Ascent Resources, an oil and gas exploration and production company, has unveiled an independent report that estimates that the Petisovci-Lovaszi project on the Hungarian and Slovenian border holds 412 billion cubic feet (bcf) of gas, representing 68.7 million barrels oil equivalent (mmboe).
The report from RPS Energy and according to Ascent it included a P50 estimate of 412Bcf gas-in-place, as well as a P10 estimate of 200bcf and a P90 estimate with 834bcf.
Ascent, in the last year, has acquired 3-D seismic surveys that cover the entire area and the data has been processed and interpreted while the resulting structural interpretation of the main targets is different from the previous geological model.
The structures have two sets of reservoirs, the shallower Pontian and the deeper Miocene.
The Miocene reservoirs are Ascent’s development objective as the shallow reservoirs were developed during the 1960’s and are considered to be almost fully depleted.
The RPS report considers mainly the Miocene reservoirs that contain gas in low permeability sandstones found at a moderate depth of between 2,000m and 3,000m.
Some previous production was initiated from these tight gas reservoirs in the 1960’s both in Hungary and in Slovenia however total production was less than 10bcf.
The Pg-11 well is ready to drill with commencement targeted in November 2010.
This well has a number of important objectives and the evaluation program for the well, which includes core sampling and wireline logging, is designed to collect sufficient data for stimulation design, as well as calibration of the 3-D seismic to optimize the geological modeling over the entire project area.
In the Petisovci Lovaszi project area, Ascent has a 50% interest in the 90.1sq km project area in Hungary with partner MOL Hungarian Oil and Gas.