Ascent Resources (LON:AST) - Production on-track in Hungary

Mar 10th 2010 - Fox Davies Capital today published a report on Ascent Resources (AST.L, LSE:AST, LON:AST) entitled "Production On-track In Hungary". In summary, the report says:

Ascent Resources plc, through its subsidiary PetroHungaria kft, has successfully tested and completed the PEN-101 well, in the Penészlek area of the Nyírség exploration permits in eastern Hungary.  Once the rig has departed the site, the PEN-105 well will commence production to sales. The completion of the PEN-101 well is, as planned, in a Miocene gas bearing formation within a structure defined on the 3-D seismic acquired in 2008. Initial production rates achieved during preliminary testing exceeded 1.0MMscfd, and productivity is expected to be improved in the coming days by the use of small scale acid stimulation, similar to that used with good results on the PEN-105 well.

The PEN-101...