.

With regards to the current price movements I think they may have drawn from GEM again and it makes sense to do so now with so much going on and in the light of positive drill bit news. This explains the selling of the last week or so and ahead of PEN testing and GH-1 testing and Fontana spudding its the right thing to do for AST as they need to be cashed up ahead of a very busy time with the drill.

In the coming weeks you should get :

PEN-105 testing results.
Fontana-1 spud date.

Then in the coming 6 weeks you should get.

GH-1 testing results
Fontana-1 spudding
Plans for GH-2 announced.

Then in the coming months you have :

GH-2 drilling.
PEN - 3 more drills coming before year end.
Fontana-1 drill results + any testing news



Given that, all being well, GH-1 + PEN-104AA + PEN105 + 3 other PEN wells will have AST being cash generative and able to fund admin and level of exploration by end of Q1 2010 the whole outlook of Ascent is changing rapidly. Short term it may get weak from time to time as the GEM facility is used but provided they keep being successful the price will keep rising, thats obvious.

Roll on PEN-105 news soon.

most positive program,i notice Anagni=2 is not included?
cyril

Anagni-2 is now called "Fontana-1" as per the recently released interims.

Next week should hopefully be news on testing at PEN-105, so some news to look forward to.

Thanks for Fortana info,a little behind at present.
Yes looking forward to the 105 results.
cyril

Excellent news.

PEN-105 flowing higher, more reserves in place than anticipated and also Fontana (Anagni-2) spudding date coming soon too.

http://www.investegate.co.uk/Article.aspx?id=200909150700080440Z

RNS Number : 0440Z
Ascent Resources PLC
15 September 2009


PEN-105 Test Completed

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its Hungarian subsidiary PetroHungaria Kft, has completed the testing of the PEN-105 gas well in the Nys permits of Eastern Hungary. The gas rates achieved and the reserves associated with this appraisal well were substantially higher than pre-drill estimates.

The PEN-105 well, an appraisal of the PEN-12 discovery, was drilled to a total depth of 1,487m and has now been completed in the tuffaceous Miocene reservoirs as a production well. Environmental permitting of the pipeline that will be used to bring the gas to market is complete and construction is planned so that gas sales from this well can commence early in 2010. The productive reservoir found at the PEN-105 location is substantially thicker than at the PEN-12 discovery well, which should translate into a significant increase in anticipated reserves for the structure. The higher than expected flow rates are attributed to the use of state-of-the-art drilling mud and perforation technology.

The PEN-105 well is located some 6 kilometres west south west of the PEN-104A gas production well in which Ascent has a 45.23% interest. Other partners in the project include DualEx Energy (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

In Italy permitting has been completed to allow Ascent to commence drilling the Fontana 1 geological appraisal well located in the shallow part of the Anagni structure in the Frosinone Exploration permit in the Latina Valley. The minor civil works required to prepare the site for drilling are due to commence in the coming weeks with spudding expected to occur soon thereafter.

The technical information contained in this release has been reviewed and approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of SPE has 28 years relevant experience in the evaluation of hydrocarbon resources

SP should jump on opening !.

It did and has now dropped back on what i imagine is profit taking? Had i been about at 8am, i would have taken 10p happly,having missed it i will hold as i feel
the news in the not to distent future will take the SP 12p?.Thats before results and depending on the outcome could go a lot higher? aimho
cyril
ps I think a good top is in order.

And it looks like PEN-105 is not the only well with wonderful flow rates and larger than anticipated........Oiljack comment at IV on DXE today. GH-1 results should be in say 5 weeks time, maybe 4.


...........Gh-1 flow rates will astound you.....this I can assure you. A few more weeks!

Oiljack............

Post from OJ over at IV (concerning Dualex but of course that in many ways covers AST too).

If PEN-106 and PEN-101 come in like PEN-105 did, then Ascent will be throwing off cash - in a major way for an AIM tiddler - from Q2 2010 onwards.

Nice to know PEN-106 is much larger potentially.

We can also see pre-drill estimates for PEN-105 were 3 to 4 mmscf per day, so wonder how high the actual flow rates are given the "significant" comments from Jeremy Eng.


OJ's post below :


Hungarian seismic

I will give an update this weekend. Am burned out after laying out approximately 100 hours of research on another company.

Suffice it to say that I was told I was full of crap by a "senior fella" with another outfit in Hungary and even one of the on the ground "knuckle-heads" says I must have drank too much like the local Magyars.

Well here we sit. Pen 105 has done what I said I expected it to do. It came it well above the predrill Miocene reserve estimates and it flow significantly higher than the 3-4 mmscf.d pre drill dst estimations and you have no formation water found and condensate to boot.

Pen 106 is a larger seismically defined structure. Pen 101 is part of the same source rock system as the Pen 105 discovery.

You have an overlying Pannonian blanket play that could have a large number of drilling opportunities. You have a not discussed in detail gas channel sand play. You have the Pen 9 area Pannonian and Miocene gas plays.

Most significantly, you have 2-3 deep Miocene and Cretaceous gas plays at up to 3200 metres and especially Omboly to drill in time.

Kick in an obvious attempt to retain the entire or portions of the soon to expire 600,000 Hungarian exploration acres (especially along the Romanina border heading north and south) and you have much to be excited about.

The Panhandle....My God could imagine if AST had had their act together and shot 3d their years ago?? I argued with them to do this and they said it aint worth it. Well I wonder if they think it is worth it now?? They grabbed a ton of Hungarian and Slovenian acreage and now predicate their program on 3d. That was what I had tried to convince them of long ago and why I never bought them until this year.

Their model was and is to build a company on a reserve basis no matter the dillution. It has failed to date. No major exploration hits thus far. DXE's is to build a company first and to have selective exploration opportunities all the while keeping a tight reign on dillution and emphasizing cash flow.

AST now looks ready to build a great company. Too bad they waited so long to see it my way. They have almost 350 mm shares outstanding. We here at DXE have 70-75 mm (app) and are cash flow positive now, fully funded, and growing the company.

Remember, when you wake up tomorrow we are not worth a $1. Not yet.... :-)

Be disciplined and have a plan and good luck with whatever you decide to do.

Next new is Gh-1 test results..they'll be very good indeed and Syrian spud news.

Oiljack

Yet more good news.......

http://www.investegate.co.uk/Article.aspx?id=200909171000002172Z

RNS Number : 2172Z
Ascent Resources PLC
17 September 2009

GH-1 Completion and Test Results

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces the successful completion and testing of the Gbeha-1 well ('GH-1') located in the western part of the Nys Szatm permits in Hungary, known as the Panhandle. The first of two gas zones targeted for completion has achieved a gas flowrate of 3.74 MMscfd (106,000 Mm3/d).

The GH-1 well was drilled vertically to a total depth of 1,300m and encountered two gas bearing zones within the Upper Pannonian formations between 970m and 1,025m. The deeper of these two zones between 1,018m and 1,021m has been tested and flowed gas with small amounts of condensate at a rate of 3.74 MMcfd (106,000 Mm3/d) with a flowing wellhead pressure of 1,191 psig (81 barg). The well has been completed as a gas producing well and 2.5km of pipeline will be laid to the Hajd Gas Production Facility, where condensate will be recovered and the gas processed and sold into the main Hungarian gas pipeline network.

Ascent has a 20.167% interest in this project; other partners include JKX (33.333%), DualEx (12.5%) and Swede Resources AB (0.667%).

Ascent's Managing Director Jeremy Eng said, 'The GH-1 well has produced gas at over 3.5 MMscfd from the first of its two completion intervals. This discovery is particularly important as the drilling location was identified by utilising the same 3-D seismic technology that was used in the recent successful Penzlek appraisal well. We are using the same seismic techniques to identify drilling targets in Slovenia, where one third of a 90 sq km survey has been acquired in the area of the Petisovci project.'

The technical information contained in this release has been reviewed and approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of SPE has 28 years relevant experience in the evaluation of hydrocarbon resources.

more news nice.......been holding a while now and always believed in this one......showing 3 v 1 on l2......cana desperate for stock

There are a number of things to consider now.

Firstly with todays news we get additional cash flow but not only that but the Panhandle area is quite prospective and there are some rather large potential prospects to drill. This can now offer significant upside to AST.

But secondly, whilst it now appears very possible AST will be throwing off loads of cash from Q2 2010 onwards, even more so should the 3 December PEN drills all go to plan, but also soon we shall see the spudding of Fontana-1 with the potential to add 30m to 60m barrels of oil to reserves.

So whilst the present price is getting more and more firm on Hungary gas, we now have the potential significant upside from Fontana coming very soon, which by itself could boost AST by up to 80p or more per share............

Fine times to be holding a nice lot of Ascent, even if Fontana fails the December PEN drills should easily ensure the price is higher in 2010 than it is now, which adds some level of safety net to the risk.

Roll on Fontana-1 (Anangi-2) spudding now, and also news about the 2nd and possibly much larger Panhandle drill now GH-1 is good.

pp AST has a market cap approaching 35m, what is this latest gas find worth in cashflow terms?

Confirmation that the shallower zone has not been tested yet, and its thicker too :)

Notice the word "outstanding" in there too ! :)


DualEx completes testing at Gorbehaza -1 well

CALGARY, Sept. 17 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE") is pleased to announce the successful completion and testing of the recently drilled Gorbehaza No.1 well ("GH-1") in the Panhandle region of the Nyirseg North Permit in northeast Hungary, and plans to tie-in the well to the Hajdunanas Gas Production Facility 2.5 kilometres to the north. DualEx's interest in GH-1 is 12.5%.

GH-1 encountered two Pannonian gas bearing sand reservoirs with outstanding reservoir quality, and the stratigraphically lower zone of the two has been completed. The 2.5 metre thick sand flowed gas at 3.74 MMcf/d with a flowing wellhead pressure of 1,191 psig. The shallower sand (46 metres up-hole) is 3.25 metres thick and will be completed and put on production once the lower zone has been depleted.

DualEx CEO Garry Hides commented, "We're very happy with the results of the GH-1 completion. The inclusion of 3D seismic in our exploration efforts continues to bear fruit in this basin."

DualEx Energy International Inc. is an oil and gas exploration company with operations in the greater Mediterranean area. DualEx's common shares trade on the TSX Venture Exchange under the symbol "DXE".



halifax, oil and gas prices are rising, so I am not getting into details yet, oil could well be over 100$ a barrel by end of Q1 2010.

PP we are trying to quantify the cash value of AST's 20% share of this discovery in relation to their current market cap. Thinking of topping up.

3.74mmcf/gas re;ates to roughly 624bopd,ASTshare of 20% is 125biopd,hardly
what OJ led us to nelieve. Still it a good result and will add much needed revenue to the pot and helps to create a strongher support level.
cyril

nice that is what we were thinking,hence sp has not raced ahead yet.

halifax, Utilising a figure of 9$ for Hungarian gas for the GH-1 well you get ;

3700 x 9 = 33,300 US$ per day.

AST have 20% so thats 6,600 US$ a day revenue for AST.

So on a annualised basis thats 2.3m US$ a year revenues for AST.

However the well will deplete and pressure will go downwards and with it production rate, but you can start to see the payback thats possible, and this is only the deeper zone, the upper zone will be put on production when the deeper one is depleted. There is condensate too, and thats worth additional.

The next target at this area is much larger so GH-2 could add a lot more to AST.

Put these prices into say 6 or 7 or 8 mmscf per day from PEN-105 (and with PEN the Ascent percentage is much higher) and the ongoing PEN-104A well flow rates, and add the three coming PEN drills in December and adding GH-2 and you see it starts to add up into serious cash flow for Ascent, they may be making over 10m pounds per annum on an annualised basis from Hungary come Q2 2010.

And, there are lots more leads to drill, lots of pockets, and some of them are very much larger. They also have the Bajsca project they can get on with and that, once ongoing, could add another 10m annualised revenues into the pot.

Then you have Slovenia, the Ripi oilfiield redevelopment in Italy, Switzerland, and of course the Po Valley license in Italy (Gazatta was only one lead on that license, there are many other potential targets and some of equal potential size to what Gazza was - meeting with Otto in November to discuss next plans for the Po Valley license - possibly some new seismic and mature some of the other leads into "drill ready" status) and so on and on with other assets and that is all totally ignoring the Fontana-1 (Anangi) drill - which is probably the best thing to do as a long term investor in AST, if it comes in we will be over the moon, if not then it was just a distraction like the initial Po Valley well "Gazza" was.

Its worth remembering for Slovenia, where 3D seismic is ongoing now :

Petisovci 3‐D seismic acquisition

Substantial tight gas potential estimates up to 300Bcf

Shallow oil targets in the 5 to 10 million barrel range

Previously producing area so infrastructure in place therefore allowing very quick development of reserves.


So whilst Hungary is the popular talking point now, and Fontana will be soon, 2010 will also be hopefully lots of talk about Slovenia too, as an example of the potential of this little junior AIM oily with its diverse and interesting assets.

Pen/GH are oroven and will produce revenue but their are costs to consider?

The well has been completed as a gas producing well and 2.5km of pipeline will be laid to the Hajd Gas Production Facility, where condensate will be recovered and the gas processed and sold into the main Hungarian gas pipeline network.

The other area's are still ti be proven(we had our share of dusters),so while theirs much to play for one must not count the chickens just yet and these onclude the propects which will become company makers if successful?
Fontana while an appraiisal well is complcated,the 1st well gave hydrocarbon shows but was abandoned,so its very much fingers crossed at this stage?
What we have this minute is encouraging and proves revevue to drill these bigger prospects,so i repeat much to play for?
aimho
cyril