.

Thanks Ian.

Just for the record.

"Proselenes - 22 Feb 2010 13:10 - 348 of 353
LOL - I think he has the record as the very best liar, and the most hated pump and dumper on AFN !!"

If anyone else wants to know how to filter a user, so you never read their posts again.

Click on the link below and then put their name in, and squelch them.

http://www.moneyam.com/InvestorsRoom/squelch.php


.

ravy davy - for the record - I don't ramp, neither do I de-ramp. I am an investor and I have an intense dislike for people who spoil threads either by posting childish, personal abuse or by using them for a personal ego trip. If you aren't invested in AST and only interested in stalking other posters then please keep away.

LG.

Seeing as you made your post extremely personal and abusive i will continue to post here, strange how you have not made any comment about PP's slanderous comments then ?

I will not be bullied from anybody.

childish!!

Just like Advfn, if you dare to post in a cautious manner you get personal attacks from other posts, i'm bearish on Ast because of their poor track record, others are bullish, i dont need to read personal abuse just because i'm not ramping a stock to the high heavens, if you want to dish out abuse go back to advfn.

For the record, I received the following private message from our friend ravy davy gravey:

"I will not tolerate any abuse from anybody anymore on these sites, the
reason Ian posted is because i asked him to, you have a choice, you either
stop the abuse or i take things further."

This was my response"

"ROFLMAO

You are an idiot of the first order and an egotistical one at that. Quite frankly, I don't give a damn what you do and I find your threats pathetic.
You came on to the AST thread stalking Proselenes and started making pompous claims about your prowess as a share picker - as if anyone cares!
Like all bullies - cyber or otherwise - as soon as you are challenged you start to issue meaningless threats.
You are clearly unable to understand your own language as you seem to think think I have abused you in some way. Can I suggest that you read my posts again and then tell me where the abuse is?
You are a very sad man indeed."

I have sent this to IanT to ask him to get this monkey off my back! I am sure that you don't need any help from me, Proselenes, but I do object / despair when a good bulletin board thread is trashed by an idiot.

I have posted once - If I need to intervene on any side again, that intervention will take the form of removal of access to these bulletin boards.

Ian

LG - just "squelch" that person, I have. You do not even see their name again, they totally disappear.

Back to AST, we have results of PEN-101 and also Fontana-1 in the weeks ahead, and looking forward to them both with interest.

Can buy 500,000 online at mid price so looks like another overhang.

Finished with a tick up, finally.

With regards to PEN-101 and Fontana-1, it should be PEN-101 being the earlier result, perhaps next week, with Fontana-1 being first week of March, all being well.

Interesting news last week. The share in the drilling company was never valued as anything by the market, so I fully agree with them to monetise the asset, far better money in the bank than having an asset the market does not care for, whilst also retaining the benefits for some time to come.

Also interesting is that the Ascent director took 800K sterling of Ascent stock. A rather large director buy, hidden in that news.

He must be confident going forward to take stock in place of cash !!

The news :

http://www.investegate.co.uk/Article.aspx?id=201002220700254474H

Ascent Resources PLC
Disposes of interest in Peraz
RNS Number : 4474H
Ascent Resources PLC
22 February 2010


Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has agreed to sell a 45% interest in Italian drilling contractor Perazzoli Drilling srl ('Perazzoli') for a cash consideration of €1.85 million. The Company's original interest was purchased to provide priority access, and ensure optimal contract terms for drilling services. These advantages will be retained through a five year service alliance with Perazzoli, which provides for a 30% discount on €10 million of drilling services to Ascent and first call on uncommitted drilling units. Perazzoli owns three drilling units including a state-of-the-art HH-200 unit which provides low environmental impact drilling capability.

The Company's original 22.5% interest in Perazzoli was held through its 50% owned subsidiary, Ascent Drilling Limited ('Ascent Drilling'), which was owned jointly with Ascent Director Mr Malcolm Groom. To facilitate the transaction, Ascent agreed to purchase Mr Groom's 50% interest in Ascent Drilling and therefore a further 22.5% interest in Perazzoli by placing to him, 15,529,981 Ascent shares, providing Ascent with a 45% interest in Perazzoli. These shares, when issued, will be priced at 5.105p each representing a 9% discount to the 15 day average trading price preceding 26 January 2010, which is the pricing mechanism used for Ascent's Equity Line of Credit with GEM Global Yield Fund.

Jeremy Eng Ascent's Managing Director said, "The sale of our interest in Perazzoli, whilst retaining the benefits that the ownership of a minority interest brought, is an excellent outcome for Ascent. Perazzoli is aiming to expand its operations and will therefore require additional funding which, given the intensive work programmes being conducted on our portfolio of oil and gas assets, would I believe, not be the best use of our shareholders' funds.

"This transaction allows us to retain access to Perazzoli's drilling equipment with attractive discounts on its services and provides additional funds for use in developing our projects. Furthermore, we were pleased that Mr Groom has demonstrated his sustained confidence in Ascent, having agreed to sell his interest in Ascent Drilling in an all share agreement."

As Malcolm Groom is a Director of Ascent, the purchase of his share of Ascent Drilling is a related party transaction. The Board of Directors of Ascent, with the exception of Malcolm Groom, having consulted with the Company's Nominated Adviser, Astaire Securities Plc, consider the terms of the transaction to be fair and reasonable insofar as the Company's shareholders are concerned.

The purchase of Mr Groom's 50% interest in Ascent Drilling is conditional on the relevant resolutions being duly passed by Shareholders at an Extraordinary General Meeting, scheduled for 12 March 2010 to authorise the transaction. Following completion, Mr Groom will be interested in 17,527,686 shares of Ascent representing 3.40% of the total issued shares.

In the most recently published audited financial statements of the Company, being for the year ended 31 December 2008, Ascent reported a share of profit from Perazzoli of 88,000. At that time the carrying value of the Company's investment was 1.3 million. As disclosed in the Notes to the Financial Statements and the Accounting Policies of the Company, both values reflect a 45% interest in the investment.

Ascent is proposing to convene an Extraordinary General Meeting to, inter alia, approve the purchase of Mr Groom's 50% interest in Ascent Drilling on 12 March 2010 at 11.00am at the offices of Sprecher Grier Halberstam LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG.

The circular convening the Extraordinary General Meeting will be sent to Shareholders shortly, and a copy will be available on the Company's website www.ascentresources.co.uk.

* * ENDS * *

Interesting news from LGO (minor partner in Hungary).

However, I think this "divestment" is more to do with ongoing cash spend in Hungary, PEN-101, 106 and then 104AA workover.

I would guess LGO are short of cash and need to halt outflow, so far easier to stop all Hungary work and conserve the cash than pay up for the ongoing PEN-101 and then PEN-106 and also the 104AA workover.

How much did they sell it for ? did they give it away ? The lack of details suggests it simply a reason to stop spending money there IMO.

Wonder if the other partners get it all for free, would like to see AST boost their percentage.

Perhaps the sale of the drilling rig company share is to be ready to take on more Hungary.

From III post :


Spoke with AST
Randy121

So I spoke with the FD today as J Eng was not in the office.

Essentially I asked a few questions on differing topics, and I can summarise the answers for you below......

Newsflow

I queried why we had no news as yet, and asked if the news on hold pending the result of the EGM. SC categorically stated that they would not put news on hold for the EGM, and once they rec'd full news they would report on it. As such, he cleared up the fact that 101 and F1 news had not yet been rec'd.

SC stated that AST get frustrated that people expect news, and if you looked at the previous RNS', then you would note that the month mentioned in the RNS' is only just up, and that they expect results soon.

As such, no news at present means no news! I said what aboout the 14 RNS' before end of Q1, SC replied that in that case it is likely to be a busy March / April.


Leni

As for the LGO RNS, SC stated that if LGO wanted to ditch their holding in the PEN licence that should AST be able to pick it up for nothing, then they would be very happy. The talk about non material return was confusing given that LGO could have had Pen105 producing and a share of that revenue. Therefore, I am assuming it has all come down to financial difficulties. So we will only get the full picture once AST annouce new equity structures, and hopefully 101 hits - then LGO will look very silly if things go in our favour.

F1

As for F1 - I asked why we were still awaiting news on this. SC stated that essentially they want to get the cores to make a call on whether to drill or not, as this would effectively give you very good confidence as to whether to drill or not (more so than seismic). So when the F1 RNS comes it will effectively be no oil / or oil staurated cores. The RNS will also state the intention to drill or not...So we should hope for oil staurated cores and an intention to drill = happy days for us!!!)....SC stated that AST have been very keen to down play F1 - considering the hpye pre Agnagi and Gazetta, and the subsequent collapse in the sp. SC stated that AST have to be very careful about what they report in RNS' for this, as the well is not an appraisal well - and the authorities (in Italy) look at what will be written.

Slovenia and seismics etc

SC stated that they are concentrating on sorting out the equity interests rather than talking through seismics at present. He gave the impression that they are still sorting out licences, but did not confirm. I told him, I would rather AST maximise their interests in these licences rather than fire out gung ho RNS' alerting the other partners as to potential of the licences. SC agreed that this would be more value accretive for AST.

Slovenia

SC stated that tight gas can be drilled by both vertical and horizontal wells, but well fracced verticals are not that different in price to horizontals, so they will see whats best to drill. I think the cost of a well was around $1 to $1.3 m.

Perrazoli

SC stated that he was surpurised that the P deal was not looked at more favourably by the market. He confirmed that Perrazoli would not buy only the AST 22.5 % , and so they needed the whole 45%. SC said that a director taking shares to that level was a major deal and should have been better rec'd by the market.

Partners

SC said that they will look to bring in partners for the 'big ticket' stuff - didnt ask which projects.

Generally

They have good finance in place, and they are always very frugal with their money. Also, said that 2010 is the company defining year for AST. I said its now or never and it would be good to have a good string of results. All in all - helpful chat, but didnt give away anything to revealing......Good night - enough typing for me.......happy hunting AST'ers!

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its subsidiary PetroHungaria kft, has successfully tested and completed the PEN-101 well, in the Penzlek area of the Nys exploration permits in eastern Hungary. Once the rig has departed the site, the PEN-105 well will commence production to sales.



The completion of the PEN-101 well is, as planned, in a Miocene gas bearing formation within a structure defined on the 3-D seismic acquired in 2008. Initial production rates achieved during preliminary testing exceeded 1.0 MMscfd (28.3x103 Nm3/day), and productivity is expected to be improved in the coming days by the use of small scale acid stimulation, similar to that used with good results on the PEN-105 well.



The PEN-101 well is located at the site of the production facilities that will be used to produce both it and the PEN-105 gas discovery. Production from PEN-105 is expected to commence during the week of 15 March 2010, following the departure of the rig and the granting of operating approval for the facilities from the Mining Authority.



The rig will then move to the PEN-104 location to continue the testing of the PEN-104AA sidetrack and, subsequently will continue drilling the PEN-106 well. The PEN-106 well targets a structure that is similar to that proven by the PEN-105 well.



The Penzlek Project has been a successful investment for Ascent and following Leni Gas & Oil's ('LGO') relinquishment of its interest (announced by LGO on 5 March 2010), it has been distributed among the remaining project partners in proportion to their prior interest in the project, at no additional cost to them.



Ascent's Managing Director Jeremy Eng commented, "The recommencement of production in the coming days and the increased share of revenue that Ascent and its partners now stand to gain following LGO's decision to exit the project is an excellent outcome for Ascent. The Penzlek Project is a good example of the onshore conventional gas production projects targeted by Ascent across Europe. These types of projects benefit from low development and production costs, and with deregulated gas prices, provide a relatively high return on investment. In addition to our successes in Hungary, we will shortly be able to provide an update on the re-drill of the Fontana-1 well in Italy, which is drilling ahead at a depth of over 400m".

cyril



Project

Interest
PEN-101 & PEN-106

Revenue Interest
Cost Share

Ascent Resources plc
48.776%

From todays RNS, we know already the reservoir formation starts at 300m from drill 1, so they are now down to 400m (100m of potential net pay if it contains oil) and still drilling ahead. Sounds exciting potentially :) :

..........In addition to our successes in Hungary, we will shortly be able to provide an update on the re-drill of the Fontana-1 well in Italy, which is drilling ahead at a depth of over 400m".

I reckon that its looking increasingly likely that Fontana is going to be good, and not bad.

All eyes on Italy !! Indeed.


THE TIMES

Tiddler to watch - Ascent Resources

Ascent Resources is looking for oil and gas across Europe. Yesterday, the shares were chased 0.25p higher to 5.375p after the AIM-listed company reported that one of its wells in Hungary had struck gas and another was now ready to start production. All eyes are now on Italy, where results of a further test well are expected within a fortnight.

http://business.timesonline.co.uk/tol/business/markets/article7057457.ece

.

On the front page there is now no more mention of Switzerland (AST Hermrigem) as an Active Project - just been removed :

http://www.envoi.co.uk/actpro.htm


Also, its now classed as "Under Offer" in the summary sheet (page 2) below, which it was not before.

http://www.envoi.co.uk/envoiprojectlocator.pdf



Info document is below, and as you can see from that, the project is a potential 578 Bcf recoverable, which would have quite massive implications for the value of AST should it come off. :

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


Not planned in the 2010 drill campaign as it was waiting farm out, but a farm out deal and firm drill date would excite the share price somewhat as its being totally overlooked by the market at the moment.

Jeremy spends 50K pounds on AST shares, and keeps the option for another 450K pounds worth pending until July.

Entering closed period, so major news within a couple of weeks then. Nice to see this buy of shares just after another director took many millions of shares.


http://www.investegate.co.uk/Article.aspx?id=201003180700127535I

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

18 March 2010

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

Director's Dealing

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces that on 17 March 2010, Jeremy Eng, Managing Director of Ascent, exercised options over 1,000,000 ordinary shares of 0.1p each in the Company at a price of 5.0p per share. Following this purchase, Mr. Eng is interested in 4,808,557 ordinary shares in the Company, representing 0.93 per cent. of the issued share capital of the Company.

The Company is about to enter a closed period, restricting Mr. Eng's ability to exercise his remaining 9,000,000 options before they expire on 10 April 2010 - as a result, the Board of Directors has agreed to extend their exercise period to 10 July 2010.

Application has been made for these shares to be admitted to trading on AIM on 23 March 2010. Following the issue of the new shares, the Company's issued share capital will consist of 516,662,023 Ordinary Shares with voting rights.

* * ENDS * *

The original Anagni-1 was 971m deep and had 140m of reservoir structure before it was deepened. That means it started at 831m.

Therefore, if the structure at Fontana-1 is 300m higher, it means it commences at 531m.

Which means, based on how long it took to get to 400m, now is about the time they will be at 531m and can start drilling/coring the reservoir potential structure.

Which would explain the rush by JE to get 50K sterling of shares in the bank before the coring starts and everyone at AST is classed as insider (closed period).