Ascent Resources said its subsidiary PetroHungaria kft has tested and completed the PEN-101 well in the Penészlek area of the Nyírség exploration permits in eastern Hungary.

The completion of the PEN-101 well is in a Miocene gas-bearing formation within a structure defined on the 3D seismic acquired in 2008.

The company said that its initial production rates achieved during preliminary testing exceeded 1mscfd and expects that productivity will increase more in the coming days.

The PEN-101 well is located at the site of the production facilities that will be used to produce both PEN-101 and 105 gas discoveries.

Once PEN-105 starts production, the rig will move to the PEN-104 location to continue the testing of the PEN-104AA sidetrack followed by drilling of the PEN-106 well.