Stabilised Gas Production in

RNS Number : 5740B

Ascent Resources PLC

19 August 2008

 



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

19th August 2008 

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

Gas production in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company reports that production of gas from the PEN-104 well in the Penészlek area of the Nyírség permits in Hungary, which commenced on 12th August, has reached a stabilised average rate of 88,200 cu.m per day (3.12 MMscfd; 520 boepd).

Ascent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

* * ENDS * *

Glossary
cu. m               Cubic metre

MMscfd          Millions of standard cubic feet of gas per day

boepd              Barrels of oil equivalent per day (1 barrel of oil is equivalent to 6,000 
standard cubic feet of gas)

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

Jeremy Eng                Ascent    Resources plc                                   Tel: [phone]

Victoria Thomas        St Brides Media & Finance Ltd                       Tel: [phone]

Max Hartley              Cenkos Securities plc                                      Tel: [phone]

NotesAscent 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.

 

END

 

 

DRLBLGDISBBGGII