Ascent Kicks Off 3D Seismic in Hungarian Nyirseg Permits

Ascent has commenced the shooting of a 3D seismic survey in the Peneszlek area of the Nyirseg permits in Hungary.

The survey, covering 100 square kilometers of the license area, is being conducted by Ascent's Hungarian associate, PetroHungaria kft. The acquisition of further data from Peneszlek follows the commencement of gas production from the PEN-104 well in August 2008 and is intended to delineate other gas reserves in the vicinity. Two wells in the survey area, PEN-9 and PEN-12 have previously tested gas but to date, have not been put into production. The partially depleted Penészlek field also is within the survey area.

Ascent holds a 45.23% interest in the Peneszlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Ascent Managing Director Jeremy Eng said, "This is a positive step forward in the continued development of our Hungarian assets. Following the success of the PEN-104 well, currently producing 108,000 cu. M per day (3.8 MMscfd), we expect that the data acquired from this survey will point us towards new drilling opportunities and allow us to bring further cash generative wells on line in the area."

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