2009-08-04-2009-07-01-2009-07-01

Transaction Type
Sellers
Buyers
Announce Date
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Description

Farm in to 40% WI in Slovenia project covering 864 sq. km.

Nemmoco Slovenia Corp., a subsidiary of Ascent Resources Plc, London, (London Aim: AST) has farmed out one half of its 80% participation in the Eastern Slovenian exploration project to Aspect Energy International, a subsidiary of Denver-based Aspect Holdings LLC, for an undisclosed price. The Eastern Slovenian project is situated on the eastern edge of the Pannonian Basin, covering 864 square kilometers of the 2,473-square-kilometer Pomurje regional exploration area, adjacent to the Hungarian and Croatian borders. The exploration license is held by Nafta Geoterm, a subsidiary of state-owned energy and petrochemicals conglomerate Nafta Lendava, which retains a 20% carried interest. Work on the project has already commenced with a comprehensive geological and geophysical study in its final stages. A 3-D seismic acquisition and an appraisal and exploration drilling is planned during the coming year. Nemmoco and Aspect Energy will equally pay the exploration expenditures; however, Aspect Energy will pay the first €1 million (US$1.4 million) and a disproportional payment mechanism will apply until a cumulative €3 million ($4.2 million) has been spent. Ascent managing director Jeremy Eng says, "This is the second exploration partnership that Ascent has undertaken with Aspect, which over the past five years has successfully explored and exploited hydrocarbon reserves in neighboring Hungary. We look forward to continuing their success in Slovenia. Previous exploration work in the area has provided encouraging results and we look forward to the completion and interpretation of the geoscience studies and commencement of further appraisal and exploration drilling."