Ascent acquires projects in Slovenia and Switzerland

Ascent Resources plc, a European oil and gas exploration and production company, has announced plans to take up a stake in Slovenian and Swiss oilfields.

Ascent has signed a Preliminary Agreement to acquire an 80% participation in the exploration of the East Slovenia Exploration Permit to the north of the Petisovci oil and gas field redevelopment project.

The company has also acquired a 35% beneficial interest in the Concordat Exploration Project (Concordat) in North Eastern Switzerland.

The East Slovenian Project covers an area of 864 sq. kilometres across three blocks, where six 1950’s-era wells turned up good oil or gas shows.

A regional study with seismic and drilling is scheduled for 2009. Ascent will hold an 80% interest in the Project through its wholly owned subsidiary Nemmoco Slovenia Corporation.

In Switzerland, Ascent has acquired a 35% beneficial interest in 7,238 sq. km of the 7,495 sq. km Concordat Exploration Permit.

Ascent’s Managing Director, Jeremy Eng, said as Ascent’s primary focus is Central and Eastern Europe, particularly Switzerland, Italy, Slovenia and Hungary, we are currently consolidating and strengthening our presence in these regions.

With production in Hungary due to commence and the new Perazzoli rig on line to drill its first well (on a third party project) in Italy both in the coming weeks, our operational presence across this region will be further enhanced, he added.

The new Anagni seismic acquisition in Italy’s Latina Valley is complete and Ascent continues to following its preferred strategy of the development, appraisal and exploration of its portfolio of oil and gas assets, concluded Mr. Eng.