PetroHungaria Preps PEN-105 for Production Testing

Leni Gas & Oil announced that PetroHungaria kft (LGO 7.27%) has concluded drilling and logging of the Pen-105 in the Penészlek Development Area of eastern Hungary and is currently preparing for production testing.

Pen-105 is the third well in the Development and commenced drilling on August 16 targeting mean contingent gas resources of 1.46 bcf in two Miocene reservoirs to a depth of approximately 1500m. The well was completed on prognosis as an appraisal of the Pen-12 discovery well which tested gas from the Miocene volcaniclastic reservoir section. Test results will be announced in due course.

David Lenigas, Executive Chairman, commented, "LGO are pleased with the successful drilling of Pen-105. We look forward to reporting the test results from the well shortly in addition to a production schedule update for the Development."