Ascent Resources advised that mobilization of the rig that will drill the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary has commenced. It is expected that drilling will begin over the next week and that it will take approximately three weeks to evaluate the primary target, a gas prospect that is estimated to be at a depth of 1,500m.

Ascent holds a 45.23% interest in the Penészlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Tags: Ascent Resources plc