Ascent Resources reports that PetroHungaria kft in which Ascent has a 48.3% interest has completed the drilling of the PEN-105A sidetrack in the Penészlek Project in Eastern Hungary. The results of the well have exceeded management's expectations and are better than the original PEN - 105 well with approximately 20m of gas bearing formations drilled in the targeted Miocene volcanicastic reservoirs.

The PEN-105A well was sidetracked from the existing PEN-105 well to a measured depth of 1,640m and a location some 460m northeast of the original well. It was designed to drain gas reserves from the northern half of the structure which is bisected by a sealing fault. The original well has recovered some 0.85 Bcf (24 Mm3) of gas from the smaller southern part of the structure since production started from it in March 2010.

Tags: Ascent Resources plc