.

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!

I've heard their presentation and can say that they have an issue with getting the Market to accept their forward statements. I guess the only good point is that Oil is unlikely to go out of fashion. ....provided they can supply, it should be more-valuable than current sp. I guess I'm a tad under at the mo.
This has been as high as 30p - wow, or should that be Ouch!

Good luck with yr holding.

BTW are you holding COVE - what's the story?

(COV - Yes. See COV thread)

StockMarketWire.com
European oil and gas producer and explorer Ascent Resources posts pre-tax losses of 2.2m for the six months to the end of June - down from 3.7m last time.

The company had cash and cash equivalents of 11.0m at the period-end - up from 3.0m a year ago and 2.0m at the end of December.

Managing director Jeremy Eng said the company had made considerable progress h during the period under review, notably at its Slovenian operations where it operates the Petisovci project and holds a 75% interest alongside partner and concessionaire, Geoenergo.

He added: "The successful raising of 17m from UK institutional investors in March has allowed the second phase of the drilling campaign at the Petiaovci project to be largely completed.

"The two wells drilled this year have discovered 114m new net pay at the Pg-11A location and confirmed 123m of net pay in the deeper Miocene reservoirs at Pg-10, of which 63m was of moderate to good sand quality.

"These positive results validate our strategy and we now look forward to the fracture stimulation of the two wells and exploiting their commercial potential in the near future.

"Once the results of the fracture stimulation have been fully interpreted, it is expected a detailed field development plan will be drawn up for long term production."

Successful Pg-11 Fracture Stimulation - Petiovci Project, Slovenia
Ascent Resources plc, has completed the fracture stimulation of the Pg-11A well at the Petiovci Project ('the Project') in Slovenia. The testing of the shallowest of the three stages has already indicated good productivity and will be further tested to ascertain flow capability. With the high productivity and due to the resulting high pressures, a revised procedure is being prepared for the clean-out and testing of the two deeper stages.

Both the Pg-10 and Pg-11A wells have been drilled and completed into the deeper Miocene sands of the Petiovci Project in Slovenia. A three stage fracture stimulation treatment was pumped in Pg-11A at depths between 3,010m and 3,250m. So far only preliminary test results from the shallowest stage are available and the interval is not yet fully cleaned up with gas being produced along with spent fracture fluids. Results from the testing of all three stages of Pg-11A will be announced once definitive test results are obtained.

Once the clean-out of Pg-11A is completed, it is planned that operations will commence on the Pg-10 well where a four stages stimulation treatment is planned for the equivalent Miocene reservoirs.