Ascent Resources has successfully completed and tested the PEN-104A side track of the PEN-104 gas producing well in the Penészlek area of the Nyírség permits of eastern Hungary. The Company expects production at the well to commence in the coming days following disassembling of the drilling rig and reconnection of the flow line.
Drilling of the PEN-104A target reservoir sands was completed as anticipated and during a short period of clean-up flow, the well produced gas at an estimated rate of approximately 70,000 Sm3 per day (approximately 2.5 MMscfd). Ascent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria. Other partners include DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).
Ascent Managing Director Jeremy Eng said, "This is an excellent development for Ascent's Hungarian operations and a boost to our production profile. We are particularly pleased with the efficient manner in which the PetroHungaria operations team completed this complex deviated well on time and according to plan. The success of PEN-104A also gives us great confidence in the 3-D seismic data from which this side track project was initially conceived as we continue to plan the drilling of further wells in the area of the 3-D acquisition."
Additionally in Hungary, Ascent, under the terms of the JOA on the Szolnok exploration licence which expired on the 19th March 2009, has assigned its residual 12.5% interest to its joint venture partners. The joint venture partners have a one year period after the expiration of the licence to prepare a closing report and to apply for mining plots for areas which have proven hydrocarbons should they wish to develop them.
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