The Frosinone Exploration Permit is in the Latina Valley 80 km southeast of Rome where the Company spudded the Anagni-1 well at the end of 2006 and announced it as an oil discovery on January 29th 2007. Ascent plans to evaluate the oil discovery, with operations scheduled to re-start in April 2007 when the rig returns from Spain where it is currently drilling the Hontomin-4 appraisal well.
The consideration for the increased interest in the Permit will be satisfied in cash and €300,000 (£204,954.43) in Ascent ordinary shares at 14.73p per share (Ascent's average share price over 10 days immediately before execution). Additionally, Ascent will pay Pentex's 20% share of the costs for evaluating the Anagni-1 oil discovery, which will include deepening, testing and further seismic surveys.
Ascent Managing Director Jeremy Eng said. "The discovery of oil at Anagni-1 was a very important event for the Company and it changes our priorities for the exploration of the area. Our aim is to re-deploy resources to accelerate the evaluation of the discovery and through proving reserves, attribute true value to the discovery."
Ascent Resources has a portfolio of over 20 oil and gas projects across six countries in Europe. The projects are onshore in Italy, Switzerland, Hungary, Spain, Slovenia and offshore Netherlands.
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