OilVoice - Ascent Resources Completes Görbeháza-1 Drilling in Northeast Hungary

Ascent Resources Completes Görbeháza-1 Drilling in Northeast Hungary

Friday, August 28, 2009

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces that drilling operations at the Company’s Görbeháza-1 well (‘GH-1’) in the Panhandle region of the Nyírség North Permit in northeast Hungary have concluded and that 7” casing has been run in advance of production testing operations.

The GH-1 well was drilled to a total depth of 1,300 metres and log data indicates that the well encountered gas in two of the three zones targeted. The drilling rig will be moved off location and a service rig brought in to conduct the completion and testing operations, scheduled for commencement in approximately six weeks time.

The Görbeháza-1 well (GH-1) is located a few kilometres south of the Hajdúnánás-1 gas discovery drilled by Hungarian Horizon Energy (‘HHE’) and JKX Oil and Gas plc (‘JKX’) and is some 70 kilometres north-west-of PetroHungaria’s PEN-104A gas production well in which Ascent has a 45.23% interest. Ascent has a 20.167% in the GH-1 well, the other partners in the project include HHE (33.333% and operator), JKX (33.333%), DualEx Energy International Inc. (12.5%) and Swede Resources AB (0.667%).

Further to the announcement of 18th August 2009, drilling of the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary is in progress and is currently drilling ahead at 1,345 m in 12-1/4” hole. It is expected it will reach the primary target this weekend, a gas prospect in the Miocene aged formation that is estimated to be at a depth of 1,500m.

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