Ascent completes seismic on Nyirseg
Wednesday, November 23, 2005
AIM-listed Ascent Resources announced today that its 90 per cent owned Hungarian joint venture Petro Hungaria KFT has completed a 270 km 2D seismic survey in the Nyirseg Exploration Permits in north eastern Hungary. The survey was completed on time and to budget.
After processing the data and incorporating the results into an existing geological model, the company plans to choose two drilling locations. Ascent would have to obtain drilling permits, which could take up to six months.
Ascent also said today that Pentex Italia, the operator of the Frosinone Exploration Permit, in which Ascent holds a 70 per cent interest, has signed a Letter of Intent with an Italian drilling contractor for a rig to drill the Anagni 1 oil well in the Latina Valley
Ascent's managing director Jeremy Eng said: 'As Ascent's first major operation we are pleased that the seismic programme in Hungary has been completed on schedule and below budget. We are also pleased to have secured a suitable, new generation rig to drill the Anagni 1 well. Due the high activity levels, rigs are in short supply as are drilling materials, however, with our purchase of Vintage Italiana, we acquired sufficient drilling inventory for at least three wells.'
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