.

RNS EnQuest increases shareholding to 15.69%

Interesting 50 million sell on AST at 3.75p, might have been whats causing the price weakness if its a forced seller.

Who knows, I have gone long with a speculative punt from 4p now.

Possibly its cheap based on recent big placing at 5p, depends on good drill bit news of course.

Not been holding for a long time and its very high risk and drill results due from well PG-11 in June, but at 4p its worth a punt IMO, but I am prepared to lose 50% overnight on bad news.............. so be warned, its risky and speculative but with potential big gains on any decent news.

StockMarketWire.com
Ascent Resources has flowed gas from an open-hole test of the Karpatian reservoir of the Pg-11A well and now continues drilling to the planned total depth of 3,500m.

The Pg-11A well is positioned to become the first re-development well in the Petiaovci project in Slovenia where the company has a 75% interest.

The well was re-drilled to a depth of around 3,000m where a 7-inch liner and tie-back string was successfully set and cemented immediately above the Karpatian reservoir.

The top part of the sandstone reservoir was cored and the well deepened to expose approximately 50m of reservoir.

An open hole test on this section produced and flared good quality hydrocarbon gas at a constrained rate of around 2,500cu m per day.

MD Jeremy Eng said: "Operations are progressing steadily at our Petiaovci Project in Slovenia and we are pleased that the first test on the Karpatian proved the presence of producible gas. The lower than expected carbon dioxide levels in the gas, if confirmed by laboratory analysis, will be advantageous as CO2 processing equipment may not be required in the early stages of the redevelopment."

Bouncing today on a very narrow spread 3.65 / 3.75p

A posible double bottom

maybe just maybe this will become a winner.

Is that a well researched comment, h, or a plea to The Almighty?

Harry a bit of both really, after all their efforts they deserve to come up trumps.

StockMarketWire.com
Oil and gas producer and explorer Ascent Resources reports a year of solid progress - both operationally and in terms of positioning the company for steady near and long-term growth.

Revenues for the year to the end of December rose to 1.8m - up from 898,000 last time.

The firm posts a gross profit of 442,000 against a loss of 219,000 in 2009 and operating losses of 5.0m - down from 10.2m a year ago.

Pre-tax losses from continuing operations fell to 5.98m - dwon from 10.5m previously.

Ascent said that since the year-end it had strengthened its balance sheet with a 17m placing to institutional investors at 5 pence per share.

Chairman John Kenny said: "2010 was a year of solid progress for Ascent both operationally and in terms of positioning the company for steady near and long-term growth in shareholder value."

Taken a little long spread bet out.

News should be this week, and poor news is priced in, so there is decent upside on any good news.......... just got to hope there is good news.

Some decent buying going through, have AST pulled a rabbit out of the hat with this one ?

Let's hope it doesn't suffer from myxomatosis.

Still there is an overhang but looking better
level 2 of 2 v 2

Only 1 MM at offer now, 2 at bid

Over 17M shares volume so far.......

British BULLS says ........

BUY CONFIRMED

3.6300 +0.2500 +7.40%

Candlestick Analysis
Todays Candlestick Patterns:
White Candlestick

Today a White Candlestick was formed. This represents normal buying pressure.

Type: Reversal/Continuation

Explains the buying last week.

Good results and flowed well as well !!


http://www.investegate.co.uk/Article.aspx?id=201106130700112893I

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StockMarketWire.com
Ascent Resources has started drilling a second redevelopment well on the Petiaovci project in Slovenia.

The primary objective of the well - Pg-10 - is to confirm the reservoir quality and commerciality of the Middle Miocene reservoir section, independently assessed by RPS Energy to contain over 400 bn cu ft of gas-in-place.

A secondary objective is to further delineate the substantial new deeper reservoir which was recently discovered by the Pg-11 well.

Early estimates suggest that the newly discovered reservoirs could increase the RPS P50 gas estimate by over 50%.

Significantly the deeper Miocene pay section in Pg-11A has better reservoir characteristics than the thinner sands, which produced a total of 8 Bcf of gas from the Pg-1 and Pg-5 wells at initial rates of 1.5 and 2.5 MMcfd in 1987.

These rates were achieved after fracture stimulation of the vertical wells using, what are now considered to be, outdated techniques.

StockMarketWire.com
Ascent Resources has revealed encouraging results from the Pg-10 well at the Petiaovci project in Slovenia.

The results confirm the reservoir quality and potential commerciality of the Middle Miocene reservoir section, which is independently estimated to contain over 400bn cu ft of gas-in-place, and delineate the substantial new deeper reservoir section discovered by the Pg-11A well.

The Pg-10 well was drilled to a total depth of 3,545m.

The appraisal of the deeper Miocene or 'K' sand reservoirs showed a total of approximately 123m of new net additional reservoir with 63m of good to moderate sand quality along with another 60m of poorer quality sands in a 370m gross reservoir section.

Ascent said that importantly, gas was present throughout the 'K' sand in PG-10 and with the total depth of the well 45m below Pg-11A, it increases the depth of the deepest known gas.

The independent audit of the gas-in-place estimate of 412bn cu ft attributable to the project by RPS Energy will now be updated.

MD Jeremy Eng said: "The results from Pg-10 are highly encouraging and have defined substantial additional gas resources in the deeper Miocene 'K' sands.

"Our efforts are now focussed on the fracture stimulation of Pg-10 and Pg-11A, which we believe will unlock the significant intrinsic value of the project."

Harry no doubt good news but is it the start of something big?

Hopeless. I keep telling myself not to get sucked into these speculative E & P stocks, yet somehow I got tempted a while ago with this one. Only a small stake thankfully, but going nowhere, fast!