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Asset Management Agreement (Ascent Resources)


RNS Number : 9648F
Ascent Resources PLC
16 October 2008

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

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

To Provide Oil and Gas Asset Management Services for Swiss Investment Fund

Ascent Resources plc, the AIM-traded oil and gas production and exploration company, has agreed with San Severina Holdings SA ('San Severina'), a Swiss based investment company, to establish an oil and gas asset management joint venture. The joint venture will acquire minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

Under the terms of the agreement, Ascent will provide management services for these oil and gas properties in return for a carried equity participation in the projects. Ascent's current production and development activities in central and eastern Europe continue unaffected and the investment assets will be primarily outside of these areas of operations.

San Severina, a Swiss based investment fund active since 1972, plans to commit an initial EUR100 million to the establishment of an oil and gas investment division to manage its existing investors' oil and gas assets and pursue other opportunities in the sector. San Severina views the agreement with Ascent as the cornerstone of a new, dedicated, open-ended oil and gas fund. In the short-term, a range of
investment opportunities are under evaluation and bespoke equity and financing plans will be prepared for each.

Ascent Managing Director Jeremy Eng said, "This is a potentially transformational
partnership for Ascent. The oil and gas asset management agreement with San Severina will provide us with long term capital benefits; a deal flow to complement our existing portfolio and funding capabilities to expand outside our core geographical area. In essence, it will allow us to leverage the expertise of our team and generate value for our shareholders through the participation in additional projects with San Severina."

* * ENDS * *

For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng AscentResources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Victoria St Brides Media & Finance Ltd Tel: 020 7236 1177
Thomas Max Hartley Cenkos Securities plc Tel: 020 7397 8924

Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in
Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore.

From AFN - looks like EK has gone long.

aporime - 17 Oct'08 - 16:40 - 24162 of 24171

EK's diaries excerpt:

"I have been passed a review of Ascent (AST). This company is now clear of insolvency fears and is staggeringly cheap at 3.5p to buy. (Just one of its prospects, Gazatta, might be worth 100p.) I sense that quite a lot of potential oil punters have got it into their heads that, in the light of the decline in the oil price, junior oils should be chucked at any price. This is simply silly."

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In case people do not know where EK gets his 100p from for just this one upcoming well for Ascent -


130 Bcf = circa 33p a share net to Ascent after tax "gas in the ground" sales basis.

Top side Gazzatta find of circa 400 Bcf = over 100p a share..........


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http://www.oilvoice.com/n/Otto_Energy_farms_Into_Large_Onshore_Exploration_Acreage_in_the_Po_Valley_Italy/1c933b85.aspx

Otto Energy farms Into Large Onshore Exploration Acreage in the Po Valley, Italy

Friday, December 07, 2007


Otto Energy announces that it will acquire 50% of the Bastiglia- Cento Exploration Permits, in the Po Valley of onshore Italy, from Ascent Resources plc.

Highlights

The two adjacent Bastiglia - Cento Exploration Permits are considered highly prospective with multiple hydrocarbon prospects and leads already identified

The first well, Gazzata-1, will be drilled around September 2008, targeting prospective gas resources of over 100bscf equivalent to potentially over A$200 million in value to Otto.

Minimum commitment for Otto to earn 50% in the two permits is approximately A$10 million and in the event of a significant commercial gas discovery in the first well, Otto will also fund 100% of drilling and testing of a second well.

Otto intends to purchase the seismic out of current funds and fund the drilling out of anticipated revenues from the Galoc Oil Field, which is scheduled to commence production in April 2008.

Ottos joint venture partner and operator of the Italian permits is Ascent Resources Plc, an AIM-listed company with an established office in-country and considerable drilling expertise in the area.

Commenting on the announcement Alex Parks CEO of Otto Energy said:
This new acquisition is a perfect fit for Otto as we continue to build our portfolio of onshore and offshore oil and gas assets with a pipeline of projects that span across exploration, development and production.

The Bastiglia - Cento Exploration permits are considered to be highly prospective and relatively low risk. The Gazzata prospect alone could be worth up to A$200 million to Otto in the event of a commercial discovery, and there is significant follow up potential in a variety of different play types, some of which could hold up to 1 TCF gas resource potential.


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Write up of the Po Valley assets of AST = http://www.envoi.co.uk/P136Ascent-PoValleySyn.pdf


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Nice write up, extract below, full article on the link.

Carried equity and ALSO a share of the cash flow from the projects, now thats nice and uniquie and a great idea.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1224468030&feed=oilbarrel_en

20.10.2008

Ascent Resources Finds New Growth Model Through New Asset Management Joint Venture

................................pared to look outside its current area of focus in central and eastern Europe. We will spread ourselves a little bit wider, said Eng. The primary criteria are a good project with a good operator.
The benefit to us is we get a carried equity participation plus a share of any cash flow that comes from the project, explained Eng, who calls the joint venture a potentially transformational partnership for his company. The great thing is it gives us the opportunity to expand without any Ascent equity dilution.

If this works, it will be an interesting new investment model for those companies struggling to work up their portfolios due to a lack of funds. Until recently, Ascent, which now enjoys production income from gas developments in Hungary, was among those affected. Now, it seems, the AIM firm is hopeful of being on the moneyed side of the business and opening up new value opportunities for its loyal but long-suffering shareholders.

iam looking at these?? and also vog.l?? i think that in this market they might be worth a punt!!!! can anyone help before i buy?????

Ascent has cash concerns, there is no denying it, and it makes it a little risky, but then again, these assets would not be priced at this price, unless there was some risk.

If we see the VAT refund and the sale of the Dutch assets before year end, then things will be much more attractive to those who are averse to risk in this market.

Good news, the earlier RNS said the Gazzatta well was mutually decided to be delayed as the 50% farm in partner (who is paying 100% costs of drilling and testing) wanted to wait for their Galoc Oil Field to be producing, this being Otto Energy.

Well, its now on production, so the mobilisation of the rig should now be Jan 09 as per the new plan.

http://www.oilvoice.com/n/Otto_Energy_Provides_Galoc_Oil_Field_Production_Update/f8bfe548.aspx

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September 15th 2008 Company Presentation :

http://www.ascentresources.co.uk/investor_information/Corporate%2015.09.08.pdf


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Nice little bit of blue again.

Plenty of volume, hopefully the long persistent seller (RAB?) is nearly clear now.

Posted on another site that, according to a well respected poster, Ascent have received the first of the two VAT repayments from the Italian authorities, which gives them a nice cash injection of over 500K sterling.

Therefore, things do look to be on plan. The second repayment is due in Q1 2009, the next news up therefore should be Dutch offshore asset divestment, or Swiss Farm Out I would take a guess at.

http://www.investegate.co.uk/article.aspx?id=200810231200015251G

RNS Number : 5251G
Ascent Resources PLC
23 October 2008

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

Commences 3D Seismic in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has commenced the shooting of a 3D seismic survey in the Penzlek area of the Nys permits in Hungary.

The survey, covering 100 square kilometres of the license area, is being conducted by Ascent's Hungarian associate, PetroHungaria kft. The acquisition of further data from Penzlek follows the commencement of gas production from the PEN-104 well in August 2008 and is intended to delineate other gas reserves in the vicinity. Two wells in the survey area, PEN-9 and PEN-12 have previously tested gas but to date, have not been put into production. The partially depleted Penzlek field also is within the survey area.

Ascent holds a 45.23% interest in the Penzlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Ascent Managing Director Jeremy Eng said, 'This is a positive step forward in the continued development of our Hungarian assets. Following the success of the PEN-104 well, currently producing 108,000 cu. M per day (3.8 MMscfd), we expect that the data acquired from this survey will point us towards new drilling opportunities and allow us to bring further cash generative wells on line in the area.'


* ENDS * *

Is this PapalPower in disguise, perchance?

Lovely and blue today :)

Days like this are nice.........

that's answered that one.

Yes pp by another name , beware it is being ramped yet again.

It is being tipped by T1ps. com....it might come right... it might not....so many of these small oilies to choose from...I like to go for producers in the making...at the moment this is not producing much !, but a punt is a punt....that's what this one is !.