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


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

Market: AIM
Market Cap: £1.7 m

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