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Ascent up on Hungarian revival


Published Aug 12, 2008
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Ascent Resources commences drill programme with first well in Hungary-Spotlight

Another Hungarian gas well has begun producing, this time for UK-listed Ascent Resources at the PEN-104 well in Nyirseg, where three million cubic feet per day and 500 barrels per day of oil has started to flow.

Ascent’s stock price shot up 10 percent on news the company had a ready market for its hydrocargons.

Hungarian gas prices are considered strong and a number of players this week have announced steps to ramp up production in the Magyar-speaking country. Hungarians import 70 percent of the gas they consume.

Ascent said it plans to bring more wells on-stream in the same area.

Tags: Ascent Resources plc




   

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