Ascent Rises To The Occasion In Hungary Drilling, Seismic

Ascent Resources plc reported that operations have commenced on the Szolnok exploration permit in Central Hungary where the Company has a 27.5% interest, with the drilling of the first of two exploration wells and the start of a 3-D seismic survey.

Drilling of the TIK-1 well began at 17:00 on Sunday April 6 with operations expected to last about five weeks. The well is planned to reach a depth of 2,250m and to intercept targets in the Pannonion, Miocene and pre-Miocene formations.

The Kunszentmarton 3-D seismic acquisition programme has also begun and the field work is expected to take seven weeks. This programme will cover 150 sq km and as well as delineating six prospects identified from old 2-D lines, it is expected to identify further targets.

Both in the area of, and surrounding the Szolnok exploration permit, there are a number of producing oil and gas fields as well as new discoveries that are been drilled in the past two years being prepared for production.

Ascent Managing Director Jeremy Eng said, "These works, along with the on-going preparations for the start-up of production at Ascent's PEN-104 gas discovery in eastern Hungary, demonstrates the benefits of a portfolio approach which has the ability to create value through the simultaneous implementation of both exploration and development programmes."