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http://www.investegate.co.uk/article.aspx?id=200810231200015251G

RNS Number : 5251G
Ascent Resources PLC
23 October 2008

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

Commences 3D Seismic in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has commenced the shooting of a 3D seismic survey in the Penzlek area of the Nys permits in Hungary.

The survey, covering 100 square kilometres of the license area, is being conducted by Ascent's Hungarian associate, PetroHungaria kft. The acquisition of further data from Penzlek follows the commencement of gas production from the PEN-104 well in August 2008 and is intended to delineate other gas reserves in the vicinity. Two wells in the survey area, PEN-9 and PEN-12 have previously tested gas but to date, have not been put into production. The partially depleted Penzlek field also is within the survey area.

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%).

Ascent Managing Director Jeremy Eng said, 'This is a positive step forward in the continued development of our Hungarian assets. Following the success of the PEN-104 well, currently producing 108,000 cu. M per day (3.8 MMscfd), we expect that the data acquired from this survey will point us towards new drilling opportunities and allow us to bring further cash generative wells on line in the area.'


* ENDS * *

Is this PapalPower in disguise, perchance?

Lovely and blue today :)

Days like this are nice.........

that's answered that one.

Yes pp by another name , beware it is being ramped yet again.

It is being tipped by T1ps. com....it might come right... it might not....so many of these small oilies to choose from...I like to go for producers in the making...at the moment this is not producing much !, but a punt is a punt....that's what this one is !.

Mr Eng is one of TW's favourites.

Those in at sub 3p levels now feeling very happy.

However, there is so much more to come from this producing company. Not only cash coming in from Hungarian production, but a vast array of other projects, and in that mix are 2 real "blue sky" ones, one being drilled in Q1 09.

There is just so much to Ascent as a company, its no wonder that SS recently appointed AST as their consultants on investing a bucket load of Euro's.

It still has risk yes, but the upside is potentially staggering.

You might as well say the same for HAWK, FRR, AEX, and a lot of others....to me this looks like IVE.....where I got my fingers burned !, I think Rift Oil has a lot more to offer ! and that has made 2 sizeable discoveries (gas) !.

Doesn't RIFT need money to get to production though, AST and HAWK are well funded and both producing something at least, with more to come in the near term

I would not say AST is well funded, they are a going concern with production and should not need any funds to continue operation.

This "tight cash" is why the price is so very low, along with an institutional seller for the last many months.

However, AST has a couple of real blue sky assets in there, and one of them will be drilled in Q1 2009 (being Gazzatta in the Po Valley, Italy). If commercial a mean find would be worth net to AST, tax paid gas in the ground circa 33p, anything less being less and more being more.

So, quite exciting prospects for AST, especially with this new deal with SS where they deal with investing their money, and take a cut in production cash and equity.

More exciting than most other junior oils, simply as the upside is so much bigger in potential.

Major Points about the pending (Q1 2009) Gazzata well in the Po Valley. Although Otto planned to fund the drill from Galoc production as mentioned in the link, Galoc did not come on to production until earlier this month, so the Gazzata drill had to be delayed from its original plan in 08 to Q1 2009. But such delays are part and parcel of O&G stocks. Up to 1Tcf of gas, and also should Gazzata-1 hit a large commercial find, then Otto will pay 100% of the second well too.

This is quite a major well coming for little old Ascent, in terms of transforming the company. The upside is significant, anywhere from 30p to 100p a share, the downside at the present price is limited due to the production assets and all the other assets they have.




From the Farm-In announcement by Otto Energy into the Po Valley :

http://www.oilvoice.com/n/Otto_Energy_farms_Into_Large_Onshore_Exploration_Acreage_in_the_Po_Valley_Italy/1c933b85.aspx

Otto Energy farms Into Large Onshore Exploration Acreage in the Po Valley, Italy

Otto Energy announces that it will acquire 50% of the Bastiglia- Cento Exploration Permits, in the Po Valley of onshore Italy, from Ascent Resources plc.

Highlights

The two adjacent Bastiglia - Cento Exploration Permits are considered highly prospective with multiple hydrocarbon prospects and leads already identified

The first well, Gazzata-1.............. targeting prospective gas resources of over 100bscf equivalent to potentially over A$200 million in value to Otto.

Minimum commitment for Otto to earn 50% in the two permits is approximately A$10 million and in the event of a significant commercial gas discovery in the first well, Otto will also fund 100% of drilling and testing of a second well.

Commenting on the announcement Alex Parks CEO of Otto Energy said:

..................The Bastiglia - Cento Exploration permits are considered to be highly prospective and relatively low risk. The Gazzata prospect alone could be worth up to A$200 million to Otto in the event of a commercial discovery, and there is significant follow up potential in a variety of different play types, some of which could hold up to 1 TCF gas resource potential.

Hungary comment, click HERE

As a large chunk of AST is/was/has been in the RAB Energy Fund (most people think its been them selling for months now and forcing the price down), this news may mean the seller is now not so distressed....


http://www.investegate.co.uk/invarticle.aspx?id=64458


RAB Capital slams gate on energy fund
By Barney Hatt

Hedge fund firm RAB Capital has stopped investors cashing out of its Energy fund, which has .................................

New audio interview to listen to here 3rd Nov 2008 :

http://www.proactiveinvestors.co.uk/companies/news/3349/ascent-resources-audio-interview-3349.html


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Certainly being driven by buying pressure, not just MM's rising it as they try to fleece people in good market sentiment.

If our seller has stopped selling, there is no reason why this cannot continue to rise back to much higher previous levels where people thought it would not fall anymore.

Not many junior oil companies have production to keep the cash coming in, but with such very good prospects that multibagging is possible, and not the rampers type, the very real type that makes them potential jewels.

Interview with J. Eng!

Click HERE

Nice

Nice again.

Paul had a meeting with management, at which I think EK also attended.

His brief summary is on TMF :


http://boards.fool.co.uk/Message.asp?mid=11314479


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