Business
Farms out for 3D Seismic in H
Farms out for 3D Seismic in H.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 8614I Ascent Resources PLC 25 November 2008 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n25th November 2008\nAscent Resources plc ('Ascent' or 'the Company')\nFarms out for 3D Seismic in Hungary\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production company, has entered into an agreement whereby Hungarian Horizon Energy ('HHE') and JKX Oil & Gas plc ('JKX'), will farm-in for a 66.67% interest in a 120 sq. km area of the western part of the Nyírség Szatmár permits in the Penészlek Exploration Project in Hungary. Under the terms of the agreement signed with Ascent's partners in the project, HHE and JKX will pay for the acquisition and processing of a 3-D seismic survey over the farm-out area. The acquisition of this seismic commenced on Thursday 20th November 2008.\n\nThe farm-out area, known as the Pan-handle, is to the south of HHE and JKX's Hajdúnánás-1 gas discovery (reported by JKX on 11th August 2008) and some 70 km north-west of PetroHungaria's (Ascent 45.23%) PEN-104 well, which commenced gas production in August 2008. The new 3-D seismic survey, which will cover the whole farm-out area, is designed to delineate additional gas prospects and to identify suitable targets for drilling. \n\nAscent retains a 17.50% interest in the project and the other partners are HHE (33.33% and operator), JKX (33.33%), DualEx (12.50%), Geomega (2.67%) and Swede Resources (0.67%).\n\nAscent Managing Director Jeremy Eng said, 'This is a positive step forward in the continued development of our Hungarian assets. The Nyírség Szatmár project area is very similar in characteristics to our successful PEN-104 well development, currently producing 117,000 cu. m per day (4.1 MMscfd; 689 boepd), and where we have already shot some 90 sq. km. of 3-D seismic.&nb...