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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%). "

With the PEN-105 well spudding in Hungary in the next week lets hope that AST gets lucky and finds something, like a nice little gas reservoir.

Not forgetting the 3D work in Slovenia happens soon.

http://www.rigzone.com/news/article.asp?a_id=79176&rss=true

International Firm Hopes to Find Oil, Natural Gas in Northeast Slovenia

Tuesday, August 11, 2009

In September the Slovenian branch of international company Nemmoco is to start seismic surveying in the northeastern region of Prekmurje, where they hope to find oil and natural gas.

Nemmoco Slovenia Corporation's branch from the town of Lendava in Prekmurje will perform seismic survey on some 200 square kilometers of Filovsko polje in order to find fields of hydrocarbon, oil and natural gas.

However, before getting down to work, the company, owned by an English oil and gas exploration and production company Ascent Resources, must first obtain permissions from the landowners.

The company will carry out what is termed 3D measurements; a machine would stop for a few minutes every 50 meters and install a probe cable. Such measurements have not yet been performed in Slovenia, Joze Hozjan of Nemmoco Slovenia Corporation said.

Hozjan added that the project is very complex and extensive, but the procedure itself is very secure: "During the works there will be no radiation or use of chemicals and the measurements will leave no trace behind."

The Slovenian government has granted a concession to search for oil and natural gas in Prekmurje to the local company Nafta Geoterm, which is taking part in the project.

According to business daily Finance, the project is worth several million euros. In case the seismic survey is successful, two test wells will be drilled next year, most likely in June, the daily said on Tuesday

Nice rise today. Overhang clear ?

Lets hope so, roughly 4 weeks to drill results?
cyril

Good 20% rise yesterday and strong again today.

If you ignore the spikes its in a rising trend for the YTD 2009.

Ahead plenty of drilling in Hungary and Italy and plenty of other potential news as well (SS and Seismic and Farm In).

Lets hope it keeps on strengthening now.

Strong again today, plenty of volume of late and there must be a larger holder or holders buying (given the GEM placing shares going into the mix and PC sold a million to take some profit and reduce exposure).

Perhaps its the "pre-anagni" run up commencing, or maybe something is strirring in the background with SS. If SS have now managed to turn their fixed long term assets into cash finally then we may see the start of a string of SS deals. Most people have discounted SS to nothing, but if it now starts happening the price at this level will look very cheap.

Thinking getting over the Gazzta disappointment, with Pen 105 being the mexr
source of drillimg?
cyril

An update from FD dated 13th August (yesterday).

http://www.fdcap.com/media/55614/ascentflashnote13aug2009.pdf


(PDF file).

Also featured on the FT Alphaville blog today, might be some news in the air ?



http://ftalphaville.ft.com/blog/2009/08/14/67046/markets-live

...........
BE: While on the subject
BE: Getting a few calls about a thing called Ascent Resources
BE: http://www.ascentresources.co.uk/
BE: Something positive on the way, but they might be having a bit of difficulty getting the news out
PM: :) :) :)
BE: So if there’s anyone in corporate broking that wants to pitch for business, that may be a phonecall worth making.
PM: cheers for all that
............




.

As a summary, the volume this week has been huge. PC has sold down to 8m and not looking to sell anymore, he will in fact buy if if goes below 4.5p. Another large seller is also clear thanks to the huge volume and buying.

Why has there been this much buying (and selling of course as the price has been muted in not rising by massive amounts) ?

Rumours abound of positive news, so we will just have to wait and see what happens.

Certainly interesting times in the 3 months ahead with lots of Hungarian drilling and also Anagni-2 to drill in Italy.

What are the FT Alphaville blog rumours ? Merger possibly ? SS deals ? Are SS going to "merge" into AST and create "new company" ? Is someone else with cash going to merge in with AST ? Lots of potentials but for now the focus is on the drillbit in Hungary.

I have been thinking about what could be "difficult news to get out".

Lets have a scenario.

Perhaps its San Severina, perhaps they have monetised their long term assets and now are flush with cash.

Before going ahead with any deals, which they know will obviously boost the Ascent share price, they are hoovering up a large stake in Ascent to benefit themselves also due to the rising AST price.

This way they get maximum profits, not only from the investment they make in whatever project, but also from the rise in AST who also benefit from the project.

Now that would be difficult news to get out, how do you say "Our partner is now cashed up and hoovering up our companies stock, ahead of them going ahead with deals through the partnership with Ascent"

pp we should find out soon enough, any shareholding over 3% has to be declared as you know.