Ascent to start gas production in Hung
UK-based oil and gas exploration and production company Ascent Resources said it will begin production of natural gas at the company's field in Hungary at the beginning of August.
Ascent Resources has exploration sites in Slovenia, Italy, Switzerland and Holland in addition to Hungary.
In April, Ascent Resources agreed to sell minority stakes in two of its concession holders in Hungary to Leni Gas and Oil for âŹ2 million in cash. Leni Gas and Oil bought a 7.27% stake in PetroHungaria, which holds a 100% interest in a gas development project in eastern Hungary, and a 14.54% stake in ZalaGasCo, which owns 50% of a gasfield redevelopment project in western Hungary.
Hungarian oil and gas company MOL owns the other half of the project.
After the divestments, Ascent's stakes in the project in eastern Hungary, including the PenĂŠszlek field, decreased to 45.23% and to 38.73% in the project in western Hungary. (MTI â Econews)
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