Ascent Resources Plc is an oil and gas exploration company with over oil and gas properties across six countries in Europe. The Company's portfolio of projects balances activity in exploration, development and production, favoring gas over oil. It has also been actively exploring with seismic acquisition in Hungary and drilling of three exploration wells. It drilled two discoveries, gas in Hungary and oil in Italy, from the first three wells. In March 2007, it commenced drilling the fourth well, Hontomin-4 in Spain. It focuses on onshore operated projects, which initially are majority-owned to enable farm-downs to fund work programs and ensure control throughout the reserve evaluation and appraisal phase. During the year ended December 31, 2006, there were also divestments, which saw the exit from projects in Gabon and Russia. In February 2007, it acquired Nemmoco Slovenia Corporation with a 45% interest in Petisovci-Dolina oilfield and a 15.75% interest in Petisovci-Globoki gasfield. |
