Positive Drilling Results in Eastern Hungary

RNS Number : 5415B

Ascent Resources PLC

18 April 2012

 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

18 April 2012

Ascent Resources plc ('Ascent' or 'the Company')

Positive Results from the PEN-105A Sidetrack in the Penészlek Project in Eastern Hungary

Ascent Resources plc, the AIM listed European oil and gas exploration and production company, reports that PetroHungaria kft in which Ascent has a 48.3% 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 20m 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 1,640m and a location some 460m 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 7m 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"

For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Scott Richardson Brown
Sarah Wharry	finnCap Ltd (NOMAD & Broker)	Tel: [phone]
Ben Thompson
Simon Star	Corporate Broking	Tel: [phone]
Frank Buhagiar	St Brides Media & Finance Ltd	Tel: [phone]
Isabel Crossley

Notes

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.  Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside.  The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.                   

 

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