Ascent Sees Improvement from PEN-105A Well

Managing director of Ascent Resources Jeremy Eng has said that results from operations to improve the Pen-105A sidetrack well have gone better than expected.

The operations undertaken for the PEN-105A well, a sidetrack to the PEN-105 well, comprised making two additional perforations to PEN-105A.The well, located on the Penészlek field in north-east Hungary, was originally built in April 2012 with perforations over 7 metres. Following operations on the well, perforations on the PEN-105A now total 24 metres over the gross 59 metres of Miocene volcaniclastic reservoir.

The perforations were made in two stages and flow tested successfully at both stages. "The deeper perforated intervals are below the previously defined gas-water contact and this will result in an increase of the gas reserves that can be produced from the PEN-105A well," Ascent said in a statement today. Consequently, the company will not undertake acid stimulation on the well owing to the strong results of the perforation operations.

"The PEN-105A well result was better than expected because of improved reservoir characteristics at the PEN-105A location as compared to the original PEN-105," MD Jeremy Eng said. "Now the increased thickness of the proven gas bearing reservoir has further improved the overall results."

However, production is still limited from both the PEN-105 and PEN-105 A wells due to constraints at the third-party facility into which those wells produce, the company says. Currently, both wells produce an average two million standard cubic feet of gas a day. Discussions are underway with the operator of the facility, Ascent says, to "remedy the facility bottleneck" constraining the production from the wells.

Wells PEN-105 and PEN-105A are operated by Ascent subsidiary PetroHungaria in which Ascent holds a 48.8 per cent stake.