Ascent sells stake in Hungarian JV

European oil and gas explorer Ascent Resources yesterday said that it has agreed to dispose of its 48.66 per cent stake in PetroHungaria for €450,000. It is selling its share in the Hungarian gas producer to its joint venture partners DualEx Energy International, Swede Resources and Geomega. Ascent has a limited cash position and will be able to use proceeds from the sale to advance its core Slovenia project.