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Ascent Resources discovers gas in east Hungary

UK-based hydrocarbons company Ascent Resources on Tuesday announced it discovered gas while drilling in Hungary's Penészlek gas field in the east of the country.

A test at the site, a re-appraisal called PEN-104, produced gas at a restricted rate of 96,000 cubic meters a day. Drilling will continue at the site, which includes an area of 2,483 square kilometers. Ascent Resources is 90% owner of the company drilling at the site, PetroHungaria Kft. Its partners are DualEx of Canada and Petro Pequnia of Sweden. DualEx paid 75% of the costs to drill PEN-104 to earn a 37.5% working interest.