PetroHungaria, MOL to redevelop Bajcsa gas field

PetroHungaria will redevelop Bajcsa gas field in southwest Hungary with MOL by completing existing horizontal wells to enhance production and access gas from undepleted areas of the reservoirs.

Sept. 13, 2007

Uchenna Izundu
International Editor

LONDON, Sept. 13 -- PetroHungaria KFT will redevelop Bajcsa gas field in southwest Hungary with MOL Rt. by completing existing horizontal wells to enhance production and access gas from undepleted areas of the reservoirs. The field lies 6 km south of Nagykanizsa near the Hungarian-Croatian border.

The first two horizontal recompletions will be accomplished by yearend, with gas being sent immediately to market, as the field is already on production.

The joint venture has already completed extensive reservoir and horizontal well studies and jointly will plan and implement the drilling of the new wells, which will use rotary rigs already under contract to MOL. Incremental production will be shared by MOL and PetroHungaria.

Bajcsa has produced about 470 million cu m from more than 20 wells since production first began in 1961. It has seven stacked reservoirs, with the majority of production coming from two, VII/b and III.

PetroHungaria is owned 90% by Ascent Resources PLC and 10% by GeoMega, a Hungarian geological and geophysical contractor.

Contact Uchenna Izundu at [email protected].