PetroHungaria Spuds New Peneszlek Well in Hungary

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Ascent Resources, through its subsidiary PetroHungaria kft, has commenced the drilling of the PEN-101 well, part of the Penészlek Project, in the Penészlek area of the Nyírség exploration permits in eastern Hungary.

The target of the well is a Miocene gas formation within a structure defined on 3D seismic of the area acquired in 2008. The well is planned for a total depth of approximately 1,500 meters and is expected to take about a month to drill and test. The well is located at the site of the production facilities that will be used to produce the PEN-105 gas. The pipeline that connects PEN-105 to this facility and to the export pipeline is now complete and awaiting pressure testing.

The close proximity of the production facilities to the PEN-101 drilling rig means that, for safety reasons, PEN-105 production will not commence until PEN-101 drilling operations are finished. PEN-101, if successfully completed, can be immediately connected via the same facility to the export pipeline.

After the rig has completed the PEN-101 well, it will proceed to either drill the PEN-106 well, another Miocene prospect, or to the PEN-104 location to continue the testing of the PEN-104AA sidetrack that was suspended in December 2009. For the PEN-104AA testing operations, the decision to use the drilling rig, rather than a dedicated workover unit mobilised especially for the testing work, is primarily due to operational restrictions on the part of the drilling contractor.

Ascent's Managing Director, Jeremy Eng commented, "Production in March from the Penészlek Project will again be contributing revenues to Ascent, the PEN-101 is a relatively simple and shallow well, neither deviated nor with a multiple completion and targets a previously undrilled Miocene prospect that is very similar to the 105 proven reservoir and 106 target. As soon as the well is complete and the rig has departed production will recommence."

Geomega kft, Ascent's original partner in the Nyírség project has requested that the PetroHungaria joint venture converts Geomega's working interest in the 101 and 106 wells to a lesser carried interest; this has been agreed among the partnership and the details, along with a revised equity structure for the joint venture, will be announced in the coming weeks.


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