Hungary

July 13, 2009
Ascent Resources PLC’s Hungarian subsidiary and Hungary’s MOL RT plan to explore 88 sq km in southwestern Hungary around Lovaszi and Ujfalu oil and gas fields.

By OGJ editors
HOUSTON, July 13
– Ascent Resources PLC’s Hungarian subsidiary and Hungary’s MOL RT plan to explore 88 sq km in southwestern Hungary around Lovaszi and Ujfalu oil and gas fields.

MOL will transfer to Ascent a 50% interest for joint exploration and production in 88 sq km of licenses in Hungary and will retain an option to hike its interest to 60%.

Ascent will shoot 3D seismic and fund the drilling of two wells. It will recover MOL’s share of the cost of the wells from 80% of any production revenues. Ascent will also shoot 3D seismic over 90 sq km in the adjoining part of Slovenia that includes the Petisovci redevelopment project.

The area is highly prospective, especially for tight gas, and the primary objective of the 3D seismic is to plan for the development of these gas reserves from the Badenian (Middle Miocene) reservoirs, from which small amounts of production have been achieved in Slovenia, Ascent Resources said. Also, a number of secondary targets in shallower Pontian (Upper Miocene) reservoirs have produced more than 55 million bbl of oil in Lovaszi and Petisovci fields.