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Epic & Msn data
Epic AST
Time: 16:16:11
Mid Price: 5.63
Change Today: 0.25 Ascending
Change % Today: 4.65 Ascending
Fifty Two Week High: 10.25
Fifty Two Week Low: 3.00
Market Capital: 28.13
Period & price data
Period Price
Now: 5.63
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: AIM
Sector: Energy
Epic: AST
News: Latest news
Web Site: Ascent Resources
Other Articles: 22-02-201009-02-201002-02-2010

Crude Oil

Ascent Resources

Ascent Resources plc is an AIM listed oil and gas exploration and production company.  The Company 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 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 are offshore. In October 2008, Ascent agreed with San Severina Holdings SA, a Swiss based investment company, to establish an oil and gas asset management joint venture. The joint venture will acquire minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

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Tuesday, February 09, 2010

Ascent Resources starts PEN-101 drilling at Peneszlek gas project

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Ascent Resources (AIM: AST) has commenced the drilling of the PEN-101 well at the Peneszlek natural gas project in Hungary, targeting a Miocene gas formation within a structure defined on 3D seismic of the area acquired in 2008.

The well, which is located at the site of the production facilities that will be used to produce the PEN-105 gas, is planned for a total depth of approximately 1,500 metres and is expected to take about a month to drill and test. The pipeline connecting PEN-105 to the facilities and to the export pipeline is now complete and awaiting pressure testing.

Due to the close proximity of the production facilities to the PEN-101 drilling rig, PEN-105 production will not commence until PEN-101 drilling operations are finished.  If successfully completed, PEN-101 can be immediately connected via the same facility to the export pipeline.

After the rig has completed the PEN-101 well, it will proveed to either drill the PEN-106 well, another Miocene prospect, or to the PEN-104 location to continue the testing of the PEN-104AA sidetrack that was suspended in December 2009.

For the PEN-104AA testing operations, the decision to use the drilling rig, rather than a dedicated workover unit mobilised especially for the testing work, is primarily due to operational restrictions on the part of the drilling contractor.

“Production in March from the Peneszlek Project will again be contributing revenues to Ascent, the PEN-101 is a relatively simple and shallow well, neither deviated nor with a multiple completion and targets a previously undrilled Miocene prospect that is very similar to the 105 proven reservoir and 106 target.  As soon as the well is complete and the rig has departed production will recommence,” said managing director Jeremy Eng.

Fox-Davies Capital (FD Capital) called this a welcome continuation of the company’s strategy for the Peneszlek project and the slight delay in the start of production at PEN-105 was not material. The broker also noted the conversion of joint venture (JV) partner Geomega’s working interest in the 101 and 106 wells to a lesser carried interest, calling this a very positive change for Ascent.

The 'buy' rating was retained along with the target price of 20 pence.

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