Drilling of the PEN-104A target reservoir sands was completed as anticipated and during a short period of clean-up flow, the well produced gas at an estimated rate of about 70,000 Sm3 per day (about 2.5 MMscfd). Ascent Resources holds a 45.23% interest in the Peneszlek project through its equity interest in PetroHungaria. Other partners include DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).
Jeremy Eng, Ascent Resources managing director said, This is an excellent development for Ascent Resources’ Hungarian operations and a boost to our production profile. We are particularly pleased with the efficient manner in which the PetroHungaria operations team completed this complex deviated well on time and according to plan. The success of PEN-104A also gives us great confidence in the 3-D seismic data from which this side track project was initially conceived as we continue to plan the drilling of further wells in the area of the 3-D acquisition.
Additionally in Hungary, Ascent Resources, under the terms of the JOA on the Szolnok exploration license which expired on the March 19, 2009, has assigned its residual 12.5% interest to its joint venture partners. The joint venture partners have a one year period after the expiration of the license to prepare a closing report and to apply for mining plots for areas which have proven hydrocarbons should they wish to develop them.
