.

pp "targetting production" is not the same as actually producing now.

They have been producing up until Jan. The well (PEN-104) is offline due to a compressor failure on the pipe line (not AST).

And in the interim they are going to sidetrack it (this month) and boost up production levels and reserve estimates.

So by April it will be back on production, and then with an increase target set to be 2000boepd from the field by year end.

BROKER NEWS Fox-Davies Capital initiates on Ascent Resources with a buy rating and 15p price target

And for those who want to read it, here is the download link :

http://www.fdcap.com/media/40194/ic_ascent_01.03.09.pdf

.

Comment from Paul about the new Fox Davies note over at TMF :

Spoken to FD.

The 20% risking is cautious and blanket figure. Sexy at 20% but using Ascent's in house 50% (Anagni) and 60% (Gazatta) it's unnecessarily sexy so playing safe.

I asked why boe valued at only $3. Includes in Gazatta's case a 30% allowance for possible farm out. Also valuation takes account of the value plced on reserves by the Stockmarket. IMO a valuation based on what a predator might pay is more realistic.

Ruberia not included since no plans to drill this year. Bit surprised by this since Ruberia identical to Gazatta and prime asset.

IMO AST looks good value on basis of this Note but (again imo) this Note overly cautious. And no SS deals included yet in NAV.

.

Interesting post on AST (after the FRR bit).

http://boards.fool.co.uk/Message.asp?mid=11480713&sort=whole


.

http://www.proactiveinvestors.co.uk/companies/news/4914/ascent-resources-gears-up-for-busy-drill-program-4914.html

Tuesday, March 24, 2009

Ascent Resources Gears Up For Busy Drill Program
by Robert Waterhouse

With an active drilling programme about to kick off, London-based AIM-listed Ascent Resources (AST) is ready to go. And with its first gas field already on production, a strategic stake in an Italian drilling con.............

New article, click HERE

Nice rise today, perhaps the overhang is clearing and the long term seller is nearly sold out.

More good volume. As at 13:50 L2 is looking better with another MM moving up. Now 3 v 2 @ 3.75/4 so we might get another rise today.

Excellent news.....looks like the reserves are much bigger than first thought and over a wider area.

http://www.investegate.co.uk/Article.aspx?id=200903300700156689P

RNS Number : 6689P
Ascent Resources PLC

30 March 2009

Hungarian Drilling Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its 45.23% owned subsidiary PetroHungaria kft ('PetroHungaria'), has started drilling PEN-104A, a sidetrack well to the gas producing PEN-104 well in the Penzlek area of the Nys permits of eastern Hungary.

The PEN-104 discovery well, originally drilled in 2006 by PetroHungaria, produced gas from August 2008 to February 2009 with cumulative production of 509 MMscf (14.41 million sm3). Following the acquisition of 3-D seismic in the area and as a consequence of a compressor failure in the regional gas supply infrastructure, PetroHungaria decided to drill the 104A sidetrack to reach additional gas reserves in a higher part of the structure. The sidetrack is expected to take about three weeks to complete and can be brought on production immediately through the existing facilities.

As a further consequence of the 3-D seismic results, plans are being made to drill PEN-105, an appraisal well of the PEN-12 gas discovery drilled in 1983, and PEN-102A, a sidetrack of the PEN-102 well drilled by PetroHungaria in 2006. Permitting for these wells and their associated pipelines is underway. The drilling of an appraisal of the PEN-9 gas discovery is also being assessed and the drilling of further wells in the area where the 3-D seismic was acquired is under consideration.

Ascent holds a 45.23% interest in the Penzlek Project through its equity interest in PetroHungaria. Other partners include DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Ascent Managing Director Jeremy Eng said, 'The extent of the reserves that are present in the Penzlek area are only now becoming apparent with the 3-D seismic being instrumental in identifying the potential. Importantly, these estimates do not yet include any contribution from the rehabilitation of the old Penzlek gasfield where the seismic clearly shows that the configuration is very different from previous interpretations. We can expect cashflow from these gas production projects to continue for some years yet.'

* * ENDS * *

Up on a down day, which is good to see.

The bit that grabs you is

Ascent Managing Director Jeremy Eng said, 'The extent of the reserves that are present in the Penzlek area are only now becoming apparent with the 3-D seismic being instrumental in identifying the potential. Importantly, these estimates do not yet include any contribution from the rehabilitation of the old Penzlek gasfield where the seismic clearly shows that the configuration is very different from previous interpretations. We can expect cashflow from these gas production projects to continue for some years yet.'

That is very good news !

I'm still holding PP!

Me too, had a large top up at under 3p as well !

Some buying interest being generated in front of drilling results expected shortly.

Buying activity picking up.

Very good news all around, for the present and the future.



Hungarian Update (Ascent Resources)

RNS Number : 7997Q
Ascent Resources PLC
20 April 2009

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, through its subsidiary PetroHungaria kft ('PetroHungaria'), has
successfully completed and tested the PEN-104A side track of the PEN-104 gas
producing well in the Penzlek area of the Nys permits of eastern
Hungary. The Company expects production at the well to commence in the coming
days following disassembling of the drilling rig and reconnection of the flow
line.


Drilling of the PEN-104A target reservoir sands was completed as anticipated and
during a short period of clean-up flow, the well produced gas at an estimated
rate of approximately 70,000 Sm3 per day (approximately 2.5 MMscfd). Ascent
holds a 45.23% interest in the Penzlek Project through its equity interest in
PetroHungaria. Other partners include DualEx (37.5%), Geomega (8%), Leni Gas &
Oil (7.27%) and Swede Resources (2%).


Ascent Managing Director Jeremy Eng said, "This is an excellent development for
Ascent's Hungarian operations and a boost to our production profile. We are
particularly pleased with the efficient manner in which the PetroHungaria
operations team completed this complex deviated well on time and according to
plan. The success of PEN-104A also gives us great confidence in the 3-D seismic
data from which this side track project was initially conceived as we continue
to plan the drilling of further wells in the area of the 3-D acquisition."


Additionally in Hungary, Ascent, under the terms of the JOA on the Szolnok
exploration licence which expired on the 19th March 2009, has assigned its
residual 12.5% interest to its joint venture partners. The joint venture
partners have a one year period after the expiration of the licence to prepare a
closing report and to apply for mining plots for areas which have proven
hydrocarbons should they wish to develop them.


The technical information contained in this release has been reviewed and
approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of
SPE has 28 years relevant experience in the evaluation of hydrocarbon resources.


* * ENDS * *


Glossary
Nm3Normal cubic metres of gas
MMscfd Millions of standard cubic feet of gas per day
3-D seismic High resolution seismic processed in three dimensions
JOA Joint Operating Agreement
SPE Society of Petroleum Engineers

Very good news all around, for the present and the future.



Hungarian Update (Ascent Resources)

RNS Number : 7997Q
Ascent Resources PLC
20 April 2009

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, through its subsidiary PetroHungaria kft ('PetroHungaria'), has
successfully completed and tested the PEN-104A side track of the PEN-104 gas
producing well in the Penzlek area of the Nys permits of eastern
Hungary. The Company expects production at the well to commence in the coming
days following disassembling of the drilling rig and reconnection of the flow
line.


Drilling of the PEN-104A target reservoir sands was completed as anticipated and
during a short period of clean-up flow, the well produced gas at an estimated
rate of approximately 70,000 Sm3 per day (approximately 2.5 MMscfd). Ascent
holds a 45.23% interest in the Penzlek Project through its equity interest in
PetroHungaria. Other partners include DualEx (37.5%), Geomega (8%), Leni Gas &
Oil (7.27%) and Swede Resources (2%).


Ascent Managing Director Jeremy Eng said, "This is an excellent development for
Ascent's Hungarian operations and a boost to our production profile. We are
particularly pleased with the efficient manner in which the PetroHungaria
operations team completed this complex deviated well on time and according to
plan. The success of PEN-104A also gives us great confidence in the 3-D seismic
data from which this side track project was initially conceived as we continue
to plan the drilling of further wells in the area of the 3-D acquisition."


Additionally in Hungary, Ascent, under the terms of the JOA on the Szolnok
exploration licence which expired on the 19th March 2009, has assigned its
residual 12.5% interest to its joint venture partners. The joint venture
partners have a one year period after the expiration of the licence to prepare a
closing report and to apply for mining plots for areas which have proven
hydrocarbons should they wish to develop them.


The technical information contained in this release has been reviewed and
approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of
SPE has 28 years relevant experience in the evaluation of hydrocarbon resources.


* * ENDS * *


Glossary
Nm3Normal cubic metres of gas
MMscfd Millions of standard cubic feet of gas per day
3-D seismic High resolution seismic processed in three dimensions
JOA Joint Operating Agreement
SPE Society of Petroleum Engineers

Moving up after good RNS spread wider MM's must be worried!