🕐02.12.10 - 10:54 Uhr
Ascent Resources - Drilling Due to Commence at 412 Bcf Petişovci-Lovaszi Project
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
2 December 2010
Ascent Resources plc (Ascent or the Company)
Drilling Update
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has been advised by its drilling contractor, Crosco International, that the mobilisation of a rig has started for the Pg-11 evaluation well in the Petiovci-Lovaszi project area in Slovenia, and that they expect to commence drilling on or around 16 December 2010, subject to weather conditions.
The well is the first to be drilled by Ascent on the Petiovci-Lovaszi project area in which the Company recently announced an independently verified P50 estimate of gas-in-place of 412 Bcf (11.7 Bm3; 68.7 MMboe).
The PG-11 well has a number of important objectives and the evaluation programme, which includes core sampling and state-of-the-art wireline logging, is designed to collect sufficient data for development planning, as well as calibration of the 3-D seismic to optimise the geological modelling over the entire project area.
Ascents Managing Director Jeremy Eng said, "Pg-11 in Slovenia is an important well and whilst the main effort is in the evaluation of the Miocene gas reservoirs, we expect that it will be completed as a producing well and then brought into production as soon as possible."
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For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng
Ascent Resources plc
Tel: 020 7251 4905
Simon Cunningham
Ascent Resources plc
Tel: 020 7251 4905
Sarah Wharry
finnCap Ltd
Tel: 020 7600 1658
Henrik Persson
finnCap Ltd
Tel: 020 7600 1658
Hugo de Salis
St Brides Media & Finance Ltd
Tel: 020 7236 1177
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.
Elisabeth Cowell
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7900 248 213 | F: +44 (0) 207 236 1188 | www.sbmf.co.uk
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