Ascent Completes Drilling at PEN-104 Sidetrack in Hungary

Ascent Resources, through its Hungarian subsidiary PetroHungaria Kft, has completed the drilling of the PEN-104 sidetracked gas well in the Nyírség permits of Eastern Hungary. This well, drilled into the Miocene reservoir formation at the depth anticipated from the interpretation of the seismic data, is the second sidetrack well and the logs indicate the presence of a substantial gas reservoir.

PEN-104AA required highly deviated drilling and inclinations of up to 66° were used. The well drilled through 65 m of Miocene reservoir formation, equivalent to a vertical thickness of 34 m. Drilling was stopped at 1,872 m MD (1,322m TVD), close to the anticipated depth of the gas-water contact determined from offset wells. The well, completed with a slotted liner and external casing packers, will be tested after the drilling rig, which is now being demobilised, has left the well site.

Ascent has a 45.23% interest in the well; other partners in the project include DualEx Energy (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Further to the announcement of October 28, 2009 regarding the Fontana-1 well in Italy's Latina valley, drilling continues and is currently at a depth of 99 m. The well, being drilled by a 50 tonne geotechnical rig, is permitted as a 'geotechnical investigation well' with its primary objective being to determine the nature and characteristics of the strata of the Carbonate platform at the Fontana location. As operations are only in daylight hours and with a five day per week work schedule, Phase 1 is expected to take some three weeks and Phase 2, the coring and evaluation of the target strata, will take at least a further two weeks. The results of the well will assist in finalising a plan for further exploration in this area.