.

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

The directors of Ascent Resources (AIM: AST), Blue Energy Limited (ASX: BUL) and Kenmare Resources (AIM: KMR) will be presenting:

Thursday the 16th July 2009

Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapand wine reception. Details on the presenting companies can be found below.


Register Here - http://www.proactiveinvestors.co.uk/register/event_details/55

If you have any problems registering or queries please email action@proactiveinvestors.com

Ascent Resources plc ('Ascent' or 'the Company')

Director's dealing

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces that Malcolm Groom, Legal Director of Ascent, has purchased 400,000 ordinary shares of 0.1p each in the Company at a price of 3.30p per share. Following this purchase, Mr Groom is interested in 1,997,705 ordinary shares in the Company, representing 0.62 per cent. of the issued share capital of the Company.

Don't forget this excellent chance to meet the CEO this week!

Proactive Investors One2One Forums

The directors of Ascent Resources (AIM: AST), and Kenmare Resources (AIM: KMR), and Blue Energy Limited (ASX: BUL) will be presenting:

Thursday the 16th July 2009
Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

FREE registration : http://www.proactiveinvestors.co.uk/register/event_details/55

The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapand wine reception.

These presentation evenings are well worth attending, and the networking afterwards is an excellent opportunity to meet the CEO's as well as other private investors.

If you have any problems registering or queries please email : action@proactiveinvestors.com

Nearest tube stations are Green park (5 minutes walk), and Bond Street (7 minutes).

OK so they are doing the rounds to get shareholder interest. However, today I note that "an update" is available if I go to their website - something that means I have to work hard, so they can avoid making a proper presentation. Seems they have currently 13m cash.
Grr.

Portfolio Update for AGM
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, is pleased to provide an update on its current strategy and portfolio ahead of its Annual General Meeting, which will be held at 11am today. A PDF version of the Company's latest corporate presentation is available to view or download at www.ascentresources.co.uk.

Ascent's business model is centred on debt/equity funding for development projects and farmout for exploration projects, as demonstrated by the Nys Project in Hungary and the Gazzata-1 well in Italy. With Gazzata, the Company had an initial 100% interest but farmed out 50% in return for being carried on drilling and seismic costs.

Nys - Penzlek Area Development - Hungary
The Penzlek gas field, Ascent's primary producing asset, has a current production rate of 4.2 MMscfd. The Company, in conjunction with its partners, is planning a number of further development wells in the area to maximise the potential of the gas field and increase production. In particular, site preparation for the PEN-105 is underway with drilling scheduled to start on 31 July 2009. Additionally, the drilling of a further three development wells, PEN-101, PEN-106 and PEN-104AA, are planned in the Penzlek area in the near future and the evaluation of a number of further PEN locations is underway. With current low royalty rates, strong gas prices in the range from 5.70 to 9.10 per 1,000 cubic feet, shallow wells and low operating costs, production of Penzlek gas has strong margins at current prices.

Petisovci Redevelopment - Slovenia
This project involves the redevelopment of the previously producing Petisovci oil and gas field. Permitting for a 3-D seismic acquisition in the Petisovci area is ongoing with the acquisition of data over an area of 90 sq km starting in August. Additionally, Ascent Hungary Limited (a wholly-owned subsidiary of AST) plans to carry out a follow-up acquisition in the adjoining Lovaszi area in Hungary. The Board believes that there could be substantial potential with estimates for tight gas reserves of up to 300Bcf and shallow oil targets in the range of 5 to 10 million barrels. Importantly, due to the area's historical production, the infrastructure is in place, which would enable the rapid development of any discovered reserves.

Latina Valley Frosinone Exploration Permit - Italy
The Anagni appraisal well, planned for September 2009, is designed to appraise the shallow part of the Anagni structure in the Latina Valley, a proven oil producing region to the south east of Rome. The location of the well was chosen from seismic acquisition conducted in 2008 and Ascent is currently in the process of obtaining permission to begin drilling. The drilling of the Anagni-1 well in 2008 proved the presence of good reservoir characteristics and recovered small quantities of 'live' oil.

Nys - Panhandle Development - Hungary
A 3-D seismic survey has been acquired in the Panhandle area of the Nys permit and plans for an exploration well are advanced. The location for the Gbeha-1 well (Gh-1) has been agreed and drilling is expected to commence in September 2009. Additionally, three follow-up locations are under evaluation. This project has been farmed out to Hungarian Horizon and JKX. Hungarian Horizon, the second biggest gas producer in Hungary has taken over as operator.

Filovci Development - Slovenia
This is an eastern Slovenian exploration project where 3-D acquisition is planned for the fourth quarter of 2009. A 200 sq km survey is currently under permitting, which will target an area where previous wells have produced both oil and gas.

Ripi Oil Field Redevelopment - Italy
The Company is in the process of acquiring permission to conduct a shallow high resolution seismic survey to assess redevelopment potential for the Ripi oil field. The survey will also enable Ascent to assess the potential of the deeper structures on the site.

Bajcsa Gas Field Redevelopment - Hungary
Following the completion of geophysical studies conducted over an 18 months period, plans for the redevelopment of the Bajcsa gas field are being considered.

Hermrigen Gas Field Appraisal - Switzerland
The Hermrigen-1 well was drilled by Elf Aquitaine in 1982 and discovered and tested gas in a secondary target. The well never reached its deeper primary target due to mechanical problems. Following extensive analysis of the geological and seismic data and further geochemical analysis, Ascent has designed an appraisal well for the original gas discovery that will also have the capability to drill down to the primary target of the Hermrigen-1 well. The Company is seeking partners for this project.

M-11 Gas Field Appraisal - Netherlands
Drilling plans are well advanced on this block which contains an extension of an existing gas field and oil discovery. The Company is evaluating a number of options for maximising the value of these assets.

Gros de Vaud Oil Discovery - Switzerland
The Vaud concession contains the Essertines-1 well drilled in 1962, which tested oil. An appraisal of this discovery is being evaluated as are the exploration of the nearby Triassic gas prospects.

Cento and Bastiglia Exploration Permit - Po Valley Italy
Following the analysis of the results of the Gazzata-1 well on the Bastiglia permit, partners are currently considering possible future exploration plan for this gas prone exploration permit.

Fiume Arrone Exploration Permit - Latium Coast Italy
Ascent is awaiting the issuance of a licence extension submitted to the authorities following the drilling of Arrone-1, which found sub-commercial gas in 2007.

Concordat - Switzerland
An oil and gas exploration project in north-eastern Switzerland. The Company has no immediate plans for work on this project.

P4, M8 Gas Field Exploration - Netherlands
Situated offshore of the Netherlands, the Company has completed a preliminary geoscience programme to establish the hydrocarbon potential of the area.

San Severina Asset Management
The Company has a Joint Venture with a Swiss fund, San Severina (Holdings) SA, seeking to invest in substantial minority interests in producing, development or appraisal oil and gas projects. It has been agreed that Ascent will manage these assets on behalf of San Severina and be assigned 20% of San Severina's interest. Projects are not geographically limited and would provide the opportunity for Ascent to expand outside its European focus area.

Perazzoli Drilling srl
Ascent maintains its minority 22.5% interest in Italian drilling contractor Perazzoli Drilling srl. This owns three rigs, a 40 tonne Ballerini and a 100 tonne Corsair 300, and a 200 tonne Drillmec HH200."

Proactiveinvestors have an update on AST.

http://www.proactiveinvestors.co.uk/companies/news/6789/ascent-resources-updates-on-planned-activities-for-remainder-of-2009-6789.html

Click HERE

With all the excitement and regular injections of "feel-good" from ProActive, it is indeed surprising the sp is still somewhat "lacklustre" - falling again today.

Anyone know if this is Fundamental? - OR - is it further dealys shine through all the wrappings...?
I understood they had abt 13m cash, to tide them over . . . is this still present?

News that they made a draw down, now taking their total fund raising in the past few months to over 2.6m pounds.

http://www.investegate.co.uk/Article.aspx?id=200907290700054388W

They have an active programme of events coming up as quoted in the release :

1. PEN gas development drilling in Hungary - August 2009

2. Petisovci 3-D seismic acquisition in Slovenia - August 2009

3. Anagni oil appraisal drilling in Italy - September 2009

4. Panhandle gas exploration drilling in Hungary - September 2009

5. Filovci 3-D seismic acquisition in Slovenia - November 2009

They need some success in Hungary with PEN, as this will increase the cash generation in the short term and reduce the needs of additional funding in 2010.

This GEM deal through which the draw downs is done appears not to be too bad, given the bad state of the credit markets tiddler AST has raised over 2.6m pounds in the last few months.

The 12 month average share price for AST has been circa 4.8p I think, and taking the two drawdowns they have raised over 2.6m pounds at an average price of 4.75p.

So its worked quite well, and the 'cost' to AST is that GEM have 15m warrants at an excercise price of over 10p. Shrewd move by the board in hindsight.

PEN and Panhandle should be bread and butter development, with some speculative major upside from the deeper Miocine if they go there.

Blue sky (a find of 30m to 50m barrels in Italy is blue sky for a tiddler of this market cap) is Anagni-2, the risk being whether the structure carries over to this updip location from the Anagni-1 well.

Hopefully a good drill with PEN-105 will start a run of good drilling results, as really AST has had a terrible run of bad ones, but for all those who like some Yin and Yang, then good and bad will balance, and so they really are due a major find soon, so perhaps it all bodes well for Anagni-2 so keep the rabbit foot handy.

Business Financial Newswire
"Oil and gas explorer Ascent Resources expects drilling in the Penzlek area of the Nys permits in Hungary to start during the next week.

It says mobilisation of the rig that will drill the PEN-105 well has begun and it will take approximately three weeks to evaluate the primary target, a gas prospect that is estimated to be at a depth of 1,500 metres.

Ascent holds a 45.23% interest in the Penzlek project through its equity interest in PetroHungaria kft.

Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%). "