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From AFN thread :



bobobob5 - 19 Nov'08 - 14:49 - 24717 of 24717

Listen carefully. Listen *very* carefully.

1. Ascent are working on improving the presentation of the company; this will include an updated website and a newly-structured Investor/Corporate Presentation format

2. Ascent intend to emphasise their significant short-term drilling programme, which includes potential company-making prospects, in order to sharpen investor focus and get away from the 'shopping list' situation in which the 20+ portfolio items cause many people's eyes to glaze over

3. Ascent does not, repeat not, have a short-term funding problem

4. the Managing Director of Fox-Davies Capital has just written to all Ascent shareholders (three letters from him arrived on my desk this morning) offering information on Ascent Resources to investors; I think we can expect some analyst coverage before too long.

but imho DYOR etc as always

I'm not impressed by "improved presentation" and similar - it seems to me that plain good news is what is needed. The sp shows that initially they provided lots of "feel-good" and this has run its course.....no amount of more "touchy-feely" will sway shareholders in these Markets.

However, figures of product flow, and so on would be quite nice. Maybe some pain for Directors would help, until there's some return by way of a dividend...otherwise what is there?

Shareholders expect a web-site to be factual and therefore not dressed to thrill - indeed over-dressing it is not necessary - let's start selling the stuff for the benefit of retail shareholders.....that says more than good money spent on fancy graphics.

EDIT.(2Dec08).sp down today, under 1k sale. MM's game. Now 3.0/3.5p

New Otto Update (Partner in Gazzetta-1 drill (G-1) who are paying 100% of costs for a 50% farm in)

G-1 to spud mid to late January - 6 weeks to drill. Many additional targets in the block. Slide 30 onwards in the presentation link below

http://www.brr.com.au/event/54141

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PP we are going to have to report you to the RSPCA if you continue to flog this dead horse!

Its times like this that you can be glad that Ascent chose to be "GAS" orientated and not oil.

For while other companies get screwed over as the oil price falls, everyone knows that gas consumption remains the same, as its so nice and cheap for a variety of things.

So while the world uses less oil, it keeps using the same amount, and indeed ever increasing amounts of gas.

As people wish to cut back on electric bills, more and more will convert to using gas.

PP It's times like this when you can be glad you don't have Ascent shares, gas or not.

Over on the TMF PPP thread I have AST and RCG as my picks for the 2009 Annual Stock Picking Challenge.

50% AST and 50% RCG, with AST being the first one, so I have had to do, and have done a write up on AST.

Here is the link to the write up.

http://boards.fool.co.uk/Message.asp?mid=11379820

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Nice to see Jeremy picking up a few.

RNS Number : 3539L
Ascent Resources PLC
08 January 2009

Ascent Resources plc

('Ascent' or 'the Company')

Director's dealing

Jeremy Eng, Managing Director of Ascent, has today purchased 1,808,557 ordinary shares of 0.1p each in the Company at a price of 2.75p per share. Following this purchase, Mr Eng is interested in 3,808,557 ordinary shares in the Company, representing 1.25 per cent. of the issued share capital of the Company.

* * ENDS * *

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

Jeremy Eng Ascent Resources plc Tel: 020 7251 4905
Hugo de Salis St Brides Media & Finance Ltd\ Tel: 020 7236 1177
Victoria Thomas St Brides Media & Finance Ltd Tel: 020 7236 1177
Max Hartley Cenkos Securities plc Tel: 020 7397 8924
Daniel Fox-Davies Fox-Davies Capital Limited Tel: 020 7936 5230

soaking up shares the mm's can't get rid of?

PP
Good to see you are on 1st name terms with the MD.

http://www.oilbarrel.com/news/display_news/article/ascent-resources-sees-sidetrack-upside-in-hungary-but-partner-problems-force-another-delay-in-italy/963.html

OILBARREL January 28, 2009

Ascent Resources Sees Sidetrack Upside In Hungary But Partner Problems Force Another Delay In Italy

Last year, as markets tanked around the world and E&P companies found themselves short of cash, investors in AIM-listed Ascent Resources took comfort from the fact that their company had just started to enjoy a steady revenue stream from the PEN-104 gas well in the Nys permits in eastern Hungary. Ascent has a 45.23 per cent share of the well, which came onstream in August 2008 and by year-end was producing at a stabilised rate of just over 3 million cubic feet per day. This was very welcome news given that the AIM firms cash position was looking rather thin, if not anorexic.

But one month into the new year and the PEN-104 well has been shut in pending repairs to a compressor at the gas processing facility. This work is not expected to be completed until March. This disruption to production and revenues is unwelcome given that the companys balance sheet had only just started to digest this healthy new source of funding.

There is an upside, however, as the hiatus in production has provided the company with an opportunity to undertake a 450 metre sidetrack of the well, a procedure that should increase the potential recoverable gas and reduce water production. The PEN-104 joint venture, which includes DualEx (37.5 per cent), Geomega (8 per cent), Leni Gas & Oil (7.27 per cent) and Swede Resources (2 per cent), aims to have the sidetracked well ready for production by the time the processing facility and associated pipeline are back in operation in March.

This sidetrack is just one option open to Ascent and its partners as they seek to extract maximum value from the mature Penzlek field, which lies on the Romanian border and was previously operated by state firm MOL. It produced around 3.5 billion cubic feet in the 1980s and is reckoned to have remaining reserves of 19.4 bcf in the Miocene and an additional 2.3 bcf in the Pannonian sands. New 3D seismic acquired in 2008 has highlighted other development opportunities, including the sidetracking of the PEN-102 well, which was drilled by Ascent in 2007, the re-drill of PEN-9 and PEN-12, and a new well south of PEN-12. This work programme could see the possibility of the field supporting five producing wells in the medium term. With much of the infrastructure already in place, this is potentially a valuable development," said chief executive Jeremy Eng.

There is further upside in this part of Hungary, with the company in November starting the acquisition of a new 3D seismic shoot over the Pan-handle area in the western portion of the Nys Szatm permits. This 12 sq km area lies to the south of the Hajd-1 gas discovery made by London-listed JKX last year and some 70 km north-west of Ascents PEN-104 well. Ascent has a 17.5 per cent interest in this exploration project, which is chasing down look-alikes of the Penzlek field. The Nys Szatm project area has very similar in characteristics to the PEN-104 well development.

This is all good news and will help offset investor disappointment that the long-awaited spud of the Gazzata-1 well in Italy has, again, been delayed. Gazzata-1 is targeting an 8 sq km gas prospect, as defined on the seismic, with a possible 100 bcf-plus gas resource. Investors have been keen for the company to drill up this promising structure in Italys Po Valley but the company has been stymied here by its farm-in partner Otto Energy, which in December asked Ascent to hold off drilling the well until after mid-March. This was the second such request from ASX-listed Otto, which has been grappling with production problems on its Galoc field in the Philippines that have weakened its financial position. Otto hopes the field will be back in production some time next month. Ottos farm-in terms in the Po Valley mean Ascents costs would be carried for this high impact well, making it all the more appetising for investors, who will be keen to see the well spudded sooner rather than later given the deterioration in its Australian partners finances.

Quiet of late but things should start to turn.

As per the latest presentations from Leni Oil and Gas, it seems news is soon on its way about the upgraded reserves at the PEN location in Hungary.

All the partners seem excited, so hopefully we will have some news from Ascent too on this, and good news at that.

Will also be good to see the Gazzata drill going ahead late March or April, thats a real "company maker" one if it comes off.

So, its been quiet, but hopefully we will be getting some news in the weeks and months ahead, and the quiet period is over.

For the Gazzata drill in the Po Valley in Italy, which is said to be a very good prospect, and a real potential company maker worth anything from 33p to 99p a share "gas in the ground basis" for AST share of it if its found to have commercial gas, its worth listening to this recent interview with one of the directors of the Australian company "Po Valley Energy" to listen to why the Po Valley is such a good place for gas exploration, and production.

http://www.proactiveinvestors.co.uk/companies/news/4461/po-valley-energy-audio-interview-with-michael-masterman-4461.html

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As I mentioned "Hungary" updates soon in the earlier post, lets look into Hungary a bit more. Ascent has a major stake in this, along with Leni and Dual Ex etc..


LGO (Leni) recently commented on it in the OilBarrel conference, and this is a summary of what they said ;

Peneszlek Update from Leni

Penzlek mature gas field previously operated by MOL on border with Romania being re-developed in multiple phases

Initial production of 0.5bcf since Q3 2008 covering processing facilities and 3D seismic capex, with multiple tie-back developments planned for 2009 to maximise capacity of new facilities (to 10 mmscf.d or over 1700 boepd - gross).

...........Leni also holds a small (7.27 per cent stake) in two gas projects in Hungary. The Peneszlek gas field in the east of the country is already producing about 4 million cf/d from a single well, with another five tie-back opportunities due to be realised over the course of 2009. And in the west, the company is involved in the Zala Basin tight gas play, where multiple well stimulation and re-completion is expected to at least double incremental gas recovery from the wells. ............


Some notes from an attendee (thanks oiljack).

"LGO said (directly from my notes) at Oilbarrel yesterday:

"will shortly announce reserves figure for PEN from 3D seismic"

"$5-6m gross spend on PEN gasfield redevelopment (total) this year"

"the operator has produced reserves estimates"

"PEN-104 to be worked-over at the latest by the end of March" (MOL conpressor not ready until then).


So that sounds very interesting for Ascent, so lets look a little more into detail of Hungary and also Peneszlek.

Geological Survey Map of Hungary

http://193.225.4.50/website/fdt100/viewer.htm

All gas and oil wells drilled in Hungary - map

http://www.mafi.hu/webitems/furasterkep.gif

General bore-hole website queries

http://www.mafi.hu/mafi/en/node/511

Every gas well data base ever drilled in Hungary

http://mafi-loczy.mafi.hu/furas/default.asp?name=oiljack&pass=kQiPmweU3i&submit=Login&mi_action=login


Every well coordinate ever drilled in the Peneszlek area...including....Pen 102 and Pen 104

Well Locations - Hungary (Hungarian EOV Coordinate Sysyetm)

Well Name___Easting___Northing Elev___(m)

Csen-1___925886___286276___123
FGY-1___912149___297434
Has-1___857457___247551___126
Ma-1___863287___253476___141
Necs-1___904221___285538___113
Nyab-1___873537___245241___132
Pen-15___882767___255433___146
Pen-12___877328___253964___144
Pen-14___885770___257525___143
Pen-16___884559___267126___136
Pen-17___890757___271574___136
Pen-2___885462___255543___144
Pen-21___888373___266429___144
Pen-3___883320___254757___142
Pen-4___884905___254618___144
Pen-51___883291___255441___144
Pen-52___885454___256687___144
Pen-8___884730___256878___144
Pen-9___883562___260738___151
Pen-102___879070___254205___145
Pen-104___883288___255472___148


Now -

Here is a converter that you can use to convert the EOV co-ordinates to WGS84, which you can then plug into the Google Earth search box to fly you to the exact location.

http://sas2.elte.hu/tg/bajnok25.xls

Put the EOV numbers into cells C6 (Y) and D6 (X)
The number you need will show up in G9 & H9

For example, the HOD-1 well is at 756271, 113299

That converts to 46.35574, 20.42827

Put this into the Google Earth search box: 46.35574, 20.42827 and you should end up within 3m of the hole, which is clearly visible.

___________________________________________________

So, what do the pics looks like, here are some done by others :

Comments from Paul over at TMF :

Re reasons to buy the shares now:

1. We are hoping for first San Severino deal any day. Ascent's achilles heel is its cash position, especially with Hungarian production temporarily off line. A good SS deal will solve these concerns. (AST are effectively acting as fund manager of 100m Euros, seeking to provide finance for perhaps four development projects at a time when cash is King. AST take 20% of the profits and are currently receiving contribution to cover their overheads).

This first SS deal (probably quickly followed by others) will re-rate share price.



2. Hungarian Production at PEN. AST likely to announce a significant reserves upgrade. From the Leni Oil Barrel presentation, it appears this could be very significant, especially since will be quick to bring into production. PEN 104 should be back on line within a couple of months and is likely to be producing at a much greater rate than before. This will be followed by four other wells (I think two sidetracks/two new wells). PEN looking very exciting.


3. Anagni may be drilled much earlier that market expecting. Only 500m to top of structure so ultra cheap to drill, hence no need to farm out. This is The Big One! Market will get very excited when it spuds. Higher risk than Gazatta.


4. Gazatta spud date subject to Otto and Galoc. Should know soon whether Galoc now generating the revenues to allow Otto to pay for Gazatta. I agree cost over runs a worry and keep meaning to quiz Ascent about this. As has been mentioned, if Gazatta a success, identical looking Ruberia next door becomes a near cert - the principle risk is water table.


5. Hermrigen farm out - another possible blockbuster. Ascent hoping to drill appraisal well this year but farm out talks have been ongoing since end last year and may be floundering in current climate. AST want (from memory) a 6m Euro commitment.


The limited feedback I get from informed investors and industry insiders (a total of 5 views so only snapshot) is that AST really is one of those few companies with enough attractive explo upside to deliver 100 fold returns.

If we go back to early Jan 09 :

RNS Number : 3539L
Ascent Resources PLC
08 January 2009

Ascent Resources plc

('Ascent' or 'the Company')

Director's dealing

Jeremy Eng, Managing Director of Ascent, has today purchased 1,808,557 ordinary shares of 0.1p each in the Company at a price of 2.75p per share. Following this purchase, Mr Eng is interested in 3,808,557 ordinary shares in the Company, representing 1.25 per cent. of the issued share capital of the Company.


I wonder how "good" the soon to be released new reserve estimates for the PEN field are..........how many BCF recoverable ?? Could be exciting, certainly people are saying Leni appear excited.

Big file so be patient if loading the link, recent Otto presentation :

http://asx.com.au/asxpdf/20090225/pdf/31g84nxc014h79.pdf

Nice to see Otto still value Gazatta as between 0.3 to 0.5 Aus per share NPV10 basis value to them (circa 150mA$ to 250mA$)

So for Ascent resources its potential value on success appears to be between 21p a share and 36p a share based on expectations, could be more if a larger recoverable find is made, and could be nothing on failure too of course.

Anyway, kind of brings focus to the potential uprating the share could see on any success, should there be some.

And given its very close to existing infrastructure in the dominant gas producing area of Italy, its value can be realised that much sooner as opposed to something in some far flung land tens or hundreds of kilometres from existing gas production pipelines.

Also, they seem to rate the Rubiera prospect as slightly bigger than Gazatta size wise, and thats a prospect that would be somewhat derisked if the nearby Gazatta well was a success.

You can certainly see why some people think this has explosive potential upside, if you are willing to take the risk that presently they are barely a going concern until we hear further news, but hopefully the PEN-104 well will be back on line with increased production output levels soon once the sidetrack is done.

I would take a guess that Gazatta will be drilled June or July 2009, sooner would be nice but with any drilling plans, always expect it be a bit late.

pp keep ramping this "pie in the sky" share do they have any oil/gas production?

Yes they do.

Hungary. Presently offline whilst the downstream Hungarian pipeline tie in compressor is overhauled. Due back on line in a few weeks.

This "production" is going to be pushed upwards this year and AST will be producing net to them over 1000boepd just from Hungary by year end.

So yes, they do have production :) !

Back to Hungary, its nice to see the partner in Hungary (MOL) reaffirm they are spending on "field developments", ie the Ascent Peneszlek field.

http://www.mtieco.hu/Pages/shownews.aspx?id=689711&page=0〈=eng

With PEN-104 sidetracked and PEN-102 tied in as well, along with the PEN9/12/New they are targetting 2000boepd production end of the year for the field.

Thats nearly 1000boepd for Ascent, as daily production from Hungary.

It looks like MOL is spending its money on developing the Hungary/Croatia and Hungary/Romania borders, which is where Peneszlek comes in as its on the Romania border. I wonder if the mentioned "Romanian gas pipeline" development is to do with the development of the Peneszlek field and the whole border area here with Romania ?