IVE Irvine Energy

 

TIDMAST TIDMIVE 
 
RNS Number : 1734V 
Ascent Resources PLC 
06 July 2009 
 

The following amends the announcement released today under RNS number 1706V at 
12.00pm. 
 
 
This announcement is in regard to Ascent Resources plc and not Irvine Energy plc 
as previously stated. 
 
 
All other details remain unchanged and the full amended announcement appears 
below. 
 
 
 
 
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 
6th July 2009 
Ascent Resources plc ('Ascent' or 'the Company') 
Hungary Project Expansion 
 
 
Ascent Resources plc, the AIM-traded oil and gas exploration and production 
company, through its wholly owned subsidiary Ascent Hungary Limited ('AHL'), has 
agreed terms with MOL RT ('MOL'), Hungary's leading oil and gas company, for 
joint operations in an area covering 88 square kilometres in south western 
Hungary, which includes both the Lovászi and Ujfalu oil and gas fields. 
 
 
Under the terms of the agreement, MOL will transfer to Ascent a 50% interest for 
joint exploration and production in 88 square kilometres of licences in Hungary, 
but will retain an option to increase its interest to 60%. Ascent will acquire 
3-D seismic data over this area and will fund the drilling of two wells. It will 
recover MOL's share of the cost of these wells from 80% of any resultant 
production revenues. Ascent will also acquire 3-D seismic data over an 
additional 90 square kilometres in the adjoining part of Slovenia that includes 
the Petisovci redevelopment project. 
 
 
Ascent's Managing Director Jeremy Eng said, "Over the past two years, Ascent has 
completed extensive geological and production engineering studies in this 
region. Planning and permitting of the Slovenian 3-D seismic acquisition has 
been ongoing for sometime and we are very pleased to now have the opportunity to 
continue this work across the border into Hungary. 
 
 
"As the area is highly prospective, especially for tight gas reserves, the 
primary objective of the 3-D seismic is to plan for the development of these gas 
reserves from the Badenian reservoirs, from which small amounts of production 
have been achieved in Slovenia. In addition, there are also a number of 
secondary targets in the shallower Pontian oil reservoirs that have already 
produced over 55 million barrels of oil from the Lovászi and Petisovci fields." 
 
 
* * ENDS * * 
For further information visit www.ascentresources.co.uk or contact: 
+----------------------+-------------------------------+-------------------+ 
| Jeremy Eng           | Ascent    Resources plc       | Tel: 020 7251     | 
|                      |                               | 4905              | 
+----------------------+-------------------------------+-------------------+ 
| Hugo de Salis        | St Brides Media & Finance Ltd | Tel: 020 7236     | 
| Chris Welsh          | St Brides Media & Finance Ltd | 1177              | 
|                      |                               | Tel: 020 7236     | 
|                      |                               | 1177              | 
+----------------------+-------------------------------+-------------------+ 
| Max Hartley          | Cenkos Securities plc         | Tel: 020 7397     | 
|                      |                               | 8924              | 
+----------------------+-------------------------------+-------------------+ 
 
 
Notes 
Ascent Resources plc 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 focused 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. 
Ascent also has an oil and gas asset management joint venture with San Severina 
Holdings SA, a Swiss based investment company, which is focused on acquiring 
minority interests and providing investment funding for producing and 
development or appraisal stage oil and gas projects. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEAFXKEADNEFE 
 

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