Business
Gas Production Commences in
Gas Production Commences in.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 1112B Ascent Resources PLC 12 August 2008 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n12 August 2008\nAscent Resources plc ('Ascent' or 'the Company')\nGas Production Commences in Hungary\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production company, has commenced gas production at the PEN-104 well in the Penészlek area of the Nyírség permits in Hungary. The production rate of the well is currently 48,000 cu.m of gas with a wellhead pressure of 92 bar. The rate will gradually be increased over the next few days to a target of 85,000 cu.m per day (3 MMscfd; 500 boepd).\n\nThe PEN-104 discovery well was originally drilled in 2006 by PetroHungaria kft. Gas production, following metering at the newly constructed PEN-104 facility, is transported by pipeline to the MOL gas processing facility at Hajdúszoboszló, 50 km from the well.\n\nAscent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).\n\nFuture plans for the Nyírség exploration permits include the acquisition of a 3-D seismic survey with the objective of delineating other gas reservoirs within the vicinity. Two wells in the survey area have previously tested gas but to date, have not been put into production. Additionally, the Penészlek field, which produced gas between 1983 and 1991, is a candidate for redevelopment.\n\nAscent Managing Director Jeremy Eng said, 'The commencement of production at the Pen-104 well is a positive step forward both for our Hungarian assets and for the Company. With Ascent's involvement, the PEN-104 project has characterised the full cycle of the exploration and production business; starting with the acquisition of seismic, through the drilling of the discovery well, the construction of the production facility and finally, gas sales and producing a revenue...