.

The shake yesterday occured on JKX and also AST at the same time, so it might point to the GH-1 well being drilled now being a P&A.

GH-1 on the Pan Handle in Hungary is only a 17.5% stake for AST, so a dry well is nothing major for AST as they farmed out most of it to JKX and HHE as per the RNS below :

http://www.investegate.co.uk/Article.aspx?id=200811251030008614I


OR

The shake could have been due to "scare mongering" by people based on the comments in the LGO statement yesterday where they say they are "in dispute" with AST. Actually the problem there is that AST has made a new agreement with MOL as per the RNS below, and LGO want a slice of the action as they consider "West" to be all the west, whereas this new agreement between MOL and AST is for "SouthWest". It kind of shows how good the agreement was that LGO are complaining and wanting their slice of the action too. LGO appear upset not to have been included in the expansion.

http://www.investegate.co.uk/Article.aspx?id=200907061227251734V


OR

It was just an MM treeshake. We will see later today as if GH-1 is no good there should be an RNS out later this morning.

Another shake this morning.

With so much news ahead (2 x Hungary drills and also the potential company maker Anagni-2) it is possible this is Spread Bet companies shaking the price. THey know where peoples stop losses are set and can sell like mad to push the price down and knock people out. Easy for them to do, and it therefore stops lots of potential big win spread bets from making money as people are stop lossed out.

It happens, and that its now 2 shakes in 2 days suggests it could be, you never know.

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

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

Gbeha-1 Drilling Concluded




Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces that drilling operations at the Company's Gbeha-1 well ('GH-1') in the Panhandle region of the Nys North Permit in northeast Hungary have concluded and that 7' casing has been run in advance of production testing operations.




The GH-1 well was drilled to a total depth of 1,300 metres and log data indicates that the well encountered gas in two of the three zones targeted. The drilling rig will be moved off location and a service rig brought in to conduct the completion and testing operations, scheduled for commencement in approximately six weeks time.




The Gbeha-1 well (GH-1) is located a few kilometres south of the Hajd-1 gas discovery drilled by Hungarian Horizon Energy ('HHE') and JKX Oil and Gas plc ('JKX') and is some 70 kilometres north-west-of PetroHungaria's PEN-104A gas production well in which Ascent has a 45.23% interest. Ascent has a 20.167% in the GH-1 well, the other partners in the project include HHE (33.333% and operator), JKX (33.333%), DualEx Energy International Inc. (12.5%) and Swede Resources AB (0.667%).




Further to the announcement of 18th August 2009, drilling of the PEN-105 well in the Penzlek area of the Nys permits in Hungary is in progress and is currently drilling ahead at 1,345 metres in 12-1/4' hole. It is expected it will reach the primary target this weekend, a gas prospect in the Miocene aged formation that is estimated to be at a depth of 1,500 metres.

cyril

Good news. Hit 2 potential pay zones and production testing to come :) The other drill due to hit TD at the weekend, and the big potential company maker drill should be spudding at Anagni next month :)


http://www.investegate.co.uk/Article.aspx?id=200908280700391692Y

RNS Number : 1692Y
Ascent Resources PLC
28 August 2009

Gbeha-1 Drilling Concluded

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces that drilling operations at the Company's Gbeha-1 well ('GH-1') in the Panhandle region of the Nys North Permit in northeast Hungary have concluded and that 7' casing has been run in advance of production testing operations.

The GH-1 well was drilled to a total depth of 1,300 metres and log data indicates that the well encountered gas in two of the three zones targeted. The drilling rig will be moved off location and a service rig brought in to conduct the completion and testing operations, scheduled for commencement in approximately six weeks time.

The Gbeha-1 well (GH-1) is located a few kilometres south of the Hajd-1 gas discovery drilled by Hungarian Horizon Energy ('HHE') and JKX Oil and Gas plc ('JKX') and is some 70 kilometres north-west-of PetroHungaria's PEN-104A gas production well in which Ascent has a 45.23% interest. Ascent has a 20.167% in the GH-1 well, the other partners in the project include HHE (33.333% and operator), JKX (33.333%), DualEx Energy International Inc. (12.5%) and Swede Resources AB (0.667%).

Further to the announcement of 18th August 2009, drilling of the PEN-105 well in the Penzlek area of the Nys permits in Hungary is in progress and is currently drilling ahead at 1,345 metres in 12-1/4' hole. It is expected it will reach the primary target this weekend, a gas prospect in the Miocene aged formation that is estimated to be at a depth of 1,500 metres.

Maybe 10p+ today,with Pen-105 almost at depth,i can see a steady climb in the SP next week as this will have given a much needed confidence boost.
aimo
cyril

I think this bodes well for PEN-105.

With a bank holiday Monday they could have not released an RNS today by delaying things a little and then if PEN-105 was bad they could have given good and bad news on Tuesday, GH-1 good and the other bad.

So, with GH-1 being released as good today, I think it bodes very well for PEN-105 and they might have already had gas shows during drilling so are confident thats good too, and so are happy to have good news today, and then more good news next week.

We will see.

Your logic seems good to me,lets hope so?
cyril

16m shares traded so far today which is great for consolidation. Its good we have held on to a 10% rise, as GH-1 is quite small, still very useful future cash flow but nothing to re-rate the price.

The bigger well is of course PEN-105 so success there should shift the price a lot more.

I think money will be flowing back in later today ahead of news next Tuesday.

L2 is now getting stronger so there might be a couple of ticks up later on towards close.

Now 3 v 1 @ 7.75 / 8

LIBC/CANA/WINS all bidding and just KBC offering

I think a lot averaged down and took their profits,couple that with the bank holiday? I believe a positive result from Pen 105 may help us to 10p,perhaps a few dips in the run up to the spudding and drilling of Anagni appraisal well which could be the company maker, i would not br surprised to see 15p+pre results?
imho
cyril

Yes, a large 2.5m sell order was reported late, with that trade being worked all day it will have caused the weakness.

Its all part of the consolidation process and hopefully the likes of RAB/PC are now becoming clear of stock to sell. They will sell into strength and today was a strong demand day so its only natural that some who are selling will sell into it.

PEN-105 is a bigger well in terms of its effect on the outlook of AST, so the potential is a good PEN-105 will push this through 10p.

Pre-Anagni, yes, 15p is easily achievabel since success could push this much nearer 100p levels. Up to 40m to 60m barrels of oil in Italy which is over 80% owned will certainly rerate the price, so expect lots of buying ahead of Anagni-2 spudding fairly soon.

It will be interesting how much upside there is to the GH-1 well. There was a primary target in the Pannonian sands which was the basis of the risked figure.

There were secondary targets, one in the Pannonian and one in the deeper Miocine.

So, from the JKX update we know they hit gas in two Pannonian sandstone levels as stated, and only the Miocine did not hit by deduction (from the AST RNS's we can gather there are three targets and two hit, which ones clarified by the JKX release in their half yearly report.)

So, we hit the primary, and also one of the secondary targets.

JKX also produce from two levels of the Pannonian at a neaby well.

If the initial figure for GH-1 was risked and based solely on the primary target, then there is a little potential for some upside here. All will be revealed when testing is done in 6 weeks time.

JKX half year report is at http://www.investegate.co.uk/Article.aspx?id=200908280700301573Y

.

Whilst everyone is focussed on Hungary and the upcoming PEN-105 drill results following the success last week with GH-1, its worth remembering the blue sky potential of the Anagni-2 drill.

Its quoted as being the potential to add "significant reserves" to Ascent Resources.

Various estimates are there, could be 30m barrels up to 60m barrels its said, some say around 20m, others say 40m to 60m. I have always since Anagni-1 liked the 50m figure (just my rose tinted preference).

Anything like that, 50m barrels, on shore Italy in the middle of a oil producing region and well, assign a simple 10 dollars a barrel in the ground and you get 500m US$ or say around about 100 pence a share AST.

It is very worth remembering that, as the speculation is going to get rife as the spud gets near and drilling starts.

Pending permits, its now due to spud in September, which starts tomorrow of course, so really there could be a spud any time soon, however, given its Italy and they have just had a month off one would assume it would be late September if not October, but you never know.

So GH-1 was good, lets hope PEN-105 makes it two from two, and then the third, Anagni-2, is the big one.

PEN-105 drill was announced as being 2 weeks drilling, and then 2 weeks testing anything found.

Rumour has it testing is underway, so deduction is they have found something.

Lets hope for some really good news at the end of testing, be it end of this week,next week, or later.

The longer the wait the better it could all be :)

I think thats a rair summary,just a littlr patience required.
cyril

Hit gas at PEN-105 and now readying for testing.

Also a nice Siwss update, something unexpected but its all free for AST given they allocated nothing to the shales.

So thats now 2 out of 2 for their last 2 drills.

Lets hope Anagni-2 makes it 3 from 3.


http://www.investegate.co.uk/Article.aspx?id=200909020700093676Y

RNS Number : 3676Y
Ascent Resources PLC
02 September 2009

Agrees Swiss Exploration Option

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has signed an agreement with Schuepbach Energy LLC ('Schuepbach') of Dallas, Texas, for an option to participate in the exploration of the Jurassic shales in Ascent's exploration and appraisal project in the Canton of Vaud in Switzerland. The option is exercisable in the event that Schuepbach drills a well to evaluate the potential for gas production from the shales.

Schuepbach have an exploration concession in the Canton of Fribourg which adjoins Ascent's exploration concession in the Canton of Vaud where Ascent hold a 90% beneficial interest with the balance held by SEAG of Switzerland. Under the terms of the option agreement, Schuepbach will earn a 75% interest in the shales if the first well is drilled in Vaud and a 25% interest if the first well is drilled in Fribourg. Ascent and SEAG will retain the rights to the deeper conventional reservoirs from which the Essertines well, drilled in 1962, tested over 1,000 barrels of oil.

Ascent Managing Director Jeremy Eng said, 'Shale gas has become a major contributor to gas production in the United States of America but has not been widely investigated in Europe. Schuepbach Energy's technical expertise in this sector of the industry will be invaluable in assessing the shale gas potential of this part of Switzerland.'

Further to the announcements of 18th and 28th August 2009,,the PEN-105 well in the Penzlek area of the Nys permits in Hungary is being prepared for completion and testing having drilled and logged the primary gas target. The PEN-105 well is an appraisal of the PEN-12 discovery well and the Miocene reservoir formations were present, as anticipated, some 20m shallower than at the PEN-12 location. Test results will be announced in due course.

And so, onwards we go into the Anangi-2 drill. Spudding this month or next.

On shore Italy, potential for up to 40m to 60m barrels of oil.

Potentially worth up to 100p or more to AST.

Thats the explosive potential drill, and now its the next one up, the run in to that drill and its results will be very exciting, much more so than GH-1 and PEN-104, due to the fact it could add considerable, company making, reserves on to AST's books.

I shall keep merrily holding and buying the dips.

Post from OJ.

Oiljack - 2 Sep'09 - 22:41 -

Gh-1 encountered two Pannonian sandstone sequences of around 7 metres net pay. Ghh was correct about the size from the readings I heard about from Hungary....2-3 bcf gross.

Pen 105 encountered two Miocene sand sequences that look very nice and the Pannonian over-hang blanketed sand package that I was hoping for as a secondary hit was not present. Flow rates could be 6 mmscf.d yes Johnny.

A rig will mobilize to drill the Pen 101 and Pen 106 wells back to back in earlier Q4. Pen 104A is doing around 2.3 mmscf.d and should be good until around Christmas. Pen 104AA will then be drilled into the Miocene.

A second larger Panhandle prospect, as mentioned, will be targeted for around the October-November time frame as well.

3d model and approach to building a cash flow machine to fund bigger-better projects seems to be working. I bought some more today.

Gas prices were over $10 mcf for Q2 for AST.

Cheers, OJ

News from OJ, quite exciting the PEN development, could mean from end of Q1 2010 that AST will be generating annualised cash inflow that will pay for all overheads and exploration. Would be well over 10m a year, potentially a lot more.

Certainly lots going on in Q4 of this year, would be nice to get an Anagni-2 spuding date to add the high impact icing on the money making cake.




Here is the post from OJ :

Q4 - Hungary drilling...

Panhandle - The big rig that drilled the successful Gh-1 well has been moved to drill another exploration well for HHE and JKX in the VesZto block. Planning is underway to return the rig to the Panhandle area to test a Miocene (primary prospect) and Pannonian prospect hat is much more robust in size is the Gh-1 well. (12.5% DXE).

Peneszlek - A rig is available for a multi-well drilling campaign in the Pen area that will include the Pen 101, Pen 106, and Pen 104AA (all Miocene development wells) and drilling will get underway in the fourth quarter and will be sequenced so that all three wells get drilled and are tied in for production by or in Q1 - 2010. There should be four development wells tied back for and in production by the end of Q1 -2010.

Latter 2010 would see continued exploration drilling around the Pen 9 and Pen 9 prospect area. The Pen 9 gas well tested at around 2.5 mmscf.d from a proven Miocene gas pool but has been intrepreted to again be off structure at the gas-water contact point like the Pen 105. Unlike the Pen 105, however, it also had good gas shows in the mud logs and even gas kicks in two interpreted overlying Pannonian sandstone sequences. This area is very busted up but should produce more good wells into 2010 and beyond. (37.5% DXE)

That leaves eight identified drills ready to go in the cue already. Three in the Panhandle and five in the Peneszlek area. More as or when I hear it.

Why the Anagni 2 appraisal wel is not a certainty by any means? From the Final results.


The Anagni-1 well had extensive shows in Miocene and Cretaceous dolomitised carbonate formations but was abandoned after extensive testing had only produced very small quantities of oil in conjunction with large volumes of formation water.

Anagni Seismic - Preliminary Results

cent Resources plc, the AIM-traded oil and gas production and exploration company, has received the preliminary results of the seismic acquisition programme on the Frosinone Exploration Permit in the Latina Valley, onshore Italy. The 31 km of new 2-D seismic data indicated that the structure drilled last year by the Anagni-1 well continues up dip in an easterly direction. The new seismic data is of better quality than the previous data acquired in 1980 and 1982 and provides acceptable imaging of the shallower geological horizons, which could not be resolved with the original seismic.



Ascent Managing Director Jeremy Eng said, 'These results from the new seismic are encouraging and planning for the drilling of another Anagni appraisal well can now start. Although the work load of the Perazzoli rigs (Ascent 22.5%) remains high, as the permitting process proceeds, we would hope that we will be able to confirm the availability of a drilling unit in the near future.'




The information contained in this announcement has been reviewed and approved by Eloi Dolivo, Ascent's Senior Exploration Advisor who has 28 years relevant experience in the oil and gas industry.

cyril

Up 10% today, lets hope this bodes well for PEN-105 testing which is in process. Would be nice to get a double whammy of commercial and larger than expected.