Ascent to abandon Gazzata-1 well

16th Jun 2009 09:54

Shares in Ascent Resources are down almost 60% after the oil and gas firm said it will plug and abandon the Gazzata-1 well in Italy's Po Valley.The Gazzata-1 well reached a total depth of 2,840m, but the group did not find commercial gas reserves. Earlier this month, Ascent reported a pre-tax loss of £2.8m for the year ended 31 December 2008.