.

http://www.proactiveinvestors.co.uk/companies/news/14774/ascent-resources-starts-production-from-pen-105-14774.html

Tuesday, March 23, 2010

Ascent Resources starts production from PEN-105


Ascent Resources’ (AIM: AST) Hungarian-based subsidiary PetroHungaria kft has begun production from the PEN-105 well in the Penzlek area of the Nys permits. Production from the well is expected to stabilise at over 2mmscfd (million standard cubic feet per day) within a few days. PEN-105 was completed and shut-in in December whilst the company connected it to the main export pipeline and completed drilling of the nearby PEN-101 well.

"The initiation of production on PEN-105 not only provides cash flow but demonstrates the success of our strategy of targeting development projects where there is instant demand for our production”, Ascent Resources MD Jeremy Eng commented.

Ascent also noted that the short-term set-back of PEN-101 is not expected to cause a significant delay. The neighbouring PEN-101 well was successfully completed and tested earlier this month. The company subsequently undertook acid stimulation on the well. Ascent said that whilst the procedure clearly demonstrating a substantial improvement in productivity, it also caused a suspected failure of the cement isolation, allowing some water production from a deeper zone.

“The short term set back of PEN-101 is not expected to cause significant delay and as soon as the drill rig is available we should be in a position to ready the well for production”, Eng added. The company is considering a short sidetrack and the drilling rig will return to the PEN-101 location to conduct the remedial work, once PEN-106 drilling is complete.

Additionally, the company stated that, following the completion of further testing on the PEN-104AA sidetrack, the PEN-104 well will be abandoned. According to Ascent the well has a very low gas productivity and high watercut, which makes commercial production untenable.

London-based Stockbroker, Astaire Securities said that PEN-105 represents an important milestone at Peneszlek, and whilst the news from two other wells is less encouraging Ascent seems confident that it can get PEN-101 on stream in a matter of weeks. The stockbroker said it had not assumed any contribution from PEN-104.

The Penzlek area is being developed through a partnership between four companies, of which Ascent is the largest stakeholder with 48.776%, DuelEx is the second largest with 40.44%, Geomega kft owns 8.627% and Swede Resources has 2.157%.

“With production on-line from Hungary, we now look towards further results from drilling in Italy and the analysis of 3-D seismic in Slovenia".

In Italy Ascent has a number of operations. Most recently the company began re-drilling of the Fontana-1 well in February, to appraise the shallow part of the Anagni structure in the Frosinone exploration permit in the Latina Valley. Meanwhile, in Slovenia the company is continuing to evaluate 3D seismic, acquired in 2009, covering the Petisovci and Lovaszi oil and gas fields, at the Filovci project. In December Ascent reported that the preliminary results were very encouraging. The company intends to drill two wells in Slovenia during 2010.

Excellent news :

http://www.investegate.co.uk/Article.aspx?id=201003250700281536J

Ascent Resources PLC

25 March 2010

Results of 3-D Seismic for the Petišovci Project in Slovenia


Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Nemmoco Slovenia Corporation ('NSC'), has completed the 3-D seismic processing and the preliminary interpretation for the Petišovci project in Slovenia with positive results.


Completion of 3-D seismic processing and interpretation in Slovenia

Management estimates additional potential of 75 Bcf of recoverable gas

Mapped over 12 new drilling targets and plan to drill a number of wells in 2010 and in 2011

Extended project area where majority of new prospects identified

NSC holds a 75% interest in both the shallow and the deep reservoirs in the 61.5 km2 extended Slovenian area

New 65 km2 of 3-D seismic acquisition in the Hungarian area to commence shortly

Planning is now proceeding for a number of wells to be drilled both in 2010 and in 2011 and discussions are on-going with project partners to prioritise the drilling of the prospects that have been identified.

3-D seismic was acquired over some 120 km2 primarily in the territory of Slovenia, but also circa 25 km2 across the border in Hungary. More than a dozen new drilling targets have been mapped from the 3-D data. These new prospects are in addition to the reserves identified in the independent persons report on the deep prospects completed in 2004. Management estimates these new prospects have a combined potential of over 75 Bcf of recoverable gas and it can also be expected that successful drilling of some of these prospects will lead to further follow-on targets as they investigate trap types that have not been previously drilled in this area.

The original Petišovci project area covers an area of 35.5 km2 and NSC is partnered in the joint venture by Geoenergo, Stratic Energy and Kulczyk Oil Ventures Inc. NSC has a 45% interest in the shallow oil and gas reservoirs and a 15.75% interest in the deeper tight gas reservoirs. The project area in Slovenia has been increased by 61.5 km2. Here, Ascent through NSC, has a 75% interest in both the shallow and the deep reservoirs and is in partnership only with Geoenergo. It is in this extended area that the majority of the new prospects have been identified.

In the adjacent Hungarian part of the project, Ascent, through its wholly owned subsidiary Ascent Hungary Limited ('AHL'), has a 50% interest in an area of 90 km2 in partnership with MOL Oil and Gas plc. The contract for a further 65 km2 of 3-D seismic has been executed between GES, the Hungarian contractor and AHL and preliminary survey work will commence immediately. After the further 3-D seismic acquisition, an initial two exploration wells in this area are planned and possible locations have already been identified on the 25 km2 of 3-D seismic that has been acquired and processed in Hungary.

Jeremy Eng Ascent's Managing Director commented, "The preliminary results from the seismic acquisition have exceeded our expectations. We now have a much better understanding of the configuration of the reservoirs within the project and have identified additional prospects outside the previously reported area of the original Petišovci field."

* * ENDS * *

Good news for local producers as they take the gain with the rise being said to be "due to dollar strength and import prices".

http://www.foxbusiness.com/story/markets/hungary-average-natural-gas-prices-rise-april-/


Thursday, March 25, 2010

Hungary Average Natural Gas Prices To Rise April 1 By 10.1%

By Veronika Gulyas
Dow Jones Newswires

BUDAPEST -(Dow Jones)- Natural gas prices in Hungary are to rise April 1 by an average of 10.1%, the Hungarian Energy Office, known as MEH, said Thursday.

Of the increase, 8.4 percentage points will be from a rise in the price of imported natural gas with the remainder due to the firming of the dollar against the forint and to gas price compensations expiring, the MEH said in a statement.

Gas prices for residential consumers that use less than 20 cubic meters of gas an hour will increase by 10%.

Gas prices will rise 9.5% for public institutions and by 10.2%-12% for regulated gas consumers using more than 100 cubic meters of gas an hour, MEH said.

Company Web site: www.meh.hu

To be sure to be sure so everyone understands, the Fontana drill is purely to collect cores, the cores will then checked for oil and porisity/permeability and they can know whether a drill into the formation will lead to a commercial well being possible.

Coring is all about using a special drill bit, not surprisingly called a Core Bit and Barrel.




Whilst the bit drills away the centre portion is undrilled and go goes "up the barrel" for collection as a core sample.





What is left in the barrel is the "core sample" which will be collected and sent for testing.





So the result will be cores contain oil or not, permeability/porosity is ok or not, and if they have oil and it should flow according to tests on perm/porous, there will be a decision to either convert this Fontana well from a geologic permit to a testing permit (as happened at Anagni) or a decision to drill a new well, with a proper rig and it being an appraisal well designed for testing and production.


.

L2 is 5 v 1 @ 5.0p / 5.5p with just CANA on the offer at 5.5p (all the rest at 6.25p/6.5p


On Line Limits quite liquid :

Max Buy 250K @ 5.4p

Max Sell 250K @ 5.28p

http://www.oilbarrel.com/nc/news/display_news/article/ascent-resources-identifies-additional-upside-in-slovenia/860.html

March 31, 2010

Ascent Resources Identifies Additional Upside In Slovenia


Investors awaiting news from Ascent Resources Fontana-1 re-drill in Italy are being happily diverted by news from some of the AIM companys other projects in mainland Europe. This includes good news from its Petiovci project in Slovenia, where positive seismic results are reported to have exceeded expectations, and the welcome start of production from the PEN-105 well in eastern Hungary.

First to Slovenia, where a 120 sq km 3D seismic shoot over Hungarian/Slovenian border area has yielded better-than-expected results. The bulk of the seismic targeted the Slovenian lands (just 25 sq km was shot in Hungary), where Ascent recently beefed up its acreage position. The AIM company now has a 45 per cent interest in the shallow reservoirs of the original Petiovci project area (some 35.5 sq km) and a 15.75 per cent interest in the deeper tight gas reservoirs, as well as a 75 per cent interest in the both the shallow and deep reservoirs of an additional 61.5 sq km project area.

It is this extension area that has yielded such positive results from the new seismic, with the 3D data identifying some 75 billion cubic feet of recoverable gas, with 12 new drilling targets mapped and ready to drill in 2010 and 2011. We now have a much better understanding of the configuration of the reservoirs within the project and have identified additional prospects outside the previously reported area of the original Petiovci field, said MD Jeremy Eng.

Analysts at Fox Davies Capital said this was a very encouraging result after a number of small setbacks for the company in recent months. The broker estimates the risked value of these newly identified prospects to be about four pence per share (12 pence unrisked). This represents substantial upside for a company currently trading at just over five pence a share, although, as the broker noted, the company needs to signpost how it would fund these additional wells in order to unlock that potential value.

Over the border in Hungary, Ascent has a 50 per cent interest in a 90 sq km area that adjoins its Slovenian lands. There are plans for a further 65 sq km seismic shoot here to identify further drilling targets. The recently acquired 25 sq km of 3D data has already yielded two possible well locations for two planned exploration wells here.

The AIM company is, of course, already a producer in Hungary, where it has enjoyed some success in the Penzlek area of the Nys permits in the east of the country, in which Ascent has a 48.776 per cent share. Last week, Ascent announced first production from last years PEN-105 well of 2 million cubic feet per day. This robust production stream will provide welcome cash flows for the company and demonstrates to the market how these low cost wells can be quickly tied into existing infrastructure to feed local gas-hungry markets.

Not that these tight gas reservoirs are simple to bring on stream, as the experience with the PEN-104 well and its sidetracks has demonstrated. The original PEN-104 well is now to be abandoned following the completion of testing operations on the PEN-104AA sidetrack, due to low gas productivity and high watercut while the sidetrack has proved a complicated drill, requiring ongoing testing to understand its potential. The recently drilled PEN-101 well has also been temporarily suspended pending remedial work to correct a cementing fault. The remedial work will get underway following the drilling of PEN-106.

This is more a hiccup than a headache, however. Eng described the PEN-101 well as a short term set back [which] is not expected to cause significant delay. As soon as the drill rig is available, we should be in a position to ready the well for production, he said. This was echoed by analysts at Fox Davies Capital. An operational delay in PEN-101 that will unlikely cause material costs overrun on initial budget and should not materially affect the outcome of the development scheme, they said.

Meanwhile, at the time of writing, investors were still awaiting news from Italy, where the company is revisiting the Anagni structure in the Latina Valley. The Fontana-1 well is a re-drill of an earlier appraisal well that suffered loss of circulation of the drilling mud in the target formation, destabilizing the well and preventing the collection of core samples. The losses occurred 300 metres shallower than in the Anagni -1 well of 2008, which also suffered large losses but did confirm the presence of live oil. The re-drill will only add about 20 per cent to the original drilling budget yet could deliver significant upside if it confirms the potential Ascent has longed believed to be resident in this complex structure.

For those that missed it, an update today. PEN-106 being drilled. Once the 106 well is complete the rig will go back to 101 and perform a quick sidetrack to get that one into production. So before too long we will have 105 and 101 in production, hopefully soon the GH-1 well as well, and then drilling being good also the 106 well.

Circa 8 weeks should be 4 producing wells on line. So.... next question, why did MG buy so many AST shares recently and when is the Fontana coring results news ?


RNS Number : 5879J
Ascent Resources PLC
01 April 2010

PEN-106 Drilling Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, through its subsidiary PetroHungaria kft, announces that it is
currently drilling the PEN-106 well, part of the Penzlek Project in the
Penzlek area of the Nys exploration permits in eastern Hungary.

The target of the well is the Miocene tuffaceous formation within a structure
defined on 3-D seismic of the area acquired in 2008 and similar to that proven
by the PEN-105 well. The well is planned for a total depth of approximately
1,500m and, if productive, will be connected to the existing Penzlek
facilities by a 2 km pipeline, for which the permit has already been obtained.

Once the rig has finished the PEN-106 well, it will return to PEN-101 to
complete the remedial work required to ready the well for production.

Swiss Project just updated from "Under Offer" to "Under Exclusive Offer" on the Envoi site.

So news there could be a short time away, few weeks perhaps.

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

.

http://www.investegate.co.uk/Article.aspx?id=201004190700113650K


Well well well, Fontana comes good and means the potential for a "string of lovely pearls". A number of 20m or 30m barrel pools of oil will be very nice indeed.

Anagni-1 was the deepest as we all know, it was on the flank of the structure and found by accident this oil bearing formation. Being on the flank meant it found oil lower down and the oil had migrated higher.

Now Fontana confirms the oil is there higher up (and a second structure).

At least we now go to full "appraisal well" status for the next drill meaning its going to find oil and test oil production :)

And Anagni-2 should be similar cost to Fontana-1, much shallower but will be done with a proper drill rig this time.

PEN-106 is a shame, but that the way it goes, at least 101 should be on line soon now with a quick sidetrack. Hungary becomes a bit short now, 105 and 101 in production but thats it for PEN I think. It will save some money, as production facilities and pipe for 101 + 105 are together and there will now be no need to do anything at the 106 location (and for 105 they moved the stuff over from 104).

The major news is of course Anagni...... oil there is worth a hell of a lot more than PEN gas, and if its a string of pearls we can move back to far higher valuations that now.

Add on Ripi to Anagni and you have some major work to do in Italy now, and its oil :) Which leads me to believe that PEN will produce gas from 105 and 101 until dry and that will be the end of that.

With regards to PEN, firstly in the short term the failure of 104-AA and 106 has "saved" AST money. Yes, in the short term it has saved cap-ex.

105 and 101 are very close and can produce from the same facility. What AST did was rather than have to purchase and put in place a second facility, they simply shut down 104 facilities and moved them over to 105/101 location. The facilities can handle production from the 2 wells. Money saved from not purchasing a second lot of facilities.

Longer term, yes money is now missing from cash flow projections, but short term its another saving - perhaps offsetting the 101 sidetrack / 106 drill costs.

Mid term AST has gained another lump of cash from selling off the drilling rig share and taking cash for shares from MG. They also have 50K from JE for his options. Thats nearly 1M pounds directly on the bottom line that was not supposed to be there.

You always drill your "best" first, and then appraise and drill what you consider your "next best". The list of "best prospects" will change as time goes by based on prior drill results. Its therefore really no surprise the last one, 106, failed at PEN, whilst the first one, 104, produced and also produced from a sidetrack 104-A before finally a second sidetrack 104AA failed.

In the same way now they will drill Fontana-2, however they will target the most likely to produce area. It might be smaller, perhaps only say 5M to 10M barrels in size, but it will be in their minds "most likely" to produce. The market cap of AST is now so small that even a small 10M barrel find, 80% owned, will blow it upwards by 3 to 4 bagger status. Get a 5M barrel find there and double your money from todays market cap.

What they need to do is prove the theory now. We know that Ripi oilfields were producing for a long time very close to Angani. If the next drill proves the concept of these potential small shallow fields dotted over the landscape then AST is very much in the money.

Nobody has said the location at Fontana cannot produce, but that was not the permit for the well, as it was a geologic appraisal well. I would suspect the location there might be "more difficult" to produce from and why they have opted for a "banker" location which is updip again and nice and shallow. 300M to drill is going to cost peanuts, they can also use a small rig which will make permitting easier. The well will be permitted as "hydrocarbon appraisal" which means they can test and recover oil from a pump.

Why would you attempt to apply for a "hydrocarbon" permit at Fontana-1 location if you now know 1KM away the formation is 300M higher up and therefore much easier to produce from. Therefore do not write Fontana-1 location off, its simply that they are going to choose the best and easiest "production" location, as the next drill must produce from a pump. Best first, and a success there will open up many options to raise funds, including farming down a proven oil find.

All in all todays news is good, the "string of pearls" theory is well in place and now firmed up somewhat and the next drill will be a proper "hydrocarbon find" permitted one. I think we can now look forward to a real oil find at Anagni next time, hopefully the first of many "pearls" in the area. Certainly was a very clever move keeping those "discount drilling" options with the Italian rig company, its almost as if by raising that extra million and keeping the drilling options open that they could foresee Fontana would give them the right result.

With regards to the share price it needs to throw off the last of the stale bulls and the margin traders and today has hopefully seen that. Its the time of year to sell for the summer and go away and hopefully many are.

Fontana-1 was a pure "geologic appraisal well". That was the permit granted, it was not a "hydrocarbon appraisal" well as that requires a different permit.

It was to prove the concept, firm up the idea's and allow better understanding of the structure.

This is done and now comes "Anagni-2", updip again.

If people cannot even understand the basics of whats going on well, they cannot be following the AST story very well can they ??????? Some of the posts I have seen in some places goes to show these people have no idea what AST is doing and yet they proclaim to know so much about the company and prospects.


http://www.investegate.co.uk/Article.aspx?id=200909090700067389Y

"The geological appraisal well, Fontana-1, using the interpretation of last year's seismic data, is expected to find the reservoir interval over 400m shallower than at the Anagni-1 location."

------------

The next well will be a "HYDROCARBON APPRAISAL" well. Which means it can test and also later be converted into a "Production well".

http://www.investegate.co.uk/Article.aspx?id=201004190700113650K

".....The Partners believe that the results are sufficiently encouraging to proceed with the permitting of a hydrocarbon appraisal well, the Anagni-2, located within 1 km of the Fontana-1 location, which will target a smaller adjacent structure.

The Fontana well, was permitted and drilled as a geological appraisal well to collect cores from the carbonate platform identified while drilling the nearby Anagni-1 well. The target Carbonate platform formations...."

pp how long before they get the next permit?

I would suggest 6 to 9 months.

I got quite a few below 4.25p so was well happy with the price movement of yesterday, cannot complain.

Should be back over 5p once PEN-101 is done and ok.

Then we look forward to perhaps drilling a couple of shallow 10 Bcf gas targets in Slovenia (extension area) to start with, news from the ongoing 3D work being done, farm out of the Swiss Hermrigen appraisal well with firm drill plans, and Anagni-2 "oil appraisal well" maybe end of this year.

Super deal, with options to farm in "post discovery" with no obligations.

Well done JE/SC/MG and the others !!


http://www.investegate.co.uk/article.aspx?id=201004220700125915K


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

22 April 2010

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

Sale of Swiss Subsidiary to eCORP Europe International Ltd. for 8 million with Retention of Farm-in Rights


Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has sold its 100% owned Swiss subsidiary, PEOS AG ('PEOS'), to eCORP Europe International Ltd. ('eCORP'), for a cash consideration of 8 million, together with various farm-in options on certain potentially successful discoveries ('the Transaction').


Overview

Cash Consideration: Sale of PEOS for a cash consideration of 8 million: 5 million payable immediately, with 3 million payable on completion of agreed commercial conditions

Additional Consideration: Option to participate in potential upside from any discovery:

o Ascent retains right to acquire 45% of any conventional discovery from the Hermrigen 2, Essertines 2 and Linden 2 appraisal wells by paying 45% of drilling costs post any discovery - with no obligation to participate

o Ascent retains right to 22.5% of any discovery from certain additional conventional prospects by paying 22.5% of the drilling costs post discovery, again with no obligation to participate

eCORP irrevocably committed to drill the Hermrigen-2 appraisal well - permitting underway for drilling in Q4 2010

Swiss projects estimated by Tracs International to contain gross contingent conventional resources in excess of 600Bcf of gas

Deal validates strategy of developing a diverse European portfolio of oil and gas projects and underpins the significant value of its assets across the portfolio

Jeremy Eng Ascent's Managing Director said, "This is an outstanding deal. We have realised 8 million from our investment in our Swiss assets, retained without obligation the opportunity to participate in any production opportunities from conventional reservoirs and completely removed the funding risk for these projects. This validates the time and resources devoted to our portfolio approach of developing oil and gas assets across the whole continent of Europe. Importantly, in this instance, we have achieved a far stronger result than working within a traditional farm-out partnership structure.

"We have some very strong projects within our portfolio, some in production, some of which will soon be in production and multiple projects where we are looking to add value through defined exploration and appraisal. The additional funds will be used to expand our intensive work programme across our portfolio, which includes our drilling and production programme in Hungary, the exciting prospects of the Anagni-2 appraisal well in Italy, alongside further drilling and exploration work scheduled in Slovenia. Furthermore, having retained the farm-in option with PEOS, we can also look forward to additional activity in Switzerland and the possibility of confirming the presence of a sizeable reserve."

Under the terms of the transaction Ascent has disposed of all of the equity of PEOS, which held the Company's beneficial interest in various permits in Switzerland including a 90% beneficial interest in the Hermrigen, Linden and Gros de Vaud permits (with the remaining 10% retained by Swiss joint venture partner, SEAG), and a 35% interest in the Concordat permit. The consideration is 8 million - of this, 5 million will be immediately payable to Ascent, with a further 3 million on the completion of commercial conditions agreed with eCORP. Since 2005, Ascent has actively developed and marketed the Swiss assets. The Board believe, from the evaluation work conducted by Tracs International in 2007, these permits could contain circa 600Bcf of conventional gas.

As part of the Transaction, eCORP has irrevocably committed to drill the Hermrigen-2 appraisal well prior to October 2011, however it is expected that site operations will commence in the fourth quarter of 2010 subject to permitting. Management estimate gross contingent reserves of potentially 150Bcf in the Muschelkalk and Bunter layers of the Hermrigen prospect. eCORP will fund the entire cost of the Hermrigen-2 well and if successful, Ascent has the retrospective right to participate by paying 45% of the conventional well cost to earn a 45% interest in the conventional discovery. Ascent has no rights to any unconventional gas development or gas storage project should it be undertaken by eCorp. Ascent retains the equivalent rights for the appraisal of the Essertines 1 and Linden 1 appraisal wells should eCORP elect to drill these prospects. Should eCorp elect not to drill these wells Ascent retains the option, subject to certain conditions, to fund their development in its own right.

Additionally, Ascent and eCORP have identified a further three prospects in the licence areas held by PEOS. Should eCORP elect to drill these additional prospects, Ascent has the right to 22.5% of any successful conventional discovery by paying 22.5% of the drilling costs post discovery. Again, should eCorp elect not to drill these wells Ascent retains the option, subject to certain conditions to, fund their development in its own right.

eCORP's CEO John F. Thrash commented, "eCORP is pleased to have the opportunity to control the operations of PEOS on these permits and work at an enhanced pace to bring much needed gas resources to Switzerland through a combination of conventional and unconventional gas development, alongside the potential construction of underground gas storage facilities."

This company that purchased the Swiss assets appears to like "unconventional gas plays" and well, that is AST down to a "T".

I can therefore in time see this company buying out AST in full, they can get their hands on Bajsca, Slovenia and Hungary gas, as well as small stuff like the Po Valley gas project.

It would explain the AST director putting nearly 1M pounds into shares in the company recently as well. Must be looking at a "company sale" 12M to 18M down the line.

I would see this deal as a "starter" to get Angani proven or not. It would be the bugbear in the valuation as AST would want lots for it but nobody will buy it until proven or not.

So this cash injection now allows AST to easily prove Anagni or not. They can sell it or dump it then.

This company also benefits from buying back the potential buy ins, therefore voiding them.

So I see the rumours of a company sale picking up some steam and some backing today, all this 3D work is firming up pricing for sale perhaps, perhaps in 12 months we will see a real return of a nice lump of cash per share :)

20p a share, or maybe 30p if A-2 comes good ??

Patience, all that is needed for the big gains, let the traders and short terms sell and wait for the big gains, the ones they always miss :) !! ;)

The last I was in a small AIM stock were a director stuck in 1M pounds was OSH at 10p, and 12 months later the company was sold for 95p a share. I think we might see something similar here at AST.

Let's hope this is the start of something - AST has been sidelining for quite some time.

Extract from 2005 below when they farmed into the Anagni area, and guess what, AST did find oil in the Carbonates and now perhaps you see why they said "IMPORTANTLY" in the recent RNS they found a second "THRUST".

So their plan of 2005 was to find oil in the THRUST CARBONATES of the Anangi area - well stone the crows, they are doing just that.

:

http://www.investegate.co.uk/Article.aspx?id=200507190715000235P

"..........The Company will refund 350,000 of past exploration costs to Pentex. The exploration targets are the Apennine Thrust Carbonates similar to the southern Apennine's fields of Monte Alpi, Tempa Rossa and Cerro Falcone where some one billion barrels of recoverable oil have been discovered in the past 17 years.........."

From the RNS of the 19th April

".......The Fontana well, was permitted and drilled as a geological appraisal well to collect cores from the carbonate platform identified while drilling the nearby
Anagni-1 well. The target Carbonate platform formations have been found over
300m shallower than in the original Anagni-1 well. At the planned Anagni-2
location, it is expected that they will be even shallower still at an estimated
300m below ground level. Importantly, the Fontana-1 well have confirmed the
presence of a second thrust formation within the complex geology of this region. ......"

http://www.hbmarkets.com/stock-research-prices/small-cap-flash/read/

22nd April

Ascent Resources (AST, 4.25p, 21.9m) has announced an excellent looking deal for the disposal of its non core Swiss assets to eCORP. Cash Consideration: Sale of PEOS is 8 million, with 5 million payable up front and a further 3m on completion of commercial conditions. The attractive part of the deal though is Ascents ability to buy back into the projects on a heads up basis (i.e. a share of the project equal to the cost participation). Ascent has the right but not obligation to acquire 45% of any conventional discovery from the Hermrigen 2, Essertines 2 & Linden 2 wells by paying 45% of drilling costs after any discovery. The company also has the right to participate in 22.5% of certain additional conventional prospects on a similar heads up basis. eCORP is committed to drill the Hermrigen-2 appraisal well and permitting is underway with Q4 targeted. The Swiss assets are estimated by Tracs International to potentially contain gross contingent conventional resources in excess of 600Bcf. This is an excellent deal for which completely de-risks none core assets from the point of view of Ascent whilst maintaining exposure to upside, a win, win. After an unjustified poor run in the shares we would expect this to be reflected in the price. SPECULATIVE BUY

As people are asking.

GH-1 (CM-1) on the Panhandle was drilled some time back, commercial find was made and it is waiting to be connected to the gas processing facilities. AST has a share of this.

GH-5 (CM-5) AST decided not to participate in, the other holders took up the AST percentages and drilled (what turned out to be a duster). So it looks like AST made the right call by not going in for GH-5 participation.

Also it says gas price for Hungary in 2010 is expected to be around 10 US$.



Start of drilling 9th March 2010 :

http://www.cisionwire.se/ext/swede-resources-ab/swede-resources--borrstart-av-gorbehaza-5-ungern

Swede Resources AB

March 9, 2010 09:35 CET
Swede Resources: Start of Drilling Gbeha-5 Hungary


CM-5 is located four kilometers southwest of the GH-1 which was drilled in August 2009 and was declared commercially recoverable.
CM-1 as the production test flowed 3740 mcf will be linked on the 2.5 km long pipeline will be constructed. The pipeline will be connected to Hajd Gas Production Facility, where the condensate will be recovered and the gas sold by the Hungarian gas network. It has allowed the construction of the pipeline to get the oversized for the amount of gas to be transported through it.

Swede Resources has a holding of 0.991% of the CM-5 other partners HHEA 49.505% (operator), JKX 49.505%.


------------------------

Water found :

http://www.swederesources.se/

28th April 2010

Gbehaz5

With regard to the drilling of Gbehaz5 will show that the production test the well water network and is not commercially recoverable. The operator is looking at possibilities of using the CM-5 injection well for saltwater.

Saltwater always produced in varying quantities in gas and oil production and have taken care of this water is very aggressive.

Partners of the CM-5 are:

Hungarian Horizon Energy 49.505% (operator), JKX Oil & Gas 49.505% and Swede Resources 0.991%.

........In 2010, expect the revenue from Hungary will be based on a gas price of approximately $ 10/mcf.


.