.

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.

halifax, does not have to be declated until the buy order is completed. This is how people get around the rules and say how RAB got away with selling millions before finally announcing months later they had been selling.

If someone has placed an unlimited buy order they can bend the rules for a long time before they have to declare what their holding is, due to having an as yet uncompleted order on the market.

pp what do they gain from this, surely they want to see the sp rise asap after they have completed buying.

Why rush, they are not short term traders trying to make a few quid. Investors make millions and they have a plan and they do it as per plan.

Anyway, I would think its not them, it might be, and might not, but someone is buying in volume.

through Barclays by all accounts.. see RNS.