🕐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 Peti�ovci-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 Peti�ovci-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." * * ENDS * * 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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