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Done the write up for the TMF competition 2010, link below for reference.

http://boards.fool.co.uk/Message.asp?mid=11794064


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Listen to JE in an interview :


http://www.proactiveinvestors.co.uk/companies/news/11821/jeremy-eng-of-ascent-resources-talks-about-spudding-drilling-and-production-in-hungary-italy-and-slovenia-11821.html


Tuesday, January 05, 2010

Jeremy Eng of Ascent Resources talks about spudding, drilling and production in Hungary, Italy and Slovenia

Jeremy Eng, MD of Ascent Resources, talks about spudding two wells, a production re-start, possible production and drilling another well (in Hungary), well re-drill results (in Italy), and one 3D seismic survey started, one completed, and one processed rea.........

So it looks like SEAG and AST are now looking for multiple smaller parties to take a piece of the Hermrigen-2 drill, as opposed to one major one.


Looks like they think March 2010 we might have news on this, or does be mean drilling to start in March 2010 ?

As he is the SEAG man, you have to take his views seriously.


http://www.derbund.ch/bern/Erdgasbohrung-im-Berner-Seeland-verzoegert-sich-nochmals-um-ein-Jahr/story/16244360

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Of course, the reason for wanting to attempt to open up the Swiss potential is that, well, its rather large.

Over 500 Bcf of potential. Even the SEAG man as 15 Billion Cubic Metres, which is well over 500 Bcf.

The license area itself has some serious figures, up to 578 Bcf recoverable as per the farm in document which is on the following link.

http://www.envoi.co.uk/P154bAscent(Switzerland)EnvoiIntroFlyer.pdf

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From OJ on DXE investor village

The rig for the Gh-5 should be on site within days if not hours. We can look forward to the drilling of Pen 101 and Pen 106 by the end of Q1 (101 starting within a few weeks) and the 101 is large enough (defined by 3d) that should it work it could easily have a second development well drilled into it later in 2010. The 104AA will have the coiled tubing and nitrogen on site to retest by the end of the month.

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From OJ over at IV

.......Operations.........

Pen 105 pipe should be in the ground over the next 3-4 weeks and flowing gas (cash flow) for the company and I expect flow rates to exceed the tested or choked back amounts,...............

Otto Quarterly report out.


http://www.ottoenergy.com/IRM/Company/ShowPage.aspx?CPID=1428&EID=52558033

On page 8 they allocate 100K US$ to Italy in Q1 2010, so that would mean AST also paying 100K US$ as its 50/50 there.

Some more seismic processing and moving the next big potential on license up to drill ready status I would suspect.

Should be some news out soon.

Post from III


Had a full and frank discussion with Simon Cunningham today. I must say he articulates himself very well and was very helpful but at the same time careful with his responses.

Rather than go on forever will summarise the discussion points:

* PEN 101 to spud very soon, cannot start production on 105 until 101 is drillled, cleared and ready to go. Once drilling is completed the rig will move to 106 to drill.

* PEN 104AA is the last priority and the rig will move to this once 106 drill has been completed Ascent have not written this off by any means but they will need the rig to progress with new equipment. Obviously, its already connected to a pipe so if it does flow it could be switched on straight away.

* SLOVENIA - whilst Simon had to hold back I really did get the impression he was extremely happy with the Seismic. He actually claimed he had enough data to go to market with an RNS that would please shareholders but is staying quiet for now to ensure they get as big a slice of the cake as possible. There are a number of partners that did not get any information on the seismic who are in financial difficulty so looking to take advantage of this. There may be something sooner but the only commitment he gave was getting something done before end of quarter.

* Fontana - appraisal well. The samples will give a very strong indication as to whether there is oil available and how much. In the chances game this would basically dictate whether they drill or not and would be more reliable than any form of seismic - that is the reason they are progressing with this.

* GH1 and GH5 are in the hands of a different operator so not in their direct control. I believe that operator is also in the process of trying to sell the company so makes things a bit more complicated. Still expecting production from GH1 this quarter but hard to give precise timescales are they control the schedule.

* Switzerland - progressing nicely in the background with regards to farm in.

So...to conclude, I am happy. Think March will be the "fireworks" month By Marahayter

Off we go :

http://www.investegate.co.uk/Article.aspx?id=201002090802438689G

Ascent Resources PLC
PEN-101 Drilling Commences
RNS Number : 8689G
Ascent Resources PLC
09 February 2010

PEN-101 Drilling Commences

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its subsidiary PetroHungaria kft, has commenced the drilling of the PEN-101 well, part of the Penzlek Project, in the Penzlek area of the Nys exploration permits in eastern Hungary.

The target of the well is a Miocene gas formation within a structure defined on 3-D seismic of the area acquired in 2008. The well is planned for a total depth of approximately 1,500 metres and is expected to take about a month to drill and test. The well is located at the site of the production facilities that will be used to produce the PEN-105 gas. The pipeline that connects PEN-105 to this facility and to the export pipeline is now complete and awaiting pressure testing.

The close proximity of the production facilities to the PEN-101 drilling rig means that, for safety reasons, PEN-105 production will not commence until PEN-101 drilling operations are finished. PEN-101, if successfully completed, can be immediately connected via the same facility to the export pipeline.

After the rig has completed the PEN-101 well, it will proceed to either drill the PEN-106 well, another Miocene prospect, or to the PEN-104 location to continue the testing of the PEN-104AA sidetrack that was suspended in December 2009. For the PEN-104AA testing operations, the decision to use the drilling rig, rather than a dedicated workover unit mobilised especially for the testing work, is primarily due to operational restrictions on the part of the drilling contractor.

Ascent's Managing Director, Jeremy Eng commented, "Production in March from the Penzlek Project will again be contributing revenues to Ascent, the PEN-101 is a relatively simple and shallow well, neither deviated nor with a multiple completion and targets a previously undrilled Miocene prospect that is very similar to the 105 proven reservoir and 106 target. As soon as the well is complete and the rig has departed production will recommence".

Geomega kft, Ascent's original partner in the Nys project has requested that the PetroHungaria joint venture converts Geomega's working interest in the 101 and 106 wells to a lesser carried interest; this has been agreed among the partnership and the details, along with a revised equity structure for the joint venture, will be announced in the coming weeks.


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Strong buying pressure there, overhang should be cleared out soon ?

Real market is 5.26 bid and 5.4p offer price.

Max sell 1.25M @ 5.06 or 750K @ 5.26p.

Max buy 100k @ 5.4p.

Should be PEN-101 drill results before the end of the month, and also then Fontana-1 results by 1st week of March.

Interest should build now.

FD update from earlier this month : http://www.fox-davies.com/media/124935/ascentflashnote9thfeb2010.pdf

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Bit perky today, few largish buys and you can sell in volume but not buy in volume at the moment.

Something stirring ?

Oil now over 80$ a barrel.

http://www.oil-price.net/


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I'd be wary about going long in this one, bad track record and proselenes has been ramping this a long time under his old name papelpower from prices well over 50p and still continues, he's not got the best track record as a penny tipster unlike myself.

ravey davy gravy - 21 Feb 2010 13:46 - 344 of 345

I'd be wary about going long in this one, bad track record and proselenes has been ramping this a long time under his old name papelpower from prices well over 50p and still continues, he's not got the best track record as a penny tipster unlike myself.

Oh!!! We are in love with ourself aren't we ravey davy? AST has bags of potential to be a multi bagger and things are just starting to get going. As Proselenes / Papal Power says, the next couple of weeks could be very interesting - and profitable.

P.S. If you think you are so smart, let's have your tips and we'll see how you perform.