.

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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As a recent holder, it would be nice to think the sp might rise to 1.50 - the jist of the "fool" link Proselenes gave.
However, I cannot believe that a share that's just 2p-ish with the knowledge in the public domain (ie the prospect is known), could ever reach such dizzy heights based on real economics.
Some of the current price is fear - that stocks will get worse...and some is hope this one will improve.
Anyone buying today will certainly Sell when it reaches 20p ( 10-bagger), and this will be the pattern right up to 1.
The only prospect for 1++ is that it's a quick movement (ie before any sellers have started dumping), then one or more large-holders will dump a big Block and that will scupper the 1 region; maybe to something above 50p as the Market stalls wondering which way to jump.
(I shall be pleased if AST reaches 30p)-and better-still, if there is Dividend prospect.

From AFN thread :



bobobob5 - 19 Nov'08 - 14:49 - 24717 of 24717

Listen carefully. Listen *very* carefully.

1. Ascent are working on improving the presentation of the company; this will include an updated website and a newly-structured Investor/Corporate Presentation format

2. Ascent intend to emphasise their significant short-term drilling programme, which includes potential company-making prospects, in order to sharpen investor focus and get away from the 'shopping list' situation in which the 20+ portfolio items cause many people's eyes to glaze over

3. Ascent does not, repeat not, have a short-term funding problem

4. the Managing Director of Fox-Davies Capital has just written to all Ascent shareholders (three letters from him arrived on my desk this morning) offering information on Ascent Resources to investors; I think we can expect some analyst coverage before too long.

but imho DYOR etc as always

I'm not impressed by "improved presentation" and similar - it seems to me that plain good news is what is needed. The sp shows that initially they provided lots of "feel-good" and this has run its course.....no amount of more "touchy-feely" will sway shareholders in these Markets.

However, figures of product flow, and so on would be quite nice. Maybe some pain for Directors would help, until there's some return by way of a dividend...otherwise what is there?

Shareholders expect a web-site to be factual and therefore not dressed to thrill - indeed over-dressing it is not necessary - let's start selling the stuff for the benefit of retail shareholders.....that says more than good money spent on fancy graphics.

EDIT.(2Dec08).sp down today, under 1k sale. MM's game. Now 3.0/3.5p

New Otto Update (Partner in Gazzetta-1 drill (G-1) who are paying 100% of costs for a 50% farm in)

G-1 to spud mid to late January - 6 weeks to drill. Many additional targets in the block. Slide 30 onwards in the presentation link below

http://www.brr.com.au/event/54141

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PP we are going to have to report you to the RSPCA if you continue to flog this dead horse!

Its times like this that you can be glad that Ascent chose to be "GAS" orientated and not oil.

For while other companies get screwed over as the oil price falls, everyone knows that gas consumption remains the same, as its so nice and cheap for a variety of things.

So while the world uses less oil, it keeps using the same amount, and indeed ever increasing amounts of gas.

As people wish to cut back on electric bills, more and more will convert to using gas.

PP It's times like this when you can be glad you don't have Ascent shares, gas or not.

Over on the TMF PPP thread I have AST and RCG as my picks for the 2009 Annual Stock Picking Challenge.

50% AST and 50% RCG, with AST being the first one, so I have had to do, and have done a write up on AST.

Here is the link to the write up.

http://boards.fool.co.uk/Message.asp?mid=11379820

.

Nice to see Jeremy picking up a few.

RNS Number : 3539L
Ascent Resources PLC
08 January 2009

Ascent Resources plc

('Ascent' or 'the Company')

Director's dealing

Jeremy Eng, Managing Director of Ascent, has today purchased 1,808,557 ordinary shares of 0.1p each in the Company at a price of 2.75p per share. Following this purchase, Mr Eng is interested in 3,808,557 ordinary shares in the Company, representing 1.25 per cent. of the issued share capital of the Company.

* * ENDS * *

For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd\ Tel: 020 7236 1177
Victoria Thomas St Brides Media & Finance Ltd Tel: 020 7236 1177
Max Hartley Cenkos Securities plc Tel: 020 7397 8924
Daniel Fox-Davies Fox-Davies Capital Limited Tel: 020 7936 5230

soaking up shares the mm's can't get rid of?

PP
Good to see you are on 1st name terms with the MD.

http://www.oilbarrel.com/news/display_news/article/ascent-resources-sees-sidetrack-upside-in-hungary-but-partner-problems-force-another-delay-in-italy/963.html

OILBARREL January 28, 2009

Ascent Resources Sees Sidetrack Upside In Hungary But Partner Problems Force Another Delay In Italy

Last year, as markets tanked around the world and E&P companies found themselves short of cash, investors in AIM-listed Ascent Resources took comfort from the fact that their company had just started to enjoy a steady revenue stream from the PEN-104 gas well in the Nys permits in eastern Hungary. Ascent has a 45.23 per cent share of the well, which came onstream in August 2008 and by year-end was producing at a stabilised rate of just over 3 million cubic feet per day. This was very welcome news given that the AIM firms cash position was looking rather thin, if not anorexic.

But one month into the new year and the PEN-104 well has been shut in pending repairs to a compressor at the gas processing facility. This work is not expected to be completed until March. This disruption to production and revenues is unwelcome given that the companys balance sheet had only just started to digest this healthy new source of funding.

There is an upside, however, as the hiatus in production has provided the company with an opportunity to undertake a 450 metre sidetrack of the well, a procedure that should increase the potential recoverable gas and reduce water production. The PEN-104 joint venture, which includes DualEx (37.5 per cent), Geomega (8 per cent), Leni Gas & Oil (7.27 per cent) and Swede Resources (2 per cent), aims to have the sidetracked well ready for production by the time the processing facility and associated pipeline are back in operation in March.

This sidetrack is just one option open to Ascent and its partners as they seek to extract maximum value from the mature Penzlek field, which lies on the Romanian border and was previously operated by state firm MOL. It produced around 3.5 billion cubic feet in the 1980s and is reckoned to have remaining reserves of 19.4 bcf in the Miocene and an additional 2.3 bcf in the Pannonian sands. New 3D seismic acquired in 2008 has highlighted other development opportunities, including the sidetracking of the PEN-102 well, which was drilled by Ascent in 2007, the re-drill of PEN-9 and PEN-12, and a new well south of PEN-12. This work programme could see the possibility of the field supporting five producing wells in the medium term. With much of the infrastructure already in place, this is potentially a valuable development," said chief executive Jeremy Eng.

There is further upside in this part of Hungary, with the company in November starting the acquisition of a new 3D seismic shoot over the Pan-handle area in the western portion of the Nys Szatm permits. This 12 sq km area lies to the south of the Hajd-1 gas discovery made by London-listed JKX last year and some 70 km north-west of Ascents PEN-104 well. Ascent has a 17.5 per cent interest in this exploration project, which is chasing down look-alikes of the Penzlek field. The Nys Szatm project area has very similar in characteristics to the PEN-104 well development.

This is all good news and will help offset investor disappointment that the long-awaited spud of the Gazzata-1 well in Italy has, again, been delayed. Gazzata-1 is targeting an 8 sq km gas prospect, as defined on the seismic, with a possible 100 bcf-plus gas resource. Investors have been keen for the company to drill up this promising structure in Italys Po Valley but the company has been stymied here by its farm-in partner Otto Energy, which in December asked Ascent to hold off drilling the well until after mid-March. This was the second such request from ASX-listed Otto, which has been grappling with production problems on its Galoc field in the Philippines that have weakened its financial position. Otto hopes the field will be back in production some time next month. Ottos farm-in terms in the Po Valley mean Ascents costs would be carried for this high impact well, making it all the more appetising for investors, who will be keen to see the well spudded sooner rather than later given the deterioration in its Australian partners finances.