OilVoice - Ascent Resources Completes PEN-105 Test in Hungary

Ascent Resources Completes PEN-105 Test in Hungary

Tuesday, September 15, 2009

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its Hungarian subsidiary PetroHungaria Kft, has completed the testing of the PEN-105 gas well in the Nyírség permits of Eastern Hungary. The gas rates achieved and the reserves associated with this appraisal well were substantially higher than pre-drill estimates.

The PEN-105 well, an appraisal of the PEN-12 discovery, was drilled to a total depth of 1,487m and has now been completed in the tuffaceous Miocene reservoirs as a production well. Environmental permitting of the pipeline that will be used to bring the gas to market is complete and construction is planned so that gas sales from this well can commence early in 2010. The productive reservoir found at the PEN-105 location is substantially thicker than at the PEN-12 discovery well, which should translate into a significant increase in anticipated reserves for the structure. The higher than expected flow rates are attributed to the use of state-of-the-art drilling mud and perforation technology.

The PEN-105 well is located some 6 kilometres west south west of the PEN-104A gas production well in which Ascent has a 45.23% interest. Other partners in the project include DualEx Energy (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

In Italy permitting has been completed to allow Ascent to commence drilling the Fontana 1 geological appraisal well located in the shallow part of the Anagni structure in the Frosinone Exploration permit in the Latina Valley. The minor civil works required to prepare the site for drilling are due to commence in the coming weeks with spudding expected to occur soon thereafter.