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An extract of Tipping Tom's recent OB presentation.

The outlook for oil, as said by Goldman Sachs and others, well TT is in agreement too. Mid-East problems ? Interesting, certainly I have no exposure to anything in the Middle East, but anyone who has could suffer big time if things heat up, while oilers focussed on other area's might surge, those with their hand in the ME might be going down fast.

As the Chinese say, "May you live in interesting times" - and anyone with lots of exposure to black gold has been and still is having very interesting times !! :)

http://www.mediafire.com/?r6bu3l17crtndul

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http://www.proactiveinvestors.co.uk/companies/news/24249/ascent-resources-fox-davies-says-petiovci-deal-with-enquest-adds-value-24249.html


Ascent Resources: Fox-Davies says Petişovci deal with EnQuest adds value

Thursday, December 23, 2010 by Jamie Ashcroft

Lionel Therond, oil and gas analyst at Fox-Davies, looked at Ascent Resources (LON:AST) in light of its recent deal with EnQuest to acquire its 48.75 percent stake in the Petişovci project in Slovenia.

The share based deal sees EnQuest take a 22.5 percent stake in Ascent.
The Petişovci-Lovaszi assets are the main focus for the company and the priority as the near-term value driver, Therond said.

Therefore, Ascents increased interest in the Petişovci Project is good news, but is it worth the dilution?

He adds: we believe that the transaction is value accretive to the existing shareholders.

Furthermore, it is important to consider the intangible elements of the deal.
EnQuest purchased Stratic Energy (the joint venture partner) for its interests in the North Sea oil fields of West Don and Crawford.

It is fair to say that the Petişovci asset is non-core to EnQuest and had the deal not been agreed, the on-going joint venture arrangement could have been a drag on the development of the Petişovci-Lovaszi assets.

However, Ascent now has a greater shareholding with the option of trying to attract companies with an interest in the Petişovci-Lovaszi assets.

Therond rates Ascent as a buy with a 20 pence per share target.

Fox-Davis had a 20p t.p on ast before this deal yet he says it adds value, then you have Finn-cap giving a t.p of 61p, well i may as well add my pennys worth for what its worth.. on a conservative view 45p by March.... IMHO..of course.. GLA Happy xmas..

L2 now 5 v 1 @ 8.75/9.0

Just CANA on 9p, should be moving up again soon.

No doubt granny boy will appear soon having been out all morning lol

There she pops.

No PTholden just about to go out, on a high of course!!!!!!

Worth a read :

http://www.ibtimes.com/articles/96738/20110102/oil-natural-gas-crude-futures-2011-outlook.htm

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http://www.oilandgasinsight.com/file/94919/ascent-sees-significant-gas-potential-as-it-focuses-on-peti351ovci-lovaszi.html


Ascent Sees Significant Gas Potential As It Focuses On Petişovci-Lovaszi

December 2010 | Project News

Ascent is betting all its chips on the Petişovci-Lovaszi unconventional gas deposit, the successful realisation of which could reduce Slovenian and Hungarian dependence on Russian gas.
UK-listed Ascent Resources has spudded an evaluation well in a Slovenian prospect after having substantially boosted its stake in the project to 75%. The successful development of the project could change Hungary and Slovenia's energy outlook.

Ascent reported on December 22 2010 that it had spudded the Pg-11 tight gas evaluation well at the Petişovci-Lovaszi project area, targeting Miocene-era gas reservoirs. The evaluation programme includes core sampling, wireline logging and testing. Ascent expects the well to be completed as a producer and to become cash flow-contributive in the 'medium term.' Preliminary results are expected in February 2011.

The Petişovci-Lovaszi area straddles the Hungarian-Slovenian border. In October 2010, Ascent stated that a report by RPS Energy put the Petişovci-Lovaszi P90 estimate at 5.7bn cubic metres (bcm) and the P10 estimate at 23.6bcm. Ascent has estimated that around 50% of the tight gas in the Petişovci-Lovaszi area can be recovered and believes existing infrastructure links in the region, coupled with good gas prices, make it an attractive development candidate.

Given the importance of this asset to Ascent, the independent has spent much of 2010 disposing assets and raising cash towards its development. Most recently, on December 21, UK-listed independent EnQuest agreed to sell its 48.75% stake in the project to Ascent, in exchange for a 22.5% equity stake in the latter. EnQuest has agreed to provide technical support to Ascent for the project's execution, and will benefit should commercial quantities of gas be successfully produced.

The latter scenario would be a positive boost to both Slovenia (whose own gas needs are modest) and Hungary. Budapest is heavily dependent on Russian gas imports and, like most of its fellow eastern European neighbours, is keen to reduce its dependence and boost 'energy security'. While there has been rising investor interest in shale gas in Poland, Petişovci-Lovaszi is one of the few other exciting prospects for CEE unconventional gas.

Strong start.

L2 presently 2 v 1 @ 9.25/9.75

Just SING on the offer at 9.75p

Have a listen to Jeremy Eng talk about AST :

http://www.proactiveinvestors.co.uk/companies/ceo_focus/630/jeremy-eng-md-of-ascent-resources-talks-about-shallow-oil-reserves-in-italy-630.html


Jeremy Eng MD of Ascent Resources, talks about shallow oil reserves in Italy

Tuesday, January 04, 2011

Jeremy Eng, MD of Ascent Resources, talks about shallow oil reserves in Italy, three discoveries in Switzerland, FTSE 250 EnQuest PLC disposing of its 48.75% stake in the Petişovci Project in Slovenia - for an initial 22.5% equity stake in Ascent, and Hungarian assets generating 600,000 gross a month.


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Bought into AST today... looks a good bet. entirely agree with you, pros.

10p seems to be an interesting area - both S & R.

Yes, I saw that. If it doesn't clear 10p with some impetus, then it would be cause for concern from a charting point of view.

Appears AST was rated a buy in todays Shares Magazine.

http://www.sharesmagazine.com/

Good, that should see more buyers today, tomorrow and also Monday.

Yep, Shares Mag said buy at 9.5p, well its a little cheaper than that at the moment.... must make it strong buy then ;) LOL

Think everyones fixated on RRL this morning Prose trades going crazy, once things quieten down they might turn to AST then??????

Should be just a couple of weeks now for initial drill results ?

Should be just a couple of weeks now for initial drill results ?

Should be just a couple of weeks now for initial drill results ?