Ascent will initially receive a cash consideration of $300,000 and additionally pro rata payments, net to Ascent, of $300,000 per bcf will be made once the cumulative production from GH-1 exceeds 1bcf.

The other minority partners in the licence, DualEx Nyirseg and Swede Resources have also divested their interests on similar terms.
The proceeds will be used for the development of Ascent’s European portfolio, which includes assets in Italy, Slovenia and Hungary and in particular the Petisovci-Lovaszi project.

The sale of the interest was to existing project partners Hungarian Horizon Energy (HHE) and JKX who operate the nearby Hajdunanas gasfield.

The Gorbehaza-1well was drilled in August 2009 and tested gas from the first of two gas zones targeted for completion, at a rate of 3.74mmscfd.