Ascent eyes 22.5% of Italian Drilling Contractor

London based Ascent Resources plc, is likely to acquire a 22.5% interest in Italian drilling contractor Perazzoli Drilling srl (“Perazzoli”). The acquisition will provide Ascent, through its subsidiary Ascent Drilling Limited (“Ascent Drilling”), with priority access to Perazzoli’s rigs, enabling it to more efficiently schedule the Company’s exploration and appraisal drilling programmes on its European gas and oil portfolio, as well as additional revenue.

Ascent Drilling is to be owned 50% by Ascent Resources plc and 50% by Midnight Energy Limited, a company controlled by Malcolm Groom, also a director of Ascent Resources plc. Ascent Drilling will be acquiring 45% of the shares of Perazzoli and Ascent’s interest will be in 22.5% of those shares.

Under the terms of the letter of intent signed between Perazzoli and Ascent Drilling, Perazzoli will acquire the 100 tonne Corsair 300 drilling rig from its parent company and is to order a WEI DS-205 200 tonne drilling rig for delivery in mid 2008. The Italian manufactured new build WEI rig is one of the latest generation of hydraulic rigs, which are low profile, designed for minimum environmental impact, and capable of drilling to over 3,600m. The Corsair rig, which has a drilling capability of over 2,000m, has been used continuously by Ascent in Spain and Italy over the past 8 months to drill 3 wells and for the deepening of the Anagni-1 oil discovery well.