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Ascent Resources acquires stake in Hungary concession

UK oil and gas company Ascent Resources on Thursday said it acquired a 60% stake in a 1,990sq km concession in Hungary.

Ascent Resources acquired the stake in the Igal-II exploration permit in Central Hungary through its 60% interest in Hungary's Pelsolaj. It bought the stake from Winstar Resources in exchange for 4% of net profit from future production of the permit area.

GTO Limited holds a 20% stake in the concession and Geomega and Swede Resources each hold 10%.

Exploration will concentrate on a 300sq km area. A number of shallow leads have already been identified and seismic testing is underway.

Ascent Resources has three other projects in Hungary. It owns a 49% stake in the Bajcsa gas field in W Hungary, a 20.2% stake in the Görbeháza field in E Hungary and a 48.8% stake in the Peneszlek development, also in E Hungary. Geomega and Swede Resources are also partners with Ascent Resources in the Peneszlek field.

Ascent Resources also holds stakes on both sides of a field that straddles the border between Hungary and Slovenia. Ascent Resources Managing Director Jeremy Eng said on Thursday that gas production and development projects in the field are the company's “focus in the short term”. (MTI-Econews)