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(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.

good stuff hc

iis interested now

noticed several big buys recent days including 1.4M just gone through - sp should tick up some more today

AUCTION lol

excellent - up she goes - 1 way traffic

Preliminary Pg-11A Fracture Stimulation Results - Petiovci Project, Slovenia
Ascent Resources plc, has completed initial testing operations following the successful fracture stimulation of the Pg-11A well at the Petiovci Project ('the Project') in Slovenia. After cleaning out the three pumped stages the stabilised gas flow rate of 2.1 MMscfd and approximately 50 bpd of condensate was achieved. The combined gas and condensate production rate was c.400 barrels of oil equivalent per day. Pg-11A will now be prepared for production with the installation of a customised production string to optimise the flow rate and gas recovery.

Halliburton's equipment will now be moved to the Pg-10 well where fracture stimulation operations will commence in the coming days.

Ascent's Managing Director, Jeremy Eng commented, "Although the stabilised flow rate has exceeded our commercial threshold, a number of difficulties with the fracturing operation lead us to believe that this flow rate may not be representative of the true potential of the reservoir. We will soon commence the fracture stimulation of Pg-10 in order to learn more about the likely gas production rate from a different part of the field, the fluid dynamics of the various reservoirs and how best we can commercialise the clear potential of this gasfield."

i wonder where bottom is - maybe a tickle here later lol

glad i didnt bother to have that tickle here LOL!! but never say never - keeping a close eye on this one

all buys at current levels - interesiting

hmmmmmmmmmmmm
nice 5M buy just gone through - all buys - must tick soon!!

this sp will not be around too long imo - when the over hang clears north she'll be heading again - yeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

lunch time bargain hunters out?

move north you bar steward LOL!!!

sell sp edged up a little going right way!!!! lol

rns 4/11/11 - director puts shares into his pension - confident guy lol!!

Ascent Resources plc, the AIM listed oil and gas exploration and production company, announces that Jeremy Eng, Managing Director, has transferred 1,000,000 ordinary shares of 0.1p each in the Company ('Shares') into his Self Invested Personal Pension ('SIPP'). This transfer was effected by the sale on 4 November 2011 of 1,000,000 Shares by Jeremy Eng at a price of 2.65p a Share and by the purchase on 4 November 2011 of 1,000,000 Shares by Jeremy's SIPP at a price of 2.70p. This does not change Jeremy Eng's beneficial ownership of 5,981,890 Shares, representing 0.87 per cent. of the issued share capital of the Company

i am in as of today now lol - large ii buying today - largest buy 5M @ 2.35p - that is good enough for me coupled with the other buys - if we are not at bottom right now must be close to it - massive potential here and cash to bring wells on line - gla

this is better lol

yeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

what a day!!!!!!!!!!!!!!!!!!!!!!!!!!!

over hang gone :-))))))))))))))))