.

Prelim results this month BUT now we know :

Strong gas shows in the targets - which validates the modelling.

Gas recovered to surface, so looks like it will be a producer and not just a geologic well.


Looks very positive and we should see AST fly past 10p now.

Am i looking at the right share?? the shares drop!!!!!!!!!!!!!!!

http://www.stockopedia.co.uk/content/fox-davies-capital-update-featuring-hochschild-mining-ovoca-gold-peninsular-gold-aminex-ascent-resources-gulfsands-petroleum-matra-petroleum-max-petroleum-53324/



"............Ascent Resources (LON:AST) Plc (BUY, 20p) (AST, 8.5p, ▼ (4.23%)) (AST) announced that is has received all the necessary consents to complete the transaction with EnQuest Plc (Enquest) whereby AST would acquire an additional 48.75% interest in the Petisovci Project in Slovenia, as announced on 21 December 2010.

Accordingly, Mr. Graham Cooper (EnQuests head of business development) has been appointed to the Board of Ascent as a representative of EnQuest, which will provide technical support to Ascent for the Petisovci Project, as well as for the evaluation of future European business development opportunities. AST also provided an update on the Pg-11 evaluation well in the Petisovci Project. The well is drilling ahead in an 8-1/2" hole and the current depth is 2,799m within the Miocene reservoir sequence. Two 18m cores have been successfully cut and recovered from two of those intervals, one from the historically non-productive and shallowest 'A' sands and the second from the 'D' sands. Two short duration openhole tests have been attempted, the first in the 'A' sands recovered gas to surface, with no associated water production, the second in the 'D' sands was prematurely terminated due to indications of the tool having been plugged. The Pg-11 evaluation well is designed to be drilled to a 3,050m total depth (T.D.) and one more core is planned to be taken from the 'E' sands. Once T.D. is reached, logs will be run over the entire reservoir section. The interpretation of the logs and the analysis of the core over the coming months will help determine any potential re-development strategy. Preliminary well results are anticipated to be available during February 2011.



Comment: Petisvoci is the main project for the company and will be the focus of operations during 2011. As we have commented previously, the deal with EnQuest has a number of benefits to AST including the increased exposure to the Petisvoci and future business opportunities in Europe. The primary objective of the Pg-11 well is to retrieve core samples and run logs so that the data can be used to calibrate the 3D seismic that has already been acquired and to enhance the reservoir model. On this note it appears that the company is progressing to the plan. Although recovering gas from the A sands is encouraging there is not sufficient information on the quantity and duration of the test to make a judgement. There is still much work to be done to achieve commercial gas production form the Petisvocis tight sands."

http://www.proactiveinvestors.co.uk/companies/news/25154/ascent-resources-set-to-complete-enquest-deal-as-first-slovenian-well-nears-target-depth-25154.html


...William Arnstein, oil and gas analyst at finnCap, described the initial results as encouraging but he notes that it is still too early to draw a conclusion on commercial potential.

With Pg-11 just 250 metres above total depth we would expect the shares to perform well as investor interest grows ahead of preliminary results later this month, Arnstein said in a note to clients. .......

The upside is important.

RPS have only included the sands A to E1 in the CPR

This is A, B, C, D1, D2, E1

They have allocated nothing for E2, E3, E4, F so any of those having strong gas shows is a big bonus.

From todays news we now that so far they have drilled through A, B, C, D1 and in the remaining depth to TD there is D2, E1, E2, E3, E4, F.


What is interesting ? Well the A sand has never produced before in Slovenia and today we know that in this location it has produced gas to surface, so there is potential their choosing of a "sweet spot" might be rather sweet.

http://www.oilbarrel.com/nc/news/display_news/article/ascent-resources-closes-enquest-deal-as-key-slovenian-well-nears-target-depth/860.html


February 07, 2011

Ascent Resources Closes EnQuest Deal As Key Slovenian Well Nears Target Depth


Shares in Ascent Resources have doubled since September as the AIM-quoted E&P has re-geared to focus its efforts on its flagship project, the Petişovci/Lovaszi tight gas project that straddles the Hungarian/Slovenian border. In December, the company announced it was acquiring an additional 48.75 per cent stake in the Petiovci project on the Slovenian side through an equity deal with FTSE 250 company EnQuest. In return EnQuest will take an initial 22.5 per cent stake in Ascent, worth 12.83 million, and appoint its head of business development Graham Cooper to the Ascent Board.
The deal sees Ascent increase its exposure to the prospective deep reservoirs of Petişovci increase to 75 per cent (58.1 per cent on a diluted basis for existing shareholders), secure technical support from EnQuest and the insight of Cooper, a former Shell geologist.

December also saw the company spud the Pg-11 well, the first well to be drilled into the core Petiovci field area in 30 years. This is a vertical well, which will be drilled to 3,000 metres, and its been designed to gather as much data as possible using state-of-the-art wireline logging and core sampling. The well will be used to recalibrate the 3D seismic and, because its drilling into a seismic bright spot, the company is hoping it will be a region with better reservoir characteristics.

At the time of writing, the well was at 2,799 metres within the Miocene reservoir sequence, about one week off schedule due to some difficulties with the drilling equipment. Strong gas shows have been observed from each of the four reservoir intervals so far encountered and two short openhole tests have been attempted, one recovering gas to surface from the historically non-productive and shallowest A sands while the test on the D sands was aborted due to downhole tool problems. Once the well reaches TD, logs will be run over the entire reservoir section with preliminary results due later this month.

Analysts at Fox Davies Capital, which rates the stock a BUY with a 20 pence price target (the shares are currently at 8 pence), saw the EnQuest deal as positive. On the progress of the Pg-11 well, they said: Although recovering gas from the A sands is encouraging there is not sufficient information on the quantity and duration of the test to make a judgement. There is still much work to be done to achieve commercial gas production form the Petisvocis tight sands.

William Arnstein at finnCap also saw the initial results as encouraging, with strong gas shows observed in four reservoir intervals and gas recovered from a previously unproductive zone during a short openhole test. That said, we would caution that it is too early to draw conclusions regarding its commercial potential and that further analysis will be required to determine any redevelopment strategy for the field as a whole following completion of the well.

The Petisvoci field, and its Hungarian continuation, have been extensively drilled at the shallow levels since the 1940s, with some 125 wells on the Slovenian side and 400 on the Hungarian side. These wells targeted shallow oil and gas reservoirs, which have been largely depleted, so Ascent is targeting the deeper, gas rich Miocence reservoirs, where a cumulative total of just 9 bcf of gas has been produced from the more than 400 bcf gas-in-place estimate.

As Ascent points out, if only half of that P50 estimate is recoverable then the 42 million market cap company is still looking at a significant share, 75 per cent post Enquest deal, of a 200 bcf redevelopment project, making it comparable to many North Sea developments. Yet this is an onshore project in a country where drilling is relatively cheap, gas prices are high and theres plentiful nearby infrastructure to bring production quickly onstream. The key will be getting these tight rocks to flow at commercial rates; this month should reveal more about this.

Flying back upwards now.... good news not far away ?

Yes waiting with baited breath!!!!..

Well, it came to pass on Friday I sold all my remaining AST.

Good luck to everyone in AST, Slovenia news ahead and Switzerland !

Well goog luck with RKH Prose, still in AST sold out of RRL but hope to get back in!!

Just what we'v been waiting for very good results from all zones, JE very pleased so am i..YIIIIIIPPPPPPPPPEEEEEEEEEEEE

Whats the point of the volume of sells going through you could have sold at this price a couple of weeks ago???????????????????? and theres been the positive news we'v been waiting for????????????????????

Good result....been in for a year or so.....hopefully it will now fulfill its potential sp wise.

Ascent Resources plc. has issued 6,062,579 ordinary shares of 0.1p each in the Company to YA Global Master SPV Ltd ('Yorkville'), an investment fund managed by Yorkville Advisors LLC. The shares have been issued under the Standby Equity Distribution Agreement ('SEDA'), details of which were announced on 19 November 2010. The shares were issued at an average of 6.6p per share to raise 400,000 for the Company which will assist the Company's working capital needs following the recent successful drilling of its appraisal well Pg-11 in Slovenia.

Application has been made for the admission of these shares to trading on AIM and dealings are expected to commence on 10 March 2011.

Hoping for a bounce at 5.5p support level. Otherwise.........4p?

Strange how the pump and dump brigade have all gone.

What a surprise ..

yes where is pp?

I expect they will re-appear when the sp hits 4p and then pump it back up to 9p.

and his alter ego grannyboy

I dont think this will hit 4p, i sold out yesterday to much dilution, its in the hands of the iis now,should be able to trade this share now..!!!