.

The Daily Express said AST was up on Friday on "hopes of a positive drilling update from Italy".

I think they must mean from Hungary, so I guess we are going to get good news from PEN-101 this coming week.

http://www.investegate.co.uk/Article.aspx?id=201005110700046633L

PEN-101 Completion


TIDMAST

RNS Number : 6633L
Ascent Resources PLC
11 May 2010


PEN-101 Completion

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

The PEN-101 sidetrack will produce gas from the Miocene tuffaceous gas
formation, the target of which was defined by 3-D seismic in 2008. The well was
originally drilled in February 2010 to a total depth of 1,500m, however during
completion an acid stimulation treatment had broken through a repair to the
cement isolation behind the steel casing and allowed water production from a
deeper formation.

The sidetrack was drilled to overcome this problem and the well has now been successfully completed and perforated, with gas flowed on a short test. Once the rig has been demobilised from the location, the PEN-101 well will be acidized and connected to the adjacent production facility where the PEN-105 gas is already processed.

Free investor event
-------------------


The directors of Ascent Resources (AIM: AST), Central China Goldfields (AIM: GGG),
Avalon Rare Metals (TSX: AVL) and Metals Exploration (AIM: MTL) will be presenting:


Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB


The presentations will start at 6:00pm and finish at approx 8:00pm.

After the presentations are complete the directors will also be available to take questions
during a free canapand wine reception, offering the rare opportunity to chat to the CEO's
and network with other investors in an informal atmosphere.


Free Registration - http://www.sign-up.to/signup.php?fid=2046&pid=7163


This event is suitable for the following:

Sophisticated & private investors, private client brokers, fund managers,
financial institutions, hedge funds, buy & sell side analysts and journalists.


These are wonderful events in a superb setting, and well worth attending.


The nearest tube stations are Green park and Bond Street.

20th May 2010???

A good set of results with very good detail on all the projects.

Things looks solid and exciting going forward.

http://www.investegate.co.uk/Article.aspx?id=201005180700070772M

.

New presentation out.

Direct link to PDF below

http://www.ascentresources.co.uk/system/files/42/original/AST_One-2-One-May_2010.pdf?1274384450

.

Comment from bob over at ADVFN, and he will not mind it being copied over. He attended the presentation being given and provided this feedback.



"bobobob5 - 21 May'10 - 00:42 - 15335 of 15384

OK, here's the feeedback.

AST presented last, following three mining companies.

JE and SC did the presentation as a "double act", with much of the presenting being done by Simon. It worked really well, and a number of people made positive comments to me afterwards.

The presentation was new; I believe that the company had discussed "what matters to shareholders" with a number of substantial investors, and had taken account of that in their presentation, which was focussed on the near-term and the upside potential.

I'm sure that the presentation will appear on the AST/Proactive website in due course so I'm not going to try to describe it on here in full. In essence, they opened with the comment "We think we are undervalued too!" and outlined the Slovenia programme, gas production at Pen and the Panhandle, drilling in Switzerland and also at Agnani.

There was no material "new" information that hadn't been released in RNS (nor should there be) but a couple of points worth noting are:

* Hermrigen is being drilled using the low environmental impact 200T Perazzoli rig (as some of us had suspected)

* Fontana-1 was drilled just to the south of the main structure

* Agnani-1 was drilled just off the structure

* Agnani-2 is targeting a formation some 500m below surface

* the Ripi oilfield is some 400m-600m below surface

* Ripi, Agnani-1 and Fontana-1 prove the presence of oil

They presented a very impressive "build-up" slide which gave the estimated "risked" net asset value of the near-term portfolio assets as assessed by Fox Davies Capital and Astaire Securities.

This gave a figure of 20p per share.

The company made it very clear that it considers the current share price to be out of kilter with the value of the assets.

In response to questions, the company said that:

* "market sentiment is against us" and that this needs to be corrected with positive results

* it was "very confident" of no placings in 2010

All in all, it was the best presentation that I've seen them give.

After the presentation, I established from various company connections that the true situation regarding selling by Tiger and Bruce Rowan remains unknown. I am hoping that there will be an announcement before too long that both Pen wells are on production, so fingers x'd for # 101 (there is no reason to think that there should be a problem with it).

but imho DYOR etc as always"

In this one at a loss....mirror image of RKH ?.....loads of news about getting nowhere.....sp just drops....will end up sellng out unless something good happens here....

rf results count bs counts for nowt unless of course you had brains!

I'm in this and I've forgotten how....the sp will just not get going, but then again : same for Afren and loads of others that I have...need a turnaround in the markets and not just up one day, down the next, sort of thing...

I added some AST yesterday as it seems the overhang is now drawing to an end. The overhang has lowered the price such that its way out of kilter to the company and its assets and potential (and cash balance). The recent discount placing price of 5p seems far away however that is what an overhang does to a stock, and with Tiger Resources soon to be finished selling their AST stock holding then finally the focus should come back on to the company.

As it stands they have quite a few million pounds in cash in the bank, this negates any pressures to "raise funds" at this time and removes one of the biggest worries that investors have in small O&G stocks.

The 2nd half, and in particular Q4 of 2010 has lots going on.

Swiss drilling that AST can "back into" if its a success could give them circa 45 Bcf of recoverable gas.

Anagni-2 drilling could give them 5M to 10M barrels of oil recoverable.

And of course the "main" project of AST, being Slovenia, kicks off with lots of drills in the 2nd half 2010 and early 2011.

I therefore expect "interest" to pick up from late July onwards and a solid run into 2011.

Therefore given the overhang peetering out now it looked a good time to buy a few more and get in ahead of the return of the masses when things get solidly underway in Q4.

When sentiment is shot its the time to buy the low provided the fundamentals look ok, I think that time is now.

They have cash (plenty), they are cash positive from PEN production, they have exposure to high impact plays (Swiss, Italian) and they have a modest ongoing project Slovenia, with also high impact deep at Slovenia and Bajsca there to be pursued.

Bit of luck with the drill bit and the SP will be zooming upwards. The lack of any major institutional holders also adds to the potential for rerating on success if any decide to buy themselves a decent sized holding after some good progress is made.

http://www.stockopedia.co.uk/content/ascent-resources-gearing-up-for-an-extensive-work-programme/42176


Ascent Resources gearing up for an extensive work programme

Article Created: Friday, May 28 2010 by Elias Jones


Ascent Resources (LON:AST) the AIM listed oil and gas exploration and production company is gearing up for an extremely active second half to 2010, in which it aims to generate shareholder value out of its multiple oil and gas production, exploration and appraisal assets across Europe.

Having recently announced a loss from its 2009 operating activities which was mainly due to impairment charges deriving from a lack of commercial oil reserves at the Anangi-1 in Italy and failed exploration costs from the Penzlek acreage in Hungary, Ascent are now looking to deliver value to its stakeholders through their 2010 programme, anticipating:

an extensive work programme targeting a number of considerable prospects and funding in place as a result of our efforts to realise the value inherent within our portfolio. [1]

Ascent Resources Managing Director Jeremy Eng

The core focus for Ascent will undoubtedly be the Petiovci-Lovsi project in Slovenia and Hungary with Ascent initially permitting for 4 wells, with drilling planned to start in Q3. The company have recently acquired a 65 km2 of 3D seismic study in the Lovaszi field to add to its neighbouring Slovenian project which is estimated to contain 375 billion cubic feet (bcf), with favourable results to actual production estimated by the company at around 3 months, it is evident why they have made this high profile project their key 2010 focus. [2]

Commenting on the outlook for Ascent Resources (LON:AST), the Chairman, Mr John Kenny believes that Ascent has a structure that can be utilised to generate substantial additional shareholder value , and that,

The Company has never been in a stronger position to move forward. We have a diverse portfolio of assets with a healthy balance of development, appraisal and exploration projects. We have a significant amount of work scheduled across the portfolio for 2010 with our priority being the Petiovci-Lovsi project in Slovenia and Hungary. We believe this to be a potentially sizable onshore European project and we look forward to accelerating the development of this exciting opportunity in the coming period. [3]

Also of interest to its investors will be developments later this year in Italy and Switzerland. Having found, good oil shows back in 2006 and subsequently live oil at the geographical appraisal well Fontana-1 in the Latina valley region of Italy [4] , Ascent are now permitting for the Angiani-2 well and are planning to carry out further seismic work also cover the Ripi oilfield. Following the Swiss asset sale for 8 million to eCORP, which includes a no obligation 45% buy back on success, investors can look forward to a risk free drilling of the estimated 150 bcf Hermrigen appraisal well planned for Q4, which is regarded by the company as a one in four success prospect. [5]

With an extensive work programme laid out for the remainder of 2010 which has been appraised by both Fox‐Davies Capital and Astaire Securities as having a risked net asset value of 20.3p and 20.7p per share respectively [6] , investors will be hoping that 2010 will be the year that substantial additional shareholder value is added. [3]

Read more about Ascent Resources.

3

Reply | Report



References
[1] 18 May 2010, 2009 Final Results http://www.ascentresources.co.uk/news/final-results--4
[2] 2009 R&A
[3] 18 May 2010, 2009 Final Results http://www.ascentresources.co.uk/news/final-results--4
[4] Ascent Resources Operations Update for Italy and Hungary,19 April 2010, http://www.ascentresources.co.uk/news/operations-update-for-italy-and-hungary
[5] 22 April 2010, Sale of Swiss Subsidiary to eCORP Europe International Ltd. for 8 million with Retention of Farm-in Rights http://www.ascentresources.co.uk/news/sale-of-swiss-subsidiary-for-%E2%82%AC8m-with-rights
[6] Corporate Presentation 4 and 21May http://www.ascentresources.co.uk/pages/publications

The Swede Resources guys seem rather upbeat.



Swede Resources AB 2010-05-28 08:33:35
The press release

Swede Resources: Update Hungary, PEN-105 in production

Friday May 21 was the PEN-105 back in production after that was closed during drilling and completion of the PEN-101's side track. The well is currently producing 2500 mcf and 35 barrels of condensate per day!

In the case of PEN-101, the results after syrastimuleringen evaluated, and it has been decided to perforate a zone of 6 meters in the Miocene reservoir. The work is expected to start in Week 22.



Partners in the PEN-PEN-101 & 105 are:
Ascent Resources plc 48 776% 40 440% DualEx, Swede Resources 2 157% and 8.627% Geomega kft.

Regarding the well PEN-101 is each company's revenue share and cost share as follows:

Ascent Resources plc 51.654% and 53.381%, 42.826% DualEx and 44.258%, Swede Resources 2.285% and 2.361% and 3.235% Geomega kft revenue share and no cost share.

CEO Ulrich Andersson's comment:

"When a well is opened again after being closed is always a bit nervous, but this time unnecessarily. PEN 105 produces better than expected so far and shows no signs of losing production. Now, I look forward to the results of perforation of the PEN-101 and hope for equally good results. We also have our American projects to look forward to, including re-opening of Holsworth # 1, which is expected to start shortly. "

The selling of AST should basically be over now, or it will very soon. With TIR being sold out by now and just left with PI's selling a few.

PI's have been selling to lock in a "capital loss" for CGT purposes prior to the 22nd June budget. With the slip back from 9p levels to 7p to 5p and 4p its a nice fat loss for many people thats easy to sell to lock it in and offset gains against. With potential changes to CGT from 22nd June onwards many many people have been selling some stocks to lock in profits and other stocks to lock in losses ahead of the potential changes.

Thats the way the cookie crumbles but for those with an eye for a bargain they should be picking up AST shares now which offer a wonderful discount to the recent discounted placing at 5p.

Press release from Swede Resources.

Acid work on 101 has failed to increase flow, so its in production at its initial rate. Appears to be damaged well bore from drilling.

However, 105 is now increased production again, more gas and condensate (now at 40 barrels a day of condensate).

They hope given the same initial low flow rates at 105 but increasing over time, that 101 will be the same (as its the same Miocine formation).

So there we have it, 105 and 101 now on production.

July- some share-movement by Director has pushed up sp....not sure why as the shares were "moved" - no new money involved as I read it.
Recent RNS concerns N.Sea (Netherlands) Block-increase, yet oddly it says this increase cost nothing...?
SP knocked down 6% on nothing obvious. Looks like they are planning for the future, can't be too bad, eh?
I hold a few.

bet your not in profit h,

AST needs to rise to 6p for that, Balerboy.
However, I suspect from your text you've fared far worse - as many did when it was whipped up to 30p.
The reason for this was a discovery that was rumoured to be quite large - this has not been confirmed yet and I suspect never will.
The thing is all hope - I believe they will come good...15p would be nice as well as a dividend.

Not AST
Let's face it, even the worst dullard can become good if the Market "thinks" it knows something....that they rarely do is not going to stop people putting in their few hundred quid in the hope of a quick profit.
(I think AST has passed that phase.)

proselense seems quite keen - - -
Can you say when you invested...was the story good...?

Not keen at all in the short term. Far better places to have your money.

Try RKH, or AEX or even perhaps the higher risk DPL.

Certainly not AST in the short term, confidence is shot and nothing is going on.

8.5p for me h.,.