News

April 24, 2009

Ascent Resources Confirms May Spud Date For High Impact Gazzata-1 Well

Momentum is beginning to build at Ascent Resources, which saw its shares gain 16 per cent on Thursday on news of a firm spud date for the long awaited Gazzata-1 well in Italy. This follows a gentle but steady rise in the AIM-quoted stock over the last two months – although at 7 pence a share it is still sharply down on the highs of July 2007 when it was nudging 30 pence a share – after the company successfully completed a sidetrack of its producing gas well in Hungary.

The PEN-104A side track of the PEN-104 gas producing well in eastern Hungary flowed 2.5 million cubic feet of gas per day (Ascent has a 45.23 per cent interest).  This production provides vital income for the company but, importantly, the success of the sidetrack also confirmed the company’s geological modeling of the reservoir, based on recently acquired 3D seismic, which points to further untapped reserves and will help with future development drilling. 

According to...