Ascent Resources PLC AST Peneszlek Operational Update

  Ascent Resources PLC (AST) - Peneszlek Operational Update

RNS Number : 2673H
Ascent Resources PLC
10 July 2012
 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

 

10^th July 2012

                             Ascent Resources plc

                         ('Ascent' or 'the Company')

                                       

                         Penészlek Operations Update

                                       

                                       

Ascent Resources plc,  the AIM  listed European  oil and  gas exploration  and 
production  company,  announces  that,  through  its  48.8%  owned  subsidiary 
PetroHungaria kft, it has completed operations to add additional  perforations 
to the PEN-105A gas well in the Penészlek field of northeastern Hungary.

 

PEN-105A is a sidetrack  of the PEN-105 well  and was originally completed  in 
April 2012 with 7  metres of perforations.  The  total perforated interval  is 
now 24 metres of the gross 59 metres of Miocene volcaniclastic reservoir.  The
additional perforations were  made in  two stages with  a flow  test for  each 
stage.  The results indicate  that the acid  stimulation which had  originally 
been considered  is  not necessary  given  the  strong well  response  to  the 
newly-perforated sections.    The deeper  perforated intervals  are below  the 
previously defined gas-water contact  and this will result  in an increase  of 
the gas reserves that can be  produced from the PEN-105A well.  Production  is 
currently limited  to  approximately  2  MMscfd  due  to  constraints  at  the 
third-party facility into which both the PEN-105A and PEN-101 wells  produce.  
Discussions are on-going  with the  facility operator to  remedy the  facility 
bottleneck that would allow for greater production from the Penészlek wells. 

 

Jeremy Eng, Ascent's  Managing Director commented,  "The PEN-105A well  result 
was better than expected because of improved reservoir characteristics at  the 
PEN-105A location  as compared  to  the original  PEN-105; now  the  increased 
thickness of the proven gas bearing reservoir has further improved the overall
results." 

 

Enquiries:

 Investors                                       Tel:  020 7251 4905

Scott Richardson Brown  Ascent Resources plc
                                                 Tel:  020 7220 0500

Sarah Wharry           finnCap (NOMAD & Broker)

Ben Thompson
                                                 Tel:  020 7930 0777

Press                  Cardew Group

Anthony Cardew

Alexandra Stoneham

 

Notes

Ascent Resources plc  has a diversified  portfolio of hydrocarbon  exploration 
and development interests across five countries in Europe: Italy, Switzerland,
Hungary, Slovenia and  Netherlands.  Its  portfolio contains a  solid base  of 
field redevelopment projects  with selected exposure  to exploration  upside.  
The portfolio is focussed on gas and, with the exception of the shallow  water 
Netherlands project, all of its  projects are located onshore where  operating 
and development costs are substantially lower than they would be offshore.

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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MSCUGUAGMUPPGMB -0- Jul/10/2012 06:00 GMT