Ascent Resources announces successful drilling in Hungary

http://www.portfolio.hu/en/cikkek.tdp?k=2&i=18821

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its Hungarian subsidiary PetroHungaria Kft, has completed the drilling of the PEN-104 sidetracked gas well in the Nyírség permits of Eastern Hungary. This well, drilled at the depth anticipated from the interpretation of the seismic data, is the second sidetrack well and the logs indicate the presence of a substantial gas reservoir, Ascent Resources said in a statement on Monday.

The Partners in PetroHungaria decided at the end of September that, due to the immediate availability of the drilling rig and associated services, along with the near complete depletion of the PEN-104A sand and the consequent increasing water production, that was an ideal time to undertake these operations. PetroHungaria anticipated that, with the successful completion of drilling, production at the site would resume within a month.

"PEN-104AA required highly deviated drilling and inclinations of up to 66° were used. The well drilled through 65 m of Miocene reservoir formation, equivalent to a vertical thickness of 34 m. Drilling was stopped at 1,872 m MD (1,322m TVD), close to the anticipated depth of the gas-water contact determined from offset wells. The well, completed with a slotted liner and external casing packers, will be tested after the drilling rig, which is now being demobilised, has left the well site," Ascent said in a statement today.

Ascent has a 45.23% interest in the well; other partners in the project include DualEx Energy (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).