources PLC

21 March 2012

 



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

21 March 2012

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

Penészlek Operations Update

Ascent Resources plc, the AIM listed European oil and gas exploration and production company, announces that PetroHungaria kft, the operator of the Penészlek gas production concession in eastern Hungary, has commenced operations to sidetrack the PEN-105 well.  The PEN-105A sidetrack, with a bottom hole location some 430m north-east of the original vertical well, is designed to recover gas reserves isolated by a fault in the northern part of the structure.

Ascent Resources plc holds a 48.78% interest in the PEN-105 well and its partners in the project are DualEx of Canada, Geomega of Hungary and Swede Resources of Sweden.  The drilling of the sidetrack is expected to take about three weeks after which gas production from the well is planned to recommence.  The PEN-105 well was originally drilled in 2009.

Ascent's Managing Director Jeremy Eng said, "Over the years, production at Penészlek has generated revenues that have helped to cover our corporate overheads while we have advanced our flagship Petišovci Gas Project in Slovenia towards production.  The PEN-105 sidetrack is designed to extend the life of this largely depleting field.  As Penészlek declines in line with expectations, the loss of output will be more than replaced when Petišovci, with its 504 Bcf P50 gas-in-place, comes on stream as we expect later this year.   This is an exciting time for the Company and I look forward to updating the market on progress at both Penészlek and Petišovci in due course." 

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

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Scott Richardson Brown
Sarah Wharry	finnCap Ltd (NOMAD & Broker)	Tel: [phone]
Ben Thompson
Frank Buhagiar	St Brides Media & Finance Ltd	Tel: [phone]
Isabel Crossley

Notes

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.  Its 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 would be offshore.

 

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