Ascent Resources PLC (AIM: AST) said it successfully completed and tested the PEN-104A side track of the PEN-104 gas producing well in the Penészlek area of the Nyírség permits of eastern Hungary and expects production at the well to commence in the coming days.
PEN-104A, during a short period of clean-up flow, produced gas at an estimated rate of 2.5 millions of standard cubic feet of gas per day. Ascent holds a 45.23 percent interest in the Penészlek project through its equity interest in PetroHungaria kft. Other partners include DualEx (37.5 percent), Geomega (8 percent), Leni Gas & Oil (7.27 percent) and Swede Resources (2 percent).
Ascent Managing Director Jeremy Eng said: “The success of PEN-104A also gives us great confidence in the 3-D seismic data from which this side track project was initially conceived as we continue to plan the drilling of further wells in the area of the 3-D acquisition.”
Additionally in Hungary, Ascent, under the terms of the joint operating agreement on the Szolnak exploration licence which expired in mid-March 2009, has assigned its residual 12.5 percent interest to its joint venture partners.