PetroHungaria Tests Positive Rates at Peneszlek Gas Well

Leni Gas & Oil reported that PetroHungaria kft (LGO 7.27%) has completed the testing of the Pen-105 gas well in the Penészlek Development Area of Eastern Hungary. The gas rates achieved and the reserves associated with Pen-105 were substantially higher than pre-drill estimates.

The Pen-105 well which was an appraisal of the Pen-12 discovery was drilled to a total depth of 1,487m and has now been completed in the tuffaceous Miocene reservoirs as a production well. Three intervals were tested in the target formation, such that 9 metres of reservoir were perforated. All three zones flowed gas (two with condensate), with no formation water. The productive reservoir found is substantially thicker than at the Pen-12 discovery well and mean resources have increased from the pre-drill estimate of 1.46 bcf. The mean recoverable reserves shall be announced in due course within an updated resources restatement.

The pipeline has been planned with an application for a construction permit submitted and approval is expected by the end of November.

Production from the well is due to commence in early 2010. The Pen-105 well is located approximately 6 kilometres west south west of the current Pen-104 gas production well.


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