OilVoice - Ascent Resources Commences Drilling of Gazzata-1 Well in Italy’s Po Valley

Ascent Resources Commences Drilling of Gazzata-1 Well in Italy’s Po Valley

Wednesday, May 20, 2009

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl (‘ARI’), has started drilling the Gazzata-1 well near the city of Modena in Italy’s Po Valley. The drilling is expected to take about three weeks to evaluate the primary target, a large gas prospect that is estimated to be at a depth of 2,100m.

Otto Energy of Australia has a farm-in agreement with Ascent whereby it will earn a 50% working interest in the project through the funding of the well. If the Gazzata-1 well is a significant discovery, Otto Energy will also fund a second well. The well is being drilled with the Perazzoli (Ascent 22.5% owned) HH-200 low environmental impact hydraulic rig.

Review all our latest Alternative Investment Market news and associated company profiles