Ascent Ups Stake in Frosinone Permit
Ascent Resources plc has agreed with its partner, Pentex Italia Limited, to increase the Company's interest in the Frosinone Exploration Permit in Italy from 70% to 80%. The interest in the Permit will be transferred to Ascent's wholly owned Italian subsidiary, Ascent Resources Italia s.r.l. who will be appointed by Pentex, the Permit operator, to be the Principal Contractor and in due course, Ascent Resources Italia s.r.l. will become the operator of the Permit.
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.
- Ascent Resumes Ops at Anagni-1 Well (Jun 28)
- Ascent Ups Stake in Frosinone Permit (Mar 19)
- Ascent to Re-enter Italian Well Following Oil Discovery (Jan 29)
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