.

Why on earth would you want to get out ? I am here for the long term and will see Ascent though Anagni-2 drilling, Switzerland drilling, Bajsca drilling and everything else.

Gazatta would be a company maker if it comes in, but it will also not be the end if it does not.

Its a P&A. News out from Otto this morning. Thats the end of Gazatta then. Ascent is no one trick pony, but the next "biggie" is Anagni-2 oil well during the summer.


http://www.ottoenergy.com/irm/Company/ShowPage.aspx?CPID=1345&EID=95889276

Italy – Cento‐Bastiglia Permits

The Gazzata‐1 exploration well intersected a series of sand/shale sequences below 2,300 m and was drilled to a total depth of 2,840m. Wireline logs have been run and the interpretation of the log data does not indicate any commercial gas zones.
The well will be plugged and abandoned as a dry hole.

You do have to raise questions over the quality of the seismic. No mention of the primary zone and only mentions the secondary shales/sands from 2300m which were the secondary targets. The primary target must have been a complete washout ? or perhaps we will hear more details from Ascent in their release later today.

Although the well was paid 100% by Otto and so no effect on Ascent in cash terms, its a big lump of their potential blue sky now gone. The remaining high impact projects are Anagni-2, Switzerland and Bajsca.

Anyway, at least people will no longer be saying the GEM placing was a bad idea, it was a very good one and the company got cashed up at over 7p.

Next up are a couple of small wells in Hungary to increase gas production output at the PEN fields and then the next "high impact" event in the summer when they drill Anagni-2 for up to 50MMBO of oil.

Focus now returns to more mundane issues with increasing Hungarian production, Jolly Ranch progress, further SS deals and the like until excitment returns with Anagni-2 sometime this summer.

Hawk has pulled the plug on Jolly Ranch deal, this will pull AST back as well.

Perhaps AST should employ VIY!

This offer for A 20% share of HAWK's Jolly Ranch is turning out to be a bit of a farce, with SS saying they couldn't raise the cash due to their failure to realise assets. Is the whole thing a game being played by DB AND JE? Note how the HAWK sp rose after the potential sale was announced, what is going on?

It's crap and Market Makers having a field day!

What's odd is that, so close to a Placing (at 7.4p, see RNS), the company implodes with ten's millions shares sold. Presumably the rats will spernd this "placing" money on better prospects and maybe some oil Execs (er, would be nice) - - -
EDIT(1Jy09), Down Lots and UP 10% today. Buy=3.5p-ish

Dreams of riches beyond avarice delayed again! Story of my life.

Well I have now finished buying lots more and below 4p prices and what a bargain it is in my opinion !

My buys earlier this year at below 3p are still in profit and now averaged up with a vast amount more at around the 3.7p level.

There is so much going on with Ascent and they also have very recently raised a nice wadge of cash to cover ongoing expenses for Bajsca, Slovenia, Peneszlek, Panhandle and also Anagni-2.

There is quite a number of drills in the months ahead, not least the first of the Hungarian Panhandle drills with JKX and Horizon based on recently acquired 3D seismic which should be in July.

July/August should see the Pen-105 well be drilled and also before the end of August the Anangi-2 drill should be complete. Its only a 500m drill so when it happend it should be very quick from spudding to completion. Final approval to drill is pending so we should expect that in July or August.

Anagni-2 has potential enough to send this through 25p depending on what they find, but for those who like to see more general progress then watch Hungary and the Panhandle and Peneszlek field drilling and increasing of production output and also reserves.

Anyway in the face of the bad Gazatta news I am happy to have got a load more shares at well below 4p. The San Severina agreement never lifted the price in 2008 when the JV was announced, so whatever happens there its never been priced in anyway. Hopefully now San Severina and AST will want a quick face saving deal with something, so news there is a potential.

Lots more things in the pipeline too (excuse the pun) but for now the short term traders will be eyeing up the Anagni-2 drill and when that is due to start.

So for the record, I have now averaged up slightly after buying a load at around 3.7p and very happy with an enlarged holding going forward !!!!!

Your strategy is your affair, of course, but would it not be worth taking some profit & then a percentage of your holding would effectively be a free ride? What if there is another dip in the sp? Your profitable stock would be wiped out.
Just an opinion, but lots of posters on these boards regretting not locking in profits, including myself on some stocks.

Harry see our post 145 and 151 told you so!

Harry, I do do it sometimes in order to lock in some profit and reduce the average therefore of the other shares should the price fall, as I use reinvested profits from higher sales to buy back even more at lower prices on failure.

From EK on t1ps.com (a bit late, as published Mon 15 Jun):
"Ascent (AST)'s bull position (vast) awaits perhaps midweek to know its fate at Gazatta. Cynics would sell now given that regardless of the Gazatta results selling will occur either through disappointment or relief. But sellers seem to me to be making a mistake. 100p+ is still very much in point and the moment to buy is after the Gazatta results - win, lose or draw. (Nightime walk about groupies can visit the ASX in the wee small hours and follow Otto Energy Limited - OEN on ASX - to see if there has been a leak of drilling news there.)"

Harry read EK diary on T1ps today he has lost a packet with his long AST position but has bought a further 500,000 must be a glutton for punishment!

Good news for AST holders. "ghhghh" is Paul Curtis who is a declared over 3% holder of AST.


ghhghh - 18 Jun'09 - 14:03 - 270 of 275


Met with Ascent this morning.

Will post more later but the crux matter was whether SS dodgy in any way, tarnishing AST's reputation by association.

I met AST with Phil and we both left reasasured that SS credible and have the funds (a lot more than $20m!).

SS have been thoroughly vetted by Ascent Board, NOMAD and others.

AST have no doubt the assets are there and the delay down to montising what appears to be a large sum.

Hopefully this is close and the SS relationship appears ongoing.

Obviously the proof will be when deals finally announced but IMO Ascent should not suffer a crediblity problem if no deals (although I think good chance there will be deals).

Thanks for that news Bob !!!!!!!

Bit more for you all

ghhghh - 18 Jun'09 - 15:31 - 294 of 296

Huntsman

Anagni will be ultra cheap to drill but will use water drill so slow.

Target could be up 40m to 60m barrels IF full so amazing risk reward.

AST still reckon 50:50 with main risk being is structure connected.

Will drill asap after getting permit.

Thanks again Bob !!!!!!

Using a water bore hole drill will be cheap but as Paul says it will be slow too.

40 to 60 million barrels is quite amazing upside I think. The license is 80% owned by AST so if you take 50 million and allocate 80% to AST you get 40 million barrels net to Ascent.

Apply a 10US$ valuation and thats 400,000,000 US$ and in pounds sterling would be 235,000,000 (using 1.7 exchange rate).

235,000,000 is around 67p a share taking into account of warrants.

So even with a lowly 10US$ a barrel valuation (and it is low given its mainland Italy) you get staggering upside. Fingers crossed for Anaghi-2 and good luck everyone !!!!!!!!!!!

Proactive Investors One2One Forums

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