PetroHungária Kft (a 90% owned subsidiary of Ascent Resources Plc) with partners DualEx and Petro Pequnia drilled the PEN-102 well to its planned total depth of 1,500 meter. Drilling and logging results indicated that the well had intercepted a fault system and consequently the target Miocene tuffaceous formations were encountered 38 meter deeper than prognosis. Only residual gas was present in this deeper section of the reservoir.
To accurately define the orientation of the fault system, an offset vertical seismic profile (well seismic survey) has been recorded. The purpose of this survey is to enable a sidetrack well to be planned with the objective of entering the Miocene gas reservoir in a more favorable position. The PEN-102 well is the third of four wells drilled under the farm-in agreement. PetroHungária’s partners, DualEx of Canada and Petro Pequnia of Sweden will earn working interests in the Nyírség exploration permits of 37.5% and 2% respectively, by paying 75% and 4% of the costs of these wells.
PetroHungária funds the remaining 21% for a retained 60.5% working interest. Over the next week, the drilling rig will move to the last of the four farm-in wells, VAM-1, a gas exploration well designed to test exploration prospects in both the Miocene and Pannonian formations in the Vámospércs area, some 14 kilometer further south west of PEN-102. Ascent’s Managing Director Jeremy Eng said, “A successful sidetrack of the PEN-102 could yet add reserves to the planned Penészlek development in Hungary, which includes the PEN-104 discovery and other proven reserves in PEN-9 and PEN-12.
“Whilst the processing of the well seismic is on-going, our consortium will drill the VAM-1 well and continue planning the further exploration activities in the Nyírség permits. These two permits cover over 2,000 square kilometer and so far only about 30% of the area has been examined in detail.” In Italy, mobilization of the drilling rig back to the Anagni-1 well has been delayed by about two weeks, while awaiting receipt of authorization from the Governmental Authorities to deepen the well. A further announcement will be made when the rig is ready to commence operations.
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