Central Europe producer Ascent Resources will buy a 22.5 percent stake in Italian Drilling contractor Perazzoli Drilling in a move aimed at giving its business Ascent Drilling “priority” access to rigs.

Ascent Drilling will eventually acquire 45 percent of Perazzoli shares, provided the Italian company buys a 100-nne Corsair 300 drilling rig and orders an Italian-made EI DS-205 200 tonne drilling rig for delivery in mid 2008.

The WEI rig is a newer type of hydraulic rig, low profile designed for minimum environmental impact and drilling over 3,600 meters. The Corsair rig has been used by Ascent in Spain and Italy recently.

“Across Europe there is currently a shortage of drilling contractors … due to an increase in exploration activity over the past two years, including the German geothermal initiative, which has absorbed drilling capacity,” a statement said.

Ascent is sizing up a Po Valley well with partner Deltana Energy plus three Swiss appraisal wells.