Business
Peneszlek Operations Update
Peneszlek Operations Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 5912D Ascent Resources PLC 04 December 2009 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n4 December 2009\nAscent Resources plc ('Ascent' or 'the Company')\nPeneszlek Operations Update\n\nAscent Resources plc, the AIM-traded oil and gas production and exploration company, announces an update on the activities of its Hungarian subsidiary PetroHungaria Kft. \n\nProduction testing of the PEN-105 well on the Company's Nyirseg South permit in northeastern Hungary, drilled and completed in August and September 2009, has yielded an initial flowrate of over 78,000 m3 of gas per day (2.75 MMscfd) from a nine metre interval at the top of the Miocene volcaniclastic section. This well is now shut-in awaiting the construction of the pipeline connection to the main export pipeline.\n\nPetroHungaria has also completed the initial testing operations on the PEN-104AA well on the Nyirseg South permit in north-eastern Hungary. Following removal of the drilling rig, operations began on the well on 30 November 2009 to test a Miocene volcaniclastic reservoir section identified by open-hole well logs and mud log shows to be potentially gas bearing. The well, which was drilled as a high angle deviated well, was completed with external casing packers and a slotted liner in an effort to minimise formation damage and provide maximum access to the reservoir. \n\nOn flow, the well produced a small quantity of natural gas along with approximately 20 m3 of water. Analysis of the produced water indicates that it is filtrate lost into the formation during drilling (over 200 m3 of drilling fluids were lost to the formation while drilling the reservoir section and while completing the well). Pending further evaluation of the preliminary test results, it is anticipated that Ascent and its partners will continue testing operations when further specialist equipment can be mobilised in January. \n\nAlso at Peneszlek, the drilling permits for the PEN-101 and PEN-106 wells have been issued and site construction will commence shortly. The drilling rig is expected to be mobilized to the location late in January 2010.\n\nAscent Managing Director Jeremy Eng said,&n...