.

Up 30+% so far.

On the up again today.

FRONTERA RESOURCES/FRR rumoured 4 well drill update imminent and 1.2m barrel major discovery in the tirabi field.50-60p

Good day for Ascent.

So much potential and still so cheap. The earlier research report has a present target price of 15p in the present state, ahead of any upside from the Gazetta drill.

RNS Number : 0153R
Ascent Resources PLC
23 April 2009

Gazzata-1 Drilling Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), is completing the construction of the Gazzata-1 wellsite near the city of Modena in Italy's Po Valley. The mobilisation of the Perazzoli (Ascent 22.5% owned) HH-200 drilling rig is scheduled to start on the 5th May 2009 and spudding of the well is anticipated circa 10 days later.


The Gazzata-1 well, which targets a large gas prospect at 2,100m, is expected to take about a month to complete. Otto Energy of Australia has a farm-in agreement with Ascent whereby it will earn a 50% working interest in the project through the funding of the well. If the Gazzata-1 well is a significant discovery, Otto Energy will also fund a second well.


Ascent Managing Director Jeremy Eng said, 'The Gazzata prospect is both large and well defined on the seismic data and we look forward to the commencement of drilling. A gas discovery at this location would undoubtedly prove to be very valuable for Ascent and I look forward to providing updates as the work progresses.'


* * ENDS * *


Notes

Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

Given the pretty vertical take off of late, one should expect a retrace to say 5p levels (as people take profits).

Given its May soon, and May is generally not a good month for shares, some profit taking might be expected therefore, before the real build up to the G-1 drilling results.

Coming up for over a 3 bagger now for me :)

Will it consolidate ? Will it be 6p or 7p or even higher before there is a back test to firm up the rise.

Don't care, it can stay blue for ever more, but it will not thats for sure.

It's been a long time coming, but it is looking better for AST now.

Patience is the key to making money. When most were being stupid, I was buying like mad at under 3p.

Today I am more than happy, and holding on for the G-1 drill results, and more..... :)

Sadly I reduced my holding far too soon! Still have a few left though which I will hang on to.

PP - do you have, and if so, what is your long term target?

I am hoping for success at Gazzatta and also Anagni, and with that a price in the region of 50p to 100p for end of this year.

But, success is difficult to come by, so making any such prediction is difficult, as so much can go wrong.

Short term on the back of G-1 being a success then we should be over 20p, even over 30p would not be too difficult I think due to the derisking of the R-1 project with G-1 being good, if it is.

Thanks, maybe trailing stop then!

FWIW this (recent News) "Mexican-flu =pandemic" risks travel ( and customers!). . . . so it's possible the price of oil will fall. It won't affect the fuel in yr car, but may affect oil-Co profits and that includes the upper-end of any predictions . . . but I will be very grateful if 1 is reached, this stock has slipped from higher prices as "interest" has waned in the Market generally.
I hold a few from lower.

PEN-104 is back on line.


News from one of the partners in the Hungary.

http://www.dualexen.com/documents/news/2009/DXE-2009-04-30.pdf


"........During the quarter the Company continued to produce natural gas from its Hungary property which increased quarterly production to 1,253 mcfe/d and annual production to 573 mcfe/d. As announced on January 21, 2009, production was shut-in in January due to a compressor failure in the regional gas supply infrastructure. The Company used this stoppage to drill the Pen 104A sidetrack well to access additional gas reserves in a structurally higher part of the reservoir. The Pen 104A well was successfully drilled and was placed on production April 29, 2009 at a restricted rate of 3 million cubic feet per day..........."

I have been tucking a few more away on weakness, anthing below 8.15p and I am adding today:)

Gazzatta-1 should be spudding next week, then only 4 weeks of drilling before we know about the prospects there, anything commercial, if it is, could add value to AST of between 1p to 100p, just depending on the final size of any such find.

Quite exciting really.


And back in Hungary, here is some information thanks to "oiljack" :

More Hungary information, including price of gas as of May 2009, and more Tunisia information....

It is funny how much WIX, or Winstar, and DXE have in common. They have properties in Hungary and Tunisia like us. We have production in Hungary and are hoping to get production in Tunisia and they have production in Tunisia and are hoping to get production in Hungary. I find their investor information packages to be quite useful, amazing really, from an information point of view.

The May 2009 stated price of gas in Hungary is $10.50 mcfe/Ca. or $8.50 mcfe/US. The spring-summer price is always lower than the fall-winter price even though it is mainly based on a weighted 9 month average of the price of Brent etc.


Fiscal and Economic Regime

Royalty: 13%

Income Tax when applicable 16%

Current Gas Price: ~$10.50 CAD/mcf ($8.50 US/mcf)



The price of drilling has also come down quite far. A 1500 metre Pannonian well now costs $2 mm to drill and test and complete according to their numbers. Drill, complete and test, and tie in costs are 2 mm.

Drilling Option - Q1 2010

Drill 2 wells (1500m) per block

Cost: $2 Million per well (d, c & c)


WIX is investigating the Zala Basin where AST has their Bajcsa Gas Field to redevelop (60 bcf) and there are many 100 bcf (8+) gas fields already discovered there. This area has been extensively drilled up by MOL and yet it remains an area of keen interest to the like of MOL-INA (Croatian national oil co now controlled by MOL), AST, HHE and WIX. This is the western Pannonian fairway and the eastern Pannonian fairway where we now operate is only getting extensive drilling operations in the past 2 years. The same players are now very active there and are drilling more on a proportional basis (number of wells) than in the western portion of the country.

Here is WIX's farm in contract - won't be there long - so if you get a chance give it a read.

http://www.winstar.ca/documents/2009/Miscellaneous/Igal Farmout Ad - May 6 2009.pdf


.

Given that the spud date should be around this weekend, and hoping its going to be on time, we should be looking for an RNS late next week to tell the markets that the well has spudded.

Should drive some excitement given the potential upside from this well. We will surely attract all the hot money and rampers again once they realise that this stock has upside on this well that no other stocks can compare too.

The real beauty of the Po Valley is that the drill is in a gas producing area, the biggest one in Italy, and with all the necessary infrastructure in place. Find gas and it can be put on line simply BUT also there is the option to sell, as its located in a gas producing basin the money paid for "in the ground" proven gas is very high, and so it is an option.

However, with the Anagni-2 well due to come soon too, and a very good chance that will find commercial oil, its going to be far better for AST to, if they can of course, find gas at Gazatta and then oil at Anagni and then with an SP way way higher than today raise some money to put them both into production.

Either being a success will be good, if they both are a success you can kiss goodbye to sub 50p Ascent share price for ever.

You really should be a pollition speech writer, you sold it to me ...

It speaks for itself really, just a little research into the potential.

However, nothing wrong with helping it speak up a bit :)

Few bits of Otto news around. Its relevent to AST as Otto is paying for 100% of the upcoming (spud this weekend?) Gazatta-1 drill in the Po Valley in Italy, through to completion of testing.



First up.

Otto Energy has raised all their cash they wanted, this removes any issues over their funding of the Gazatta-1 drill that some may have tried to imply. All taken up and the shortfall has been placed.

ASX ANNOUNCEMENT 12 May 2009

ENTITLEMENT ISSUE

‐ NOTIFICATION OF SHORTFALL AND ALLOCATION OF SHORTFALL

Otto Energy Limited (ASX: OEL) (Company or Otto) advises that acceptances
under the Company’s non‐renounceable 3 for 4 entitlement offer announced on 3 April 2009 (Entitlement Issue) closed on 7 May 2009.

The Entitlement Issue raised approximately $16.2 million before issue costs.
Acceptances for 324,960,220 shares were received, representing a take‐up of
approximately 76.5% of the total entitlements available under the Entitlement
Issue.

The Company is also pleased to announce that it has placed the entire shortfall
under the Entitlement Issue to raise a total of approximately $21.2 million
(before issue costs). Placement shares will be allotted on or about 18 May
2009.

All shareholders who applied for entitlement shares under the Entitlement
Issue will receive their entitlement and application monies for additional new
shares will be refunded. Otto expects that, following allotment of the Entitlement Issue shares, holding statements and refund cheques will be dispatched on 14 May 2009. Yours faithfully,


---------------

Secondly, Production for Otto at Galoc is on now. Again meaning they are cashed up.

http://au.biz.yahoo.com/090513/42/26b1t.html

Otto Energy Limited (ASX:OEL) Announce Production At The Galoc Oil Field Has Recommenced
Wednesday May 13 4:34 PM

Perth, Australia, May 13, 2009 - (ABN Newswire) - Otto Energy Limited (ASX: OEL.AX)(PINK:OTTEF) has been advised by the field operator, Galoc Production Company WLL (GPC), that production from the Galoc oil field recommenced as of 1030hrs local time.

Both Galoc 3 and Galoc 4 wells are on line and flowing with .............

-----------------

Thirdly, a new broker report on Otto confirms the potential value to Otto for a "medium size" commercial find at Gazatta is 20 Oz cents per share. This equals 35p a share to Ascent. And of course, if the find should be top size the potential value to Otto is 60 Oz cents, and to Ascent 99p a share.

Upside.......love it. And this excludes of course any potential find at G-1 will make the next drill (Rubiera) a whole lot derisked and worth potentially quite a bit more to AST.

Here is the link to the Otto report.

http://www.ottoenergy.com/IRM/Company/ShowPage.aspx?CPID=1318&PageName=StockAnalysis Special Report - OEL