Ascent Resources Agrees Swiss Exploration Option

Thursday, Sep 03, 2009

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has signed an agreement with Schuepbach Energy LLC (‘Schuepbach’) of Dallas, Texas, for an option to participate in the exploration of the Jurassic shales in Ascent’s exploration and appraisal project in the Canton of Vaud in Switzerland.  The option is exercisable in the event that Schuepbach drills a well to evaluate the potential for gas production from the shales.

Schuepbach have an exploration concession in the Canton of Fribourg which adjoins Ascent’s exploration concession in the Canton of Vaud where Ascent hold a 90% beneficial interest with the balance held by SEAG of Switzerland.  Under the terms of the option agreement, Schuepbach will earn a 75% interest in the shales if the first well is drilled in Vaud and a 25% interest if the first well is drilled in Fribourg.  Ascent and SEAG will retain the rights to the deeper conventional reservoirs from which the Essertines well, drilled in 1962, tested over 1,000 barrels of oil.

Ascent Managing Director Jeremy Eng said, “Shale gas has become a major contributor to gas production in the United States of America but has not been widely investigated in Europe.  Schuepbach Energy’s technical expertise in this sector of the industry will be invaluable in assessing the shale gas potential of this part of Switzerland.”

Further to the announcements of 18th and 28th August 2009, the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary is being prepared for completion and testing having drilled and logged the primary gas target.  The PEN-105 well is an appraisal of the PEN-12 discovery well and the Miocene reservoir formations were present, as anticipated, some 20m shallower than at the PEN-12 location.  Test results will be announced in due course.

Source: Ascent Resources