Ascent signs farm-out deal in Italy's Po Valley
Wednesday, August 01, 2007
Ascent Resources, the AIM-traded oil and gas exploration and production company, has entered into an agreement with Deltana Energy of Australia to farm-out a 50% interest in the 1,113 sq km Cento and Bastiglia exploration permits in the Po Valley of Italy.
The Po Valley, which extends across the northern part of Italy from Turin in the west to Venice and Ravenna in the east, is the one of the most productive areas for gas and oil onshore in Europe. Ascent's exploration permits, located in the central part of the Po Plain near the cities of Modena to the south, Mantova to the north and Bologna to the south east, are among the largest in the region.
Under the terms of the agreement, Deltana will pay the cost of the first exploration well and, on success, will pay the cost of a second exploration well. The first well targets a Pliocene prospect in the western part of the permits at a depth of about 2,400m and the second, one of the other prospects in the permits. Deltana will also contribute to the historical costs on the permit and pay the first €1.5 million (£1.01 million) of future seismic expenditure.
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