Hungary Project Expansion
06 July 2009 - 9:00PM
UK Regulatory
TIDMIVE
RNS Number : 1706V
Irvine Energy PLC
06 July 2009
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
6th July 2009
Ascent Resources plc ('Ascent' or 'the Company')
Hungary Project Expansion
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, through its wholly owned subsidiary Ascent Hungary Limited ('AHL'), has
agreed terms with MOL RT ('MOL'), Hungary's leading oil and gas company, for
joint operations in an area covering 88 square kilometres in south western
Hungary, which includes both the Lovászi and Ujfalu oil and gas fields.
Under the terms of the agreement, MOL will transfer to Ascent a 50% interest for
joint exploration and production in 88 square kilometres of licences in Hungary,
but will retain an option to increase its interest to 60%. Ascent will acquire
3-D seismic data over this area and will fund the drilling of two wells. It will
recover MOL's share of the cost of these wells from 80% of any resultant
production revenues. Ascent will also acquire 3-D seismic data over an
additional 90 square kilometres in the adjoining part of Slovenia that includes
the Petisovci redevelopment project.
Ascent's Managing Director Jeremy Eng said, "Over the past two years, Ascent has
completed extensive geological and production engineering studies in this
region. Planning and permitting of the Slovenian 3-D seismic acquisition has
been ongoing for sometime and we are very pleased to now have the opportunity to
continue this work across the border into Hungary.
"As the area is highly prospective, especially for tight gas reserves, the
primary objective of the 3-D seismic is to plan for the development of these gas
reserves from the Badenian reservoirs, from which small amounts of production
have been achieved in Slovenia. In addition, there are also a number of
secondary targets in the shallower Pontian oil reservoirs that have already
produced over 55 million barrels of oil from the Lovászi and Petisovci fields."
* * ENDS * *
For further information visit www.ascentresources.co.uk or contact:
+----------------------+-------------------------------+-------------------+
| Jeremy Eng | Ascent Resources plc | Tel: 020 7251 |
| | | 4905 |
+----------------------+-------------------------------+-------------------+
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 |
| Chris Welsh | St Brides Media & Finance Ltd | 1177 |
| | | Tel: 020 7236 |
| | | 1177 |
+----------------------+-------------------------------+-------------------+
| Max Hartley | Cenkos Securities plc | Tel: 020 7397 |
| | | 8924 |
+----------------------+-------------------------------+-------------------+
Notes
Ascent 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 focused 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.
Ascent also has an oil and gas asset management joint venture with San Severina
Holdings SA, a Swiss based investment company, which is focused on acquiring
minority interests and providing investment funding for producing and
development or appraisal stage oil and gas projects.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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