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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 also announced on Tuesday that the company may decrease its interests in other Hungarian concessions in order to finance gas exploration elsewhere in Europe.

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 €2 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 Penészlek field, decreased to 45.23% and to 38.73% in the project in western Hungary. (MTI – Econews)