Oil and gas exploration and production company Ascent Resources PLC (AIM: AST) said it has completed and successfully tested the Görbeháza-1 well (GH-1) located in the western part of the Nyírség Szatmár permits in Hungary, known as the Panhandle.
The first of two gas zones targeted for completion has achieved a gas flowrate of 3.74 million standard cubic feet per day (MMSCFD).
The GH-1 well was drilled vertically to a total depth of 1,300 metres and encountered two gas bearing zones. The well has been completed as a gas producing well and 2.5 kilometres of pipeline will be laid to the Hajdúnánás gas production facility, where condensate will be recovered and the gas processed and sold into the main Hungarian gas pipeline network.
Ascent has a 20.167 percent interest in the Panhandle exploration project. The other partners in the project include HHE (33.3 percent as operator), JKX (33.3 percent), DualEx Energy International Inc (12.5 percent) and Swede Resources AB (0.67 percent).