Ascent Resources (LON:AST) the AIM listed oil and gas exploration and production company with an European based portfolio of assets has recently updated the market with the results of two recent fracture simulations at its key Petišovci project located in Slovenia in which it holds a 75% interest.  Following the two recent announcements Scott Richardson Brown, the Executive Finance Director of Ascent Resources, has taken time out to discuss various aspects of the business, including, the key Petišovci project, Hermrigen drilling, Ripi oilfield redevelopment, funding and shareholder value creation.

Q1. Briefly, could you describe Ascent Resources business model?
Ascent is a European Oil and Gas exploration and production company with a balanced portfolio of assets at different stages of development, we feel this provides our shareholders with interesting near term opportunities in low risk regimes.

Q2. What is the situation with regard to Ascent’s interest in Switzerland following the sale to eCORP and when do you expect drilling activity to commence?
eCorp now has the necessary permits to commence drilling at Hermrigen. We are therefore looking forward to drilling commencing in short order, as as originlly envisaged, but clearly we have to be mindful of availability and weather related issues.

Q3. What is the current situation and plan for the Italian Ripi oilfield redevelopment project?
We still very much hope that we will drill a couple of wells in Ripi next year. No firm date has yet been set for this but we are very much working towards at 2012 timeframe.

Q4. What is the current situation and plan for the Nyírség permit area of eastern Hungary in terms of production?
Our wells in Peneslek have performed very well and production has held up much better than expected. As such we are waiting for PEN-105 to deplete further prior to sidetracking this well and bringing on stream we hope another pocket of the reservoir that should materially enhance production for a further 6-12 months. Current combined production is around 750mscfd.

Q5. Many would view the recent Petišovci fracture simulation results as a tale of two wells, one seemed to disappoint the market, while the other buoyed the market? What’s your take on comparing the results, and how did the Pg-10 flow rate exceed the Pg-11A by such a considerable amount?
Clearly we too were…

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