Ascent Resources, an oil and gas exploration and production company, has acquired a 60% interest in the Igal-II exploration permit from Winstar Resources in central Hungary.
The company acquired the stake in the 1,990sq km permit to the south east of Lake Balaton though its 60% equity interest in Hungarian company Pelsolaj.
The exploration permit was acquired in exchange for a 4% net profit interest derived from future production from the permit area.
Initial exploration will concentrate on a 300sq km area known for pre-Pannonian sediments, which are highly prospective for oil, and where a number of shallow leads, approximately 1,000m, have already been identified.
Seismic acquisition is on-going and is designed to identify the first drilling location, which is expected to be between three old wells in which the prospective formations have been shown to be present, the company said.