Ascent Resources Drills Second Well in Hungary

Ascent Resources plc spudded its second well in Hungary. The Fehergyarmat 2 (FGY-2) well, with a planned total depth of 1,100m, targets Pannonian clastics, the same formations that were successfully tested in the PEN-104 well (announced 14 November 2006). The FGY-2 well, which is located approximately 70 km north-northeast of PEN-104, is aimed at quantifying the extent of the gas reserves in the northern part of the Nyirseg exploration permits.

PetroHungaria kft (a 90% owned subsidiary of Ascent), with its partners DualEx of Canada (37.5%) and Petro Pequnia of Sweden (2%), has the option to drill two further wells in the permits and the same drilling rig is available to the group in March 2007.