logo-loader
viewAscent Resources PLC

Ascent Resources reports positive results from GH-1 well, shares jump

oil_rig_drillbit350_4a978c3347173.jpg

Investor’s liked what they heard from Ascent Resources (AIM: AST) this morning, pushing shares in the company nearly 20% higher after the company reported positive results from the Görbeháza-1 well (‘GH-1’) which is located in Panhandle region of the Nyírség North Permit in north-east Hungary.


GH-1 was drilled to a total depth of 1,300 meters and this morning Ascent reported that the well encountered gas in two of the three zones targeted.  A service rig is expected to arrive on site and commence completion and testing operations in around six weeks. Ascent has a 20.167% interest in the GH-1 well.


The well is located just south of the Hajdúnánás-1 gas discovery drilled by Hungarian Horizon Energy and JKX Oil and Gas (LSE: JKX).


In addition to the positive news from GH-1, Ascent confirmed that the PEN-105 well, which is being drilled to a depth of 1,500 meters, is expected to reach target depth this weekend.  PEN-105 is in the Penészlek area of the Nyírség permits in Hungary, and is also targeting gas.

Quick facts: Ascent Resources PLC

Price: 2.875 GBX

AIM:AST
Market: AIM
Market Cap: £1.7 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Amundi Physical Gold ETC: Europe's cheapest ETC now trading on the London...

Amundi Physical Gold ETC's Ashley Fagan who's head of ETF, Indexing & Smart Beta Development for UK and Ireland introduces the product to Proactive London's Andrew Scott. She says they've seen a great deal of demand from European as well as UK investors and that's what lead them to list...

2 days, 1 hour ago

2 min read