UK oil and gas company Ascent Resources on Thursday said it completed the sale of its 20.17% stake in a concession in NE Hungary for $300,000 plus pro rata payments based on production of a gas discovery there to partners Hungarian Horizon Energy and JKX.
In addition to the initial cash payment, Ascent will get $300,000 per billion cubic feet (Bcf) of gas when output of the Görbeháza-1 discovery in the concession exceeds 1 Bcf.
Ascent Energy will use the proceeds to develop assets in Europe, in particular a project on the border between Hungary and Slovenia.
The other minority partners in the concession, DualEx Nyirseg and Swede Resources, have divested their interests on similar terms, Ascent Resources said.
Hungarian Horizon Energy and JKX operate a gas field near the Görbeháza-1 discovery. (MTI Econews)