Results of 3-D Seismic for th

RNS Number : 1536J

Ascent Resources PLC

25 March 2010

 



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

25 March 2010

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

Results of 3-D Seismic for the Petišovci Project in Slovenia

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Nemmoco Slovenia Corporation ('NSC'), has completed the 3-D seismic processing and the preliminary interpretation for the Petišovci project in Slovenia with positive results.

·    Completion of 3-D seismic processing and interpretation in Slovenia

·    Management estimates additional potential of 75 Bcf of recoverable gas

·    Mapped over 12 new drilling targets and plan to drill a number of wells in 2010 and in 2011

·    Extended project area where majority of new prospects identified

·    NSC holds a 75% interest in both the shallow and the deep reservoirs in the 61.5 km² extended Slovenian area

·    New 65 km² of 3-D seismic acquisition in the Hungarian area to commence shortly

Planning is now proceeding for a number of wells to be drilled both in 2010 and in 2011 and discussions are on-going with project partners to prioritise the drilling of the prospects that have been identified.

3-D seismic was acquired over some 120 km² primarily in the territory of Slovenia, but also circa 25 km² across the border in Hungary.  More than a dozen new drilling targets have been mapped from the 3-D data.  These new prospects are in addition to the reserves identified in the independent persons report on the deep prospects completed in 2004.  Management estimates these new prospects have a combined potential of over 75 Bcf of recoverable gas and it can also be expected that successful drilling of some of these prospects will lead to further follow-on targets as they investigate trap types that have not been previously drilled in this area.

The original Petišovci project area covers an area of 35.5 km² and NSC is partnered in the joint venture by Geoenergo, Stratic Energy and Kulczyk Oil Ventures Inc.  NSC has a 45% interest in the shallow oil and gas reservoirs and a 15.75% interest in the deeper tight gas reservoirs.  The project area in Slovenia has been increased by 61.5 km².  Here, Ascent through NSC, has a 75% interest in both the shallow and the deep reservoirs and is in partnership only with Geoenergo.  It is in this extended area that the majority of the new prospects have been identified.

In the adjacent Hungarian part of the project, Ascent, through its wholly owned subsidiary Ascent Hungary Limited ('AHL'), has a 50% interest in an area of 90 km² in partnership with MOL Oil and Gas plc.  The contract for a further 65 km² of 3-D seismic has been executed between GES, the Hungarian contractor and AHL and preliminary survey work will commence immediately.  After the further 3-D seismic acquisition, an initial two exploration wells in this area are planned and possible locations have already been identified on the 25 km² of 3-D seismic that has been acquired and processed in Hungary.

Jeremy Eng Ascent's Managing Director commented, "The preliminary results from the seismic acquisition have exceeded our expectations.  We now have a much better understanding of the configuration of the reservoirs within the project and have identified additional prospects outside the previously reported area of the original Petišovci field."

* * 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]
Lindsay Mair	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 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

 

 

MSCPGUQWWUPUPPC