News

July 07, 2009

MOL Deal Sees Ascent Resources Gain Further Exposure To “New European Frontier Gas Play”

Ascent Resources has extended its footprint in Eastern Europe and further cemented its relationship with Hungarian firm MOL through a joint agreement to explore an 88 sq km area of south western Hungary. Ascent is already a gas producer in Hungary – it has a 45.23 per cent stake in the producing PEN-104 gas well (not with MOL) in the northeast of the country, which is flowing 4.7 million cubic feet per day – and is also planning to redevelop the Bajcsa tight gas field in the southwest, again with MOL.

The new agreement, announced on Monday, will see Ascent take on a 50 per cent interest in the 88 sq km area in return for funding a 3D seismic survey and drilling two wells. The AIM firm will recover MOL’s 50 per cent share of the wells from 80 per cent of the resulting production revenues. 

Jeremy Eng, Ascent’s MD, said the new area was “highly prospective, especially for tight gas reserves”.  “This is really the new frontier of European Gas,” Eng told...