PEN-101 Completion

RNS Number : 6633L

Ascent Resources PLC

11 May 2010

 



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

11 May 2010

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

PEN-101 Completion

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its subsidiary PetroHungaria kft, has successfully completed the PEN-101 sidetrack, part of the Penészlek Project, in the Nyírség exploration permits of eastern Hungary.

The PEN-101 sidetrack will produce gas from the Miocene tuffaceous gas formation, the target of which was defined by 3-D seismic in 2008.  The well was originally drilled in February 2010 to a total depth of 1,500m, however during completion an acid stimulation treatment had broken through a repair to the cement isolation behind the steel casing and allowed water production from a deeper formation.  The sidetrack was drilled to overcome this problem and the well has now been successfully completed and perforated, with gas flowed on a short test.  Once the rig has been demobilised from the location, the PEN-101 well will be acidized and connected to the adjacent production facility where the PEN-105 gas is already processed.

* * ENDS * *

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

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Simon Cunningham	Ascent  Resources plc	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Paul Youens	St Brides Media & Finance Ltd	Tel: [phone]
Shane Gallwey	Astaire Securities	Tel: [phone]
Jerry Keen	Astaire Securities (Corporate Broking)	Tel: [phone]
Toby Gibbs	Astaire Securities	Tel: [phone]
Daniel Fox-Davies	Fox-Davies Capital Ltd	Tel: [phone]
James Hehn	Fox-Davies Capital Ltd	Tel: [phone]

Notes

Ascent Resources plc has interests in a diversified portfolio of 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 would be offshore.

 

END

 

 

MSCGGUPWAUPUGQU