LONDON (ShareCast) - Shares in Ascent Resources (LSE: AST.L - news) 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.
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