Business
Hungarian production and test
Hungarian production and test.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 9877I Ascent Resources PLC 23 March 2010 \n \n\nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n23 March 2010\nAscent Resources plc ('Ascent' or 'the Company')\nHungarian production and testing update\n \nAscent Resources plc, the AIM-traded oil and gas exploration and production company, through its subsidiary PetroHungaria kft, provides an update on production and testing in the Penészlek area of the Nyírség permits in Hungary.\n \nProduction from the PEN-105 well has commenced and is expected to stabilise at over 2 MMscfd within a few days. The completion of the PEN-101 well has been temporarily suspended as the acid stimulation, while clearly demonstrating a substantial improvement in productivity, caused a suspected failure of the cement isolation allowing some water production from a deeper zone. A short sidetrack is being considered and once the drilling of PEN-106 is complete, the drilling rig will return to the PEN-101 location to conduct the remedial work. The PEN-104 well is to be abandoned as, following the completion of further testing operations on the PEN-104AA sidetrack, very low gas productivity and high watercut make commercial production untenable.\n \nAscent Resources Managing Director Jeremy Eng said, \"The initiation of production on PEN-105 not only provides cash flow but demonstrates the success of our strategy of targeting development projects where there is instant demand for our production. The short term set back of PEN-101 is not expected to cause significant delay and as soon as the drill rig is available we should be in a position to ready the well for production. With production online from Hungary, we now look towards further results from drilling in Italy and the analysis of 3-D seismic in Slovenia.\"\n \nPartners interests in the Penészlek Project are:\n \n\n\n\n\n\n\n\nProject\nInterest\n\n\nPEN-101 & PEN-106\n\n\n\n\nRevenue Interest\n\n\nCost Share\n\n\n\n\nAscent Resources plc\n\n\n48.776%\n\n\n51.654%\n\n\n53.381%\n\n\n\n\nDualEx\n\n\n40.440%\n\n\n42.826%\n\n\n44.258%\n\n\n\n\nSwede Resources\n\n\n2.157%\n\n\n2.285%\n\n\n2.361%\n\n\n\n\nGeomega kft\n\n\n8.627%\n\n\n3.235%\n\n\n0%\n\n\n\n\n \nThe technical information contained in this release has been reviewed and approved D...