Ascent Completes Peneszlek Sidetrack in Hungary

Ascent Resources plc reported that PetroHungaria kft in which Ascent has a 48.3 percent interest has completed the drilling of the PEN-105A sidetrack in the Penészlek Project in Eastern Hungary. The results of the well have exceeded management's expectations and are better than the original PEN - 105 well with approximately 66 feet (20 meters) of gas bearing formations drilled in the targeted Miocene volcanicastic reservoirs.

The PEN-105A well was sidetracked from the existing PEN-105 well to a measured depth of 5,381 feet (1,640 meters) and a location some 1,509 feet (460 meters) northeast of the original well. It was designed to drain gas reserves from the northern half of the structure which is bisected by a sealing fault. The original well has recovered some 0.85 Bcf (24 Mm3) of gas from the smaller southern part of the structure since production started from it in March 2010.

Preliminary testing of a 23 feet (7 meters) perforated section of PEN-105A produced gas at a rate of 0.928 MMscfd (26,300 m3/d; 154 boepd) and work now progresses to reconnect the well to the production facilities. Over the coming weeks, it is intended to add additional perforation and to stimulate the well with an acid wash. An acid wash on the original PEN-105 well was very effective resulting in a doubling of the production rate after treatment.

Ascent's Managing Director, Jeremy Eng, commented, "This PEN-105A performance is a good result and can be expected to prolong the production from the Penészlek field for at least a couple of years. Gas prices in Hungary are strong and this production will provide very useful revenue to the Group pending the start-up of joint venture production from the Petišovci Project in Slovenia."