RNS Number:1299W
Ascent Resources PLC
22 December 2005
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
22nd December 2005
Ascent Resources plc ("Ascent" or "the Company")
Acquires interest in the Fiume Arrone Exploration Permit in Italy
Ascent Resources plc, the AIM traded oil and gas exploration and production
company, has signed an agreement to acquire a 40% participating interest in the
Fiume Arrone Exploration Permit in Italy. Ascent is to pay 50% of the cost of
the first exploration well and a 1% royalty on any hydrocarbons produced.
The 358 sq km onshore Fiume Arrone Permit, is along the coast to the west of
Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955 the latter of
which was reported to have had shows of gas. The first well, planned to be 950m
deep, is to be drilled in 2006 and will target a gas prospect identified from
seismic.
The other partners with an interest in the Permit are Italmin Exploration and
JKX Oil and Gas plc.
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