Ascent Completes Sale of Gorbehaza-1 Discovery

Source: www.gulfoilandgas.com 11/4/2010, Location: Europe

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has completed the sale of its 20.167% interest in the western part of the Nyirseg Szatmar permits in Hungary, known as the Panhandle, which contains the G?rbeh?za-1 ('GH-1') gas discovery. Ascent will initially receive a cash consideration of US$300,000 and additionally pro rata payments, net to Ascent, of US$300,000 per Bcf will be made once the cumulative production from GH-1 exceeds 1 Bcf (28.31 MMm3). The other minority partners in the licence, DualEx Nyirseg Inc. and Swede Resources AB have also divested their interests on similar terms.

The proceeds will be used for the development of Ascent's European portfolio, which includes assets in Italy, Slovenia and Hungary and in particular the Petisovci-Lovaszi project area on which the Company recently announced an independently verified P50 estimate of gas-in-place of 412 Bcf (11.7 Bm3; 68.7 MMboe).

The sale of the interest was to existing project partners Hungarian Horizon Energy ('HHE') and JKX plc ('JKX') who operate the nearby Hajdunanas gasfield, where the Gorbehaza gas is processed and sold to the main pipeline. The Gorbehaza-1 well was drilled in August 2009 and tested gas from the first of two gas zones targeted for completion, at a rate of 3.74 MMscfd (106,000 Mm3/d). It eventually went on production in August 2010 and average production through the first half of September was 1.66 MMscfd (50,000 Mm3/d).

Ascent's Managing Director Jeremy Eng said, "The exploration licence for the Panhandle area has now expired and as the production from the GH-1 well is operated and produced by HHE and JKX through its neighbouring field facilities, it makes good sense for Ascent and the other minority partners to monetise this discovery rather than to wait for the gas to be produced. As we had mentioned previously, the benefit of 3-D seismic was instrumental in making this discovery and the PetroHungaria partners farmed out the Panhandle area to HHE and JKX for the cost of the 3-D seismic acquisition."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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