Business
Hungarian JV - MOL
Hungarian JV - MOL.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n10 September 2007\n\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n10th September 2007\n\n\n Ascent Resources plc ('Ascent' or the 'Company')\n Finalises Hungarian Joint Venture with MOL RT\n\n\nAscent Resources plc, the AIM traded oil and gas exploration and production\ncompany, through its 90% owned Hungarian company PetroHungaria kft, has signed a\nJoint Development and Joint Operating Agreement with Hungarian company MOL, for\nthe redevelopment of the Bajcsa Gasfield in south western Hungary. The\nredevelopment project is designed to recover additional gas reserves through the\nhorizontal recompletion of existing wells.\n\nThe Bajcsa field is 6 kilometres south of Nagykanizsa near the Hungarian\nCroatian border. It was originally brought on stream in 1961 and has produced\nfrom over 20 wells. The field has seven stacked reservoirs with the majority of\nproduction coming from two, VII/b and III. Total production to date is circa\n470 million cu. m (16.6 Bcf). The horizontal recompletions, to be drilled from\nthe existing vertical wells, are designed to significantly increase production\nrates and recover gas from un-depleted parts of the reservoirs. It is planned\nto drill the first two horizontal recompletions towards the end of 2007.\nImportantly, because the field is already on production, gas from these wells\ncan immediately be delivered to market.\n\nThe Joint Venture has already completed extensive reservoir and horizontal well\nstudies and will jointly plan and implement the drilling of the new wells, which\nwill use Rotary rigs already under contract to MOL. Incremental production will\nbe shared between MOL and PetroHungaria.\n\nAscent's Managing Director Jeremy Eng said, 'This project has many important\nelements; By working in an existing producing field it will provide additional\nproven reserves to the Group; it has the ability to immediately sell produced\ngas without having to wait on new development approval and there are other\nsimilar opportunities in the surrounding area, not least of which is one of the\nAscent operated Slovenian gas project at Petisovci Globocki.'\n\n\n * * ENDS * *\n\n\nFor further information visit www.ascentresources.co.uk or contact:\n\nJeremy Eng Ascent Resources plc Tel: 020 7251 4905\nHugo de Salis St Brides Media & Fina...