Ascent ascends on drilling update

18th Aug 2009 14:07

Shares in Ascent Resources were wanted Tuesday after the oil and gas company said drilling of the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary has reached a depth of 310 metres. It is expected it will reach its primary target depth of 1,500 metres within two weeks.Ascent holds a 45.23% interest in the Penészlek Project.The company also said that drilling on the Görbeháza-1 well, located in the western part of the Nyírség Szatmár permits in Hungary, started on Monday, 17 August. Drilling is expected to take 10 days to evaluate a primary gas target estimated at a depth of 1,200 metres.