PetroHungaria kft (a 90% owned subsidiary of Ascent) started drilling VAM-1 on May 23, 2007. As of 6 a.m. CET Thursday, the rig is cementing surface casing at 54m. The planned total depth of the well is 1,775m. It is expected that the well will take approximately a month to complete.
Partners in the well are DualEx of Canada (37.5%) and Petro Pequnia of Sweden (2%) and under the farm-out agreement, DualEx will pay 75% and Petro Pequnia 4% of the costs of this well with PetroHungaria kft funding the remaining 21%. The VAM-1 exploration well will test prospects in both the Miocene and Pannonian formations in the Vamospercs area, roughly 18 kilometers to the southwest of the Peneszlek field.
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