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From t1ps.com (EK)
"My informant has this morning updated me on Ascent (AST) which is coming to the boil. I bought another 500,000 at 8.1p yesterday. RAB have stopped selling. And, more importantly, the Gazzata-1 gas exploration well in Italy is currently being drilled, using a new 200 ton drilling rig which is part-owned by Ascent. That will bite its way down to the primary target pretty swiftly. The chance of success is high - but of course it's not a certainty. And the PEN gas well in Hungary is now back in production after the successful work-over. So a decent income stream to Ascent is restored. It looks to my informant as if exciting times may be on the horizon for AST and its shareholders.

Ascent is also readying itself to drill Agnani-2, an oil exploration well in Italy, in the near future. This well is targeting a reservoir believed to contain a potential 30 million barrels of oil. This reservoir was drilled two years ago with the Agnani-1 well, which did find some oil. However, it encountered various difficulties and the testing could not be successfully completed. This target is like Gazzata-1, another potential company-maker.

Further, Ascent's joint venture with the investment fund San Severina Holding of Switzerland is progressing well, and news on the first investment is expected soon. The agreement provides Ascent and San Severina with equity interests in oil and gas projects primarily outside Ascent's current European focus. San Severina is aiming to invest an initial 100 million euros in production, appraisal and development projects; Ascent provides various know-how and management services, and in return receives a free 20% carry on the upside. With such funds available, Ascent is surely motoring."

As expected the sale of part of the Jolly Ranch Project (HAWK and RF) is to San Severina, and Ascent Resources will get 4% of the project.

HAWK RNS :

http://www.investegate.co.uk/Article.aspx?id=200906010700120888T


AST RNS :

http://www.investegate.co.uk/Article.aspx?id=200906010700120988T



The main thing for me is this now puts an end to the nonsense spouted by a few that San Severina had no money, its all a fake or fraud :) LOL

Looking forward to more deals in which AST gets 20% free of the total purchased by San Severina as payment for their efforts.

Reacted well, as it should really.

4% of Jolly Ranch area for free.

If SS take the options too, AST get 20% of that too............all for free.

And this is part of the "initial 100m Euro" that SS will invest.

On a pure cash basis that means AST get 20m Euro equivalent in assets.

But of course, SS are looking to get 200% or 300% returns, so that initial 20% that AST get, being 20m Euro equivalent, could be worth 40m or 60m Euro's in a few years.

And thats just, as said, the "initial 100m" :)

Things look very interesting as AST becomes more "production" orientated than it ever has been before, but still with enourmous "exploration" potential upside.

Gazatta-1 alone could be worth from 0p to 100p net to Ascent, depending on a find, being commercial and then how big.

http://proactiveinvestors.co.uk/companies/news/5884/ascent-resources-to-get-4-pct-stake-in-colorado-project-as-part-of-san-severina-jv-5884.html


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New comment, click HERE

Now in the first "seal" which should have been circa 1750m according to my info. Once they get drilling again they move into the potential stacked gas pockets of the structure down to TD circa 2400m prior to decision to extend to 3000m if good gas shows present in main target at 2100m depth.

Given they are casing down into the top of the initial seal, when drilling restarts there are numerous potential gas pockets down to 2100m main target.

So any "leaks" should be next week................




http://www.ottoenergy.com/irm/Company/ShowPage.aspx?CPID=1342&EID=11399747

Wed 3rd of June.

Italy – Cento‐Bastiglia Permits

Drilling commenced on 19 May 2009 in the Cento‐Bastiglia Exploration Permits
located in the Po Valley, onshore Italy. The Gazzata‐1 exploration well was drilled
to a depth of 1,764m and logging carried out. 12 ” casing is currently being run to
1,750m. Casing and cementing is expected to be completed in the next few days
and then Gazzata‐1 will recommence drilling ahead to the target depth.

I have put a couple of posts today on TMF about the potential of the Po Valley and the update from Otto yesterday.

The link is below for the whole thread, the two posts I have put on today you need to scroll down to find.


http://boards.fool.co.uk/Message.asp?mid=11554792&sort=whole


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The following is from the Deltana presentation, who were going to farm in, but were replaced by Otto Energy as the farm in partner. It shows a lot of detail about the Gazatta prospect, from which you can gain a better understand. It mentions nothing about the potential extension from 2400m to 3000m depth and testing of the deep , and we know this will only happen IF they find gas in the primary target. Its a shame the seismic is not shown down to 3000m as it would have been itneresting to see.

Link is : http://ss01.boardroomradio.com/files/DLT/DLT%20-%2020071003.swf



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Next scheduled news should be the Wednesday morning (Tuesday late night UK time) Otto Energy drilling update.

Soon will know if this is a company making well for Ascent, or not.

pp heads or tails?

Who knows, its exciting as the upside is massive but the downside limited as they still have Hungary, Switzerland, Jolly Ranch, the SS agreement, Anagni Italy and so much else.

Whatever happens, massive rise, no rise or big fall, I shall beep on holding :)

News out, Ascent have drawn down on 1.28m pounds by issuing 17m shares to GEM.

This explains the selling over the past couple of weeks, it was GEM pre-selling these and shorting, to keep the price low.

Very sensible move to do this ahead of the Gazatta result, simply put the Gazatta result is not a certainty and by now having cash in hand to cover all their upcoming commitments (Hungary, Anagni-2 and Slovenia) they do not have to worry if Gazza is dry.

With the seller (GEM) now clear, the price should be able to pick up traction and move ahead, and if Gazatta is not a dry well, we could see some big moves upwards.

As Ascent now has cash in hand, can cover all the upcoming costs they need to pay for, has SS deals ongoing, has Hungary production and very soon we will not only know the Gazatta result, but will soon start drilling at Anagni-2.

Fingers crossed and good luck all.

"Ascent Resources plc, the AIM traded oil and gas exploration and production company, has, further to the announcement of 14 May 2009, issued 17,350,000 new ordinary shares of 0.1 pence each ('Ordinary Shares') to GEM Global Yield Fund Limited ('GEM') as part of a draw down on the equity line of credit provided by GEM. The price of the subscription is 7.4 pence per Ordinary Share, being a discount of 9% to the average closing price over the past 15 trading days.

Application will be made for the shares to be admitted to trading on AIM on 12 June 2009. Following the issue of the new Shares the Company's issued share capital will consist of 322,132,042 Ordinary Shares with voting rights."

The above is only part of a drawdown facility, so it is not necessarily the final dip in the sp, but at least we know that 7.4p is the current base.

Drill speed has slowed down a lot, given they are at 2219m, which could be seen as a positive as they may now be into "reservoir territory". It nothing was there they would have been well finished to TD and logged already, some would say.

Could be news later this week after wireline and logging once they decide to stop drilling and check.


http://www.asx.com.au/asxpdf/20090610/pdf/31j01lg40bzlmy.pdf

...........Italy Cento Bastiglia Permits
The Gazzata 1 exploration well was drilling at a depth of approximately 2,219m on the evening of 9 June 2009. Drilling will continue today until a minimum depth of 2,300m or until an appropriate geological horizon is reached. An electric logging evaluation program will then be run. The results of the interpretation of wireline logs will be reported once available............

For me, this is quite positive.

Firstly, they are committing to wireline logging in advance, which indicates something of interest may be found that needs to be logged. They have already logged to 1750m earlier (indicating potentially something interesting higher up), so it will only be 1750m to 2300m that needs logging when they stop.

Secondly, the drill after doing 200m a day is now very very slow, indicating they have some feedback and are going slow so as not to damage the well bore. Primary target was said to be circa 2100m, so the very slow progress in terms of depth could indicate its good.

Thridly, no talk of TD, only talking of going to at least 2300m or until a major geologic change, and then running wireline. This means we may get the (what I am hoping for) notice that the well will be deepened to 3000m TD instead of 2400m initial plan.

Could be a very happy Monday next week.

All in all it tends to point to the potential for some good news to be coming soon, but as they say, thats only IMO and always DYOR !

Worth reading this thread on TMF to get differing opinions.

http://boards.fool.co.uk/Message.asp?mid=11554792&sort=whole

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RNS Barclays increases shareholding to 6%.

If its going to be a P&A and no good there should be news tomorrow, at some time during the day or after trading stops.

No news tomorrow could and possibly should be seen as positive.

There is another line of thinking that some are taking, and that is that the Otto announcement on Wednesday is rather too "undefined". Saying "we will keep drilling until a minimum of this OR until we decide to stop at some undefined geologic point

Are they going straight to 3000m (hence why the large casing size earlier and also early logging) owing to finding gas already.

They could not announce going to 3000m as everyone would take a very good guess this means gas found already (as they said that they would only go deeper if they found gas higher up), so they come up with this "drill until we stop" to cover that they are in fact drilling all the way down to 3000m now, and then will then log and then test.

Anyway, could be a P&A tomorrow, but if not, then perhaps the next update will be Wednesday from Otto, and perhaps they have indeed gone straight to 3000m depth (ie hit gas already).

No news in this case will likely be good news, and the longer there is no news, the gooder the good news might be.