Ascent Resources Complete Transaction with EnQuest

Source: www.gulfoilandgas.com 2/2/2011, Location: Europe

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has received all the necessary consents to complete the transaction with EnQuest PLC whereby it would acquire an additional 48.75% interest in the Petisovci Project in Slovenia, as announced on 21 December 2010. Accordingly, Mr. Graham Cooper has been appointed to the Board of Ascent as a representative of EnQuest, which as a company, will provide technical support to Ascent for the Petisovci Project, as well as for the evaluation of future European business development opportunities.

Mr. Cooper is head of business development at EnQuest, having previously been a vice president of global exploration for Shell. As a trained geologist he will bring valuable experience to the Board and his appointment underpins EnQuest's support of Ascent's management of the Petisovci Project in Slovenia.

Additionally, the Pg-11 evaluation well in the Petisovci Project is drilling ahead in an 8-1/2" hole and the current depth is 2,799m within the Miocene reservoir sequence. The well is proceeding according to plan with some delays totalling over one week, caused by difficulties with some of the drilling equipment. Whilst drilling, strong gas shows have been observed from each of the four reservoir intervals so far encountered. Two 18m cores have been successfully cut and recovered from two of those intervals, one from the historically non-productive and shallowest 'A' sands and the second from the 'D' sands. Two short duration openhole tests have been attempted, the first in the 'A' sands recovered gas to surface, with no associated water production, the second in the 'D' sands was prematurely terminated due to indications of the tool having been plugged. The Pg-11 evaluation well is designed to be drilled to a 3,050m total depth (T.D.) and one more core is planned to be taken from the 'E' sands. Once T.D. is reached, logs will be run over the entire reservoir section. The interpretation of the logs and the analysis of the core over the coming months will help determine any potential re-development strategy. Preliminary well results are anticipated to be available during February 2011.

Ascent Managing Director Jeremy Eng said: "I would like to welcome Graham to the Board and we look forward to working closely with him and EnQuest to develop the Petisovci Project and our other assets as well as additional opportunities in Europe. With regards to the Pg-11 evaluation well, despite the frustration of the short delay, we are encouraged by the initial results and look forward to updating the market with the preliminary well results over the coming weeks."

As per the terms of the Agreement, Ascent will shortly issue 150,903,958 new Ordinary Shares of 0.1p each in the Company to EnQuest. Application has been made for the admission of these shares to trading on AIM and dealings are expected to commence on 11 February 2011. The shares will rank pari passu in all respects with the Company's existing Ordinary Shares, including the right to receive any dividends and other distributions declared by the Company. Following the issue of the shares the Company's total issued share capital will be 679,447,143 Ordinary Shares of 0.1p each in the Company. Additionally as previously agreed, at completion Ascent will grant a nil cost option over 29,686,000 new Ordinary Shares of 0.1p each in the Company to EnQuest, the exercise of which is subject to certain criteria related to the successful development of the Petisovci Project.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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