Aspect Holdings expanded its international exploration efforts in June of 2004 and now controls Budapest-based Hungary Horizon Energy, LTD (HHE). HHE is currently the second largest license holder in Hungary which operates exploration licenses covering approximately 5,000,000 acres.
HHE is headquartered in Budapest, Hungary and is fully staffed with management and technical teams. HHE operates the majority of its license areas and has partnered with leading industry players such as MOL Hungarian Oil and Gas Plc. and JKX Oil and Gas Plc. The Company has drilled more than 30 successful wells in Hungary since 2005 and discovered reserves in excess of 100 bcf.
As of the end of 2009, HHE produced more than 40 million cubic feet of gas and 1,500 barrels of oil per day in Hungary – approximately 20% of Hungary’s domestic gas production – and continues to invest approximately $50-$75 million annually in exploration projects. With gas sales to Hungarian and open-market purchasers, and with its own gas plant operating since mid-2009, HHE is still increasing its marketing clout. In 2009, HHE and its partner, JKX Oil and Gas, constructed a $15 million gas plant and tie-in point into the national gas pipeline system. This gas processing facility has a capacity of 18 mmcf/d (510 cubic meters per day) and is currently processing production from three wells.
The success of HHE has also been attributed to the acquisition of new 3D seismic data, realive-amplitude processing and cutting-edge AVO interpretation. With more than 3,500 square kilometers of 3D seismic data acquired to date, HHE is poised to expand its success in Hungary further still.