Replacement - Hungary Project

RNS Number : 1734V

Ascent Resources PLC

06 July 2009

 



The following amends the announcement released today under RNS number 1706V at 12.00pm.

This announcement is in regard to Ascent Resources plc and not Irvine Energy plc as previously stated.

All other details remain unchanged and the full amended announcement appears below.

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

6th July 2009

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

Hungary Project Expansion

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Hungary Limited ('AHL'), has agreed terms with MOL RT ('MOL'), Hungary's leading oil and gas company, for joint operations in an area covering 88 square kilometres in south western Hungary, which includes both the Lovászi and Ujfalu oil and gas fields.

Under the terms of the agreement, MOL will transfer to Ascent a 50% interest for joint exploration and production in 88 square kilometres of licences in Hungary, but will retain an option to increase its interest to 60%. Ascent will acquire 3-D seismic data over this area and will fund the drilling of two wells. It will recover MOL's share of the cost of these wells from 80% of any resultant production revenues. Ascent will also acquire 3-D seismic data over an additional 90 square kilometres in the adjoining part of Slovenia that includes the Petişovci redevelopment project.  

Ascent's Managing Director Jeremy Eng said, 'Over the past two years, Ascent has completed extensive geological and production engineering studies in this region. Planning and permitting of the Slovenian 3-D seismic acquisition has been ongoing for sometime and we are very pleased to now have the opportunity to continue this work across the border into Hungary.  

'As the area is highly prospective, especially for tight gas reserves, the primary objective of the 3-D seismic is to plan for the development of these gas reserves from the Badenian reservoirs, from which small amounts of production have been achieved in Slovenia. In addition, there are also a number of secondary targets in the shallower Pontian oil reservoirs that have already produced over 55 million barrels of oil from the Lovászi and Petişovci fields.'

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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 focused 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.

 

END

 

 

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