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Ascent to fast track Bajcsa Gasfield

Last updated: 05:57 14 Nov 2007 EST, First published: 06:57 14 Nov 2007 EST

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Ascent Resources (AIM: AST) said it had placed a convertible loan note to raise £2.5 million, primarily for the fast track development of the Bajcsa Gasfield in south western Hungary. The loan will carry an 8.5% interest rate and will be convertible to shares anytime before November 14, 2010 at 20p per share. Ascent and its partner, MOL, plan to drill the first horizontal well completion before the end of 2008. Ascent also added that the first 20km of a 31km export pipeline as part of the Peneszlek development has been pressure tested, and that the PEN-104 discovery would be incorporated into the first phase of development.

While progress was solid in Hungary, Jeremy Eng, Managing Director of Ascent admitted that work on the Anagni-1 discovery in Italy has been "frustratingly slow". Ascent had received a new operating permit from the Italian authorities to complete a plug-back at the bottom of the open-hole section, something the company is keen to do so it can fully test the most prospective interval. 75% of the fluids lost during drilling had now been recovered and work had now been suspended until the arrival of a work over rig - expected on site in December.

Ascent additionally showed the leverage of its 22.5% interest in Perazzoli Drilling. A rig from Perazzoli will drill the Gazzata-1 well on the Cento and Bastiglia permits in the Po Valley.


Ascent Managing Director Jeremy Eng summarised, 'Good progress is being made by Ascent on a number of fronts. Although operations in Anagni-1 are frustratingly slow, the results to date are encouraging, especially the latest information from the cores which appears to show oil down to at least 1,205m and therefore may indicate a substantial oil column. If production can be initiated in our two
Hungarian projects and we drill both the Swiss and the Italian Po Valley wells, then 2008 is shaping up to be a very important year for Ascent.'




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