June 2008 Presentation : Link here

March 2008 AST Write Up : Link TMF Post Ascent Article Archive Folder : Link to AST archive folder

Detailed Info on Italian Prospects : Link to post 2 (Explo.)

Detailed Info on Swiss Prospects : Link to post 3 (Explo.)

Detailed Info on Spanish Prospects : Link to post 4 (Prod. + Explo.)

Detailed Info on Dutch Prospects : Link to post 5 (Explo.)

Detailed Info on Hungarian Prospects : Link to post 6 (Prod + Explo.)

Detailed Info on Slovenia & Gabon Prospects : Link to post 7 (Explo.)



Web Site : http://www.ascentresources.co.uk

Email : info@ascentresources.co.uk

Sign up for email news alerts here : Click Here


Oil and Gas Guide for those who want to know more : Link to PDF file

ITALIAN ASSETS - PO VALLEY AND LATINA VALLEY :

******************************************

The PO VALLEY is the Cento and Bastiglia area's on the map.

CENTO (Reno) (50% Ascent) is 3 Gas Prospects

BASTIGLIA (50% Ascent) is 3 Gas Prospects

2 prospects will be drilled in H2 2008.

Farm out is done. Information on the area can be seen in the farm out document : http://www.envoi.co.uk/P136Ascent-PoValleySyn.pdf



******************************************

The LATINA VALLEY comprises of

FROSINONE - Anagni (80% AST) - Oil prospect (now testing) (potential for two further drills to be planned in to define the potential (large? :))reservoir)

FROSINONE - Veroli (70% (80%?) AST - Oil prospect (to be drilled future)

STRANGOLAGALLI - (50% AST) - Oil prospect (to be drilled future)

FIUME ARRONE - Arrone - (56% AST) - Small gas prospect (P&A Aug 07)


/
*******************************************************************************


From the 2006 WHI report :

"Italy

Italy is becoming a key country for Ascent and it seems that more projects are under review. The most exciting acreage is two large exploration contracts in the central part of the prolific gas-producing Po Valley. The interest here derives from a new play, namely the drilling of stratigraphic traps.

Hitherto, the fields were found in structural traps, now all drilled, but advanced seismic techniques have been locating smaller fields in the new play.

Ascent has identified twelve leads from an initial review of its purchased seismic data, but is reprocessing the data to identify drilling locations. When this is done the company will need to apply for drilling permits, which takes at least ten months, so drilling will probably not kick off until next year.

Drilling will take place sooner in the Latina Valley, as the permitting process for the shallow Anagni well is complete. However, we would caution that this well is primarily aimed at obtaining parameters for a seismic programme rather than looking for oil and gas. (PP Edit - Ho Ho Ho and we struck an oil field)

The acreage surrounds a shallow producing field, Ripi. Ascent believes that the Ripi oil is characteristic of older, deeper oil as is the case elsewhere in Italy and will be targeting the larger deep prospects."



"Pentex preparing to spud wildcat in western Italy

According to partner Ascent Resources, Pentex will spud a new field wildcat in early December 2006 in the Frosinone exploration permit, which is in west-central Italy. Anagni 1 is targeting the thrusted carbonate units of the southern Apennine, which resemble reservoirs like those found in the Monte Alpi, Tempa Rossa and Cerro Falcone fields. The 858 sq km permit is located in Frosinone, Latina and Roma political provinces near the Latina Valley of the Lazio region. In a geological sense, the tract is located within the Apennine Platform Nappe, tectonic unit of the Southern Apennines. Ascent says the rig will then be moved to northern Spain to drill a wildcat in the Cantabrian Basin."

.

SWITZERLAND ASSETS - 5 Prospects in total - Molasse Basin


Leni farming in for up to 40% of the prospects and paying for drilling etc... more details in Oct 2007 RNS http://www.investegate.co.uk/Article.aspx?id=200710251545033845G


BERN 1 - Linden - (Ascent circa 50% / Leni circa 40%) - Gas prospect (to be drilled in late 08 or 09)

BERN 2 - Hermrigen - (Ascent circa 50% / Leni circa 40%) - Gas prospect (to be drilled in late 08 or 09)

VAUD - total 3 prospects (Ascent circa 50% / Leni circa 40%) - Oil and Gas (to be drilled in late 08 or 09)

Vaud contains a 1962 oil discovery at Essertines. Bern contains two gas discoveries (Linden 1972 and Hermrigen 1982).

High prospectivity for gas in this region. Has Triassic gas seeps in many places. Potential for multi-Tcf gas finds.

Gas and oil seeps at surface are the dots in the below picture :

SPANISH ASSETS - EXPLORATION


ALL OIL ASSETS SOLD - to Leni in October 2007 - details in the link below :
http://www.investegate.co.uk/Article.aspx?id=200710251545033845G


AST remaining asset is gas only :

ROCAMUNDO - (Ascent 50%) - Gas - (In application stage)

HOLLAND ASSETS - Offshore Exploration (planned for 2009/2010)

Joint Venture - 40% EBN (Dutch State Oil Company, Ascent 27% and others being GTO and McLaren Resources


Block M11 - FA - (Ascent 27%) - Gas - (Contains Unappraised M11-FA discovery)

Block M10 - Tschelling - (Ascent 27%) - Gas - (Contains part of the Tschelling field)**

Block M8 - Prospect A - (Ascent 27%) - Gas -

Block P4 - Prospect B (Ascent 27%) - Gas -


**Tschelling field is a NAM (Exxon-Shell) developement application.

HUNGARY ASSETS - PRODUCTION (08) AND EXPLORATION


NYIRSEG - Multiple - (Ascent 50%) - Gas - Pen9, Pen12 and Pen104 wells are all commcercial, the plan is to bring this field on line into production in Q1 2008, if not before. An independant reserves evaluation in P1/2/3 format is due for later in 2007.


ZALA - Bajsca - (Ascent 45%) - Gas (2 Horizontal completions to commence December 07)
UP TO 1 TCF of gas - potentially worth circa 2 billion Euro.


ZALA - Project B (Ascent 45%) - Gas

SLOVENIA AND GABON - OTHERS

SOLVENIA

Slovenia, Petisovci Globoki (15.75% and operator)- This field is considered as an extension of the Bajsca tight gas field in Hungary. One well previously drilled, D-14, intersected minor gas and water (only produced after three fracture stimulation attempts), but when deepened deeper reservoirs with estimated P50 gas in place of 579Bcf had strong gas shows which did not produce from an open-hole test (fracture stimulation was not attempted). Preliminary engineering studies are ongoing.

Slovenia, Petisovci Dolina (45% and operator)- total 2P reserves of 10.7mmbl.

http://www.investegate.co.uk/Article.aspx?id=200702260701008292R


******************************************************





GABON

In Gabon, after some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy). Both have extensive 2D and 3D seismic. Themis Marin is the more advanced licence which is scheduled to be drilled in Q3, while the seismic for Iris Marin is being processed with results due later this year.

Ascent Resources PLC
06 April 2006
Ascent Resources plc ('Ascent' or 'the Company')

Acquires Romanian Gas Interests

Ascent Resources plc, the AIM quoted oil and gas exploration and production
company, is acquiring Millennium International Resource Company ('MIRC'), a
British Virgin Island registered company, in a cash and shares deal. MIRC holds a 5% interest in Brodina, Cuejdiu and Bacau exploration blocks, covering 3,800 km(2) of the Carpathian Thrust Belt in the north eastern part of Romania, which is one of the country's main oil and gas producing areas.

On the Brodina block, in the Bilca Development Area, three gas discoveries have
been drilled in the last two years and first gas production is currently
expected at the end of July 2006. Additionally, an active exploration programme
is underway in all three blocks, including new seismic work, and it is
anticipated that four exploration wells will be drilled at the end of 2006.

The operator for the three blocks is UK based Aurelian Oil & Gas Limited, which
holds a 28.75% interest in Brodina and Cuejdiu and a 47.5% interest in Bacau.
AIM listed Europa Oil and Gas Plc holds 28.75% in the Brodina and Cuejdiu blocks and 47.5% in Bacau, while the Romanian state gas company, Romgaz SA, holds a 37.5% stake in the Brodina and Cuejdiu blocks.

Ascent Managing Director Jeremy Eng said: 'This acquisition gives us an entry
into a country that has excellent oil and gas potential. Within a few months it
will provide us with gas revenue additional to the cash flow being received from the Ayoluengo oil field in Spain.'

In addition to the consideration of cash and 678,906 New Ordinary Shares, Ascent will pay a 1% net revenue interest on the Bilca Development Area. Application has been made for the admission of the New Ordinary Shares to trading on the AIM market and dealings in the New Ordinary Shares are expected to commence on 10 April 2006.

The Company will issue an operations update of at the end of April, which will include reports on its activities in Spain, Italy, Hungary and Switzerland.

Some more info on this news :


novicedave - 6 Apr'06 - 08:55 - 17 of 17

A bit more information for you all:
Likely total flow rates are c. 19.1mmscf/d (3180boepd), of which our share is 5% (minus a 1% net revenue interest). I'll try and find something regarding operating costs and so likely profit margins later this morning.

Bilca Gas Discovery, Brodina, northern Romania (5%)
The Bilca well flowed 99.4% methane gas at sustained rates up to 6.4 mmscf/d (1060 boepd). The Bilca-2 well located on the western extension of Bilca spudded in January 2005 and was completed as a gas producer. The well is currently suspended but will be completed as a production well. The Bilca-1 reservoir sand was encountered in Bilca-2 at a depth of 598 metres and had similar electric log responses to Bilca-1.

The Fratauti exploration well located approximately 7 km south of the Bilca Field was spudded in March 2005. The location of the well was chosen to target three seismic anomalies, all of which contained gas-bearing sandstones. The Fratauti-1 discovery well flowed at an aggregate of 12.7 mmscf/d (2120 boepd) Bilca-1 and -2 and Fratauti-1 wells are currently suspended but will be put on commercial production in July 2006.

EIII-1 Brodina Block - Exploration (5%)
The success of the Bilca discovery led to a seismic acquisition programme being undertaken in August 2004 to investigate the existence of further anomalies on the Block. The results have been very encouraging indicating more anomalies in the Block, one of which is a potential prospect for drilling in the first half of 2005.
In addition, a large sub-thrust structural lead in the central part of the Block, termed Voitinel, will be the target of a seismic survey to be undertaken in 2005 by the group.

EIII-3 Cuejdui Block (5%)
The EIII-3 Cuejdui Block lies on the Carpathian oil and gas trend, though is relatively underexplored. The initial work programme of collating and reprocessing existing data is complete and a number of leads have been identified. A further 50 km of seismic was acquired in July 2004 and is currently being processed. The data quality of the seismic is good and there is good potential for future drilling prospects to be identified on the Block.

EIII-4 Bacau Block (5%)
The EIII-4 Bacau Block also lies on the Carpathian oil and gas trend. 50 km of seismic has recently been acquired and is currently being processed, however the Block is at an early stage of exploration. Although the Block is underexplored it lies south of the giant Roman Gasfield complex and east of the Moinesti Oilfields and offers good exploration potential.

Full offer price being paid now, L2 still 1 v 1 but we might be due a move up soon.

Extract from www.investorschronicle.co.uk 24th Feb 2006 write up on AST, which had a Speculative Buy rating attached :


Over the past 12 months, Ascent has put together an interesting collection of oil and gas assets. And this year, it's planning to spend around 5m drilling six wells. Three of these will be in Italy, south-east of Rome, one of which will go down to a depth of 2,000 metres, before production permits are issued for gas acreage in the Po Valley. Two others will re-enter wells drilled by Chevron in northern Spain in the 1970s. And the final one is likely to be in eastern Hungary after encouraging seismic results there. The company also owns exploration acreage in Switzerland.

RNS Number:1714B Ascent Resources PLC 06 April 2006

Ascent Resources plc
Director shareholding

Jonathan Legg, a director of the Company, has today purchased 210,526 ordinary shares in the Company at a price of 9.5p per share. Following this purchase, he is interested in 373,526 ordinary shares in the Company, representing 0.15 per cent. of the issued share capital of the Company.
6 April 2006

More good news for AST holders and of course 1 million is no small buy (nearly 100,000) even for a director ! :)


Ascent Resources PLC 07 April 2006


Ascent Resources plc
Director shareholding

Malcolm Groom, a director of the Company, has today purchased 1,000,000 ordinary shares in the Company at a price of 9.625p per share. Following this purchase, he is interested in 1,597,705 ordinary shares in the Company, representing 0.63 per cent. of the issued share capital of the Company.

7 April 2006
This information is provided by RNS
The company news service from the London Stock Exchange

Will be interesting now to see what happens in the coming 3 weeks, following this big director buy and that the operations update is due the last week of April :)

Was a nice rise, should be plenty more to come this year, and of course this month ;)

On a nice run again, and will be a momentum buy next week I think, as well as a solid buy for the future anyway in my opinion :)

Amities / d'accord completement.......AST have interest in a mine in the prolific Niger Delta through connections with AFR via a financial instruments which will yield probably hundereds of millions for AFR / ...lm in on this one . @ 9.25 . Forget Switzerland and put Spain on the backburner .. ltaly may yield shallow gas fields to provide quick cash generation ; and Rumania a dual play but comparitevely small amounts . ....But its this Nigerian connection that intrigues me ; and the number of j/v's , farm ins , farm outs and so forth in that area combing in perhpas 100/ 130 oil companies of all m/c s from "Big Oil " to the likes of tiny minnows like AST . This is "The New North Sea " they tell me . Well with EEL , AFR, and AST i think i have North of the subsahara covered ,,,,,, Bonne chance PP .... ............@+ J....Gimme oil , gold and orange juice and a raft of soft commodoties !!,,,,,,,,,,,

Thanks TFC, as you say, lots going on with AST, so plenty of chances for something special to come along, and yes Nigeria is a place to keep an eye on it terms of possible new large discoveries.

Thanks for your research PP.
Serious flooding in Eastern Europe today and Romania mentioned. Any idea whether the Ascent interests are anywhere near the flooding area?

No idea schiff, I have not looked into the Romania interests it too great detail yet.

Here is hoping for another couple of strong weeks into that end of month operations update.

Bit of a shake before we enter next week, which should contain the awaited operations update. I might have to add a few this afternoon if the offer presents itself :)

Then best of luck to us both PP!
Have a good weekend.

Thanks schiff, my AST top up fund just went into GOO (Gold Oil), owing to their excellent news on Peru today, never mind :) Diverse holdings and all that.

All very good, and the little bit in the Hungary summary adds some spice, with the speeded up drilling of those area's :)



27 April 2006 Ascent Resources plc ('Ascent' or 'the Company')

Operation update

Ascent Resources plc, the European focused oil and gas exploration and
production company, is pleased to announce the some details of its 2006 Drilling
Programme of six operated wells and an operational update on its production and
exploration assets in Spain, Italy, Hungary, Switzerland, Romania and Holland.

This drilling programme, which does not include the four wells planned for
Romania, primarily focused on previous discoveries, is in the table below.
Contractors with suitable drilling rigs have confirmed their availability for
each of these wells although all are subject to permitting and regulatory
approval for the location which is in progress.

Well Area Exploration Permit Target Commencing
1 Tozo-1 Spain -Sedano Basin Basconcillos H Oil August
2 PHNS-1 N-E Hungary Nyirseg Szatmar Gas August
3 PHND-1 N-E Hungary Nyirseg Del Gas September
4 Anagni-1 Italy - Latina Valley Frosinone Oil September
5 FA-1 Italy - Latium Coast Fiume Arrone Gas October
6 Hontomin-4 Spain - Sedano Basin Huemeces Oil October


Spain: Oil Production and Exploration

Production from the Ayoluengo field continues to average a gross of 115 barrels
of oil per day. The project's cashflow has been improved with the recent rise in
international oil prices. Well work-overs (maintenance and upgrading work) are
planned for the field and will commence in May subject to delivery of equipment
and materials.
The two wells to be drilled in 2006 are the Tozo 1 re-entry and Hontomin 4
appraisal. Both are close to the Ayoluengo field and target oil discoveries that
were made by Chevron in the 1970's.


Italy - Oil and Gas Exploration:

In the Po Valley, based on the results from the reprocessing and interpretation
of the seismic acquired from ENI in the Cento and Bastiglia exploration permits,
the permitting of the first two locations is now underway and a further two will
commence shortly. The drilling of these gas exploration wells is to be included
in the 2007 Drilling Programme.
In the Latina Valley, where the focus is on oil exploration, a 60km seismic
survey and the drilling of the Anagni-1 well are both scheduled for September
2006.
In the Fiume Arrone permit, close to Rome's Fiumicino airport, a gas exploration
well is planned for October 2006.


Hungary

Having received results from last year's seismic programme conducted on the
Nyirseg permits, by Ascent's Hungarian Joint Venture PetroHungaria, the work
programme for this area has now been prioritised and two wells are planned for
late summer.
The Joint Steering Committee of PetroHungaria's project involving the
rehabilitation of low permeability gasfields in conjunction with MOL Hungarian
Oil and Gas plc, has approved the commencement of Phase 2. This includes the
detailed planning of three horizontal recompletions in a producing gasfield in
South Western Hungary.


Switzerland

In the Canton of Bern, re-processing of existing seismic in the area around the
two existing gas discovery wells, Linden (1972) and Hermrigen (1982), is
underway. Subsequent geological modelling with the incorporation of all
hydrocarbon exploration data will lead to a prospectivity report to be published
later this year. Subject to the results of this report, wells will be scheduled
for the 2007 Drilling Programme.

In the Canton of Vaud, the application that surrounds the Essertines (1962) oil
discovery well, drilled by BEB, has passed all regulatory stages and the issue
of the permit is expected imminently.

Romania

Ascent recently acquired a 5% interest in three prospective exploration blocks,
through its acquisition of MIRC. In Brodina, the first gas production is
expected from the Bilca development in late July. An active exploration
programme is underway in all three blocks including new seismic work and it is
anticipated that four exploration wells will be drilled by the end of 2006.

Holland

Ascent made applications for six exploration licenses submitted last year.
Following a three month gazettal period, competing bids have been submitted to
the authorities on two of the six areas, and their decision on these two is
awaited. The remaining four are uncontested.

* * ENDS * *

Bit of stake building going on I think, nice to see a little tick up as well :)

L2 is 3 v 1 @ 11.5/12.5 so more to come today I think, upwards of course ;)

And still moving up, looking very strong today :)

Good post from AFN :


Simon_T - 3 May'06 - 09:13 - 592 of 592

I'm not ready! - I'm going to be busy pretty much all day today.

Re yesterday's share price movement - I think that we have had a bit more publicity over the last day or so and discussion on other boards. Northern Petroleum, having a "1.25% gross overriding royalty in Tozo-1 and Hontomin-4 derived from any future production on the Basconcillos H and Huemeces Permits" chose to reproduce the AST operations update on their website in full. It's here :

http://www.northpet.com/news/news-2006/news-27-04-06.html

Consequently, we will now have come to the attention of Michael Walters et al. It should help us get well clear of 12p and move us comfortably north.

Interview With :

Jeremy Eng
Chief Executive ASCENT RESOURCES

Dated May 02, 2006


CORPORATE INFO
Ascent Resources plc, listed on AIM in November 2004, with a remit to invest in the oil and gas sectors. Since then Ascent Resources has embarked upon building a portfolio of high value projects, primarily in Europe and Africa. To achieve this Ascent Resources has assembled an experienced technical team and is able to call on independent expertise across the sector. The team has strong industry contacts, a proven track record in evaluating acquisition and investment prospects and successfully developing projects in a wide variety of exploration areas. Ascent Resources considers the full spectrum of projects covering exploration, early stage development and production.

Listen via Real Player :
http://www.wallstreetreporter.com/interview.php?id=17788&player=real

Listen via Windows Media :
http://www.wallstreetreporter.com/uploaded_files/2006/May/02/wma/AscentResourcesplc.wma

PP - really enjoyed the WSR interview, thanks.

Everything looks very promising, especially as a long-term hold.
I am happy to be in at 12p.

Its very bullish is it not schiff, and they said to the extent that "any of our drills if they hit significant hydrocarbons could multiply the market cap overnight".........nice :)

Hungary sound very bullish for this years drills, and the Po Valley next year.......going to be an exciting 12 months ahead.

Starting a nice little move up today.

Up again now.

L2 2 v 1 @ 13.75/14.75

Projects

Producing:

88.75% of the Ayoluengo oil field in Northern Spain. The reserves here were acquired at an average $6/bl, and 115bpd is the current production rate. At the moment this is sufficient to cover administrative overheads (but not exploration costs). Well workovers (both maintenance and with a view to increasing production) are commencing this month.

Drilling commencing in August:

Spain, Sedano Basin, Basconcillos H Permit (50%), Tozo-1 well (drilled by Chevron in 1965, which flowed several hundred barrels over a five-month period; also contained an un-tested gas find)

Hungary, Nyirseg Szatmar Permit, PHNS-1 well (90%) (gas target)

Drilling commencing in September:

Hungary, Nyirseg Szatmar Permit, PHND-1 well (90%) (gas target)

Italy, Latina Valley, Frosinone Permit, Anagni-1 well (70% owned, oil target)

Drilling commencing in October:

Italy, Latium Cost, Fiume Arroe well (40% owned, gas target, drilled and found in 1955, 950m TD)

Spain, Sedano Basin, Huemeces, Hontomin-4 well (50%, oil target drilled by Chevron in 1968 which produced)

Other activity this year

Romania, 5% interest: First gas production is expected from the Bilca development in late July. New seismic is being shot now and it is anticipated that four wells will be drilled by the end of the year.

In Hungary we have 90% of a joint venture which has signed an agreement with MOL (Hungarian Oil and Gas company) to develop large tight (low permeability) gas reservoirs throughout Hungary. A three well program has been submitted to them for approval.

In the Canton of Vaud (Switzerland) an application to drill the Essertines (1962) oil-discovery well has passed all regulatory stages and a permit is expected to be drilled imminently (90%).

In Italys Latina Valley a 60km seismic survey will also be shot this year over the Frosinone permit (70%) and the Strangolagalli permit (50%, excluding the producing Ripi oilfield).

Other plans we know about

In Switzerland we have 90% of the JV which owns two exploration permits, (total 693.5 sq km) which contain three unappraised discoveries (from 1962/72/82) as well as unexplored Triassic potential (which is producing in neighbouring South Eastern France). The work program is currently concentrated on reprocessing seismic and geological studies. If anybody believes EK this area has from a man in the know got the potential for a multi-TCF reservoir. We should know the potential (if they announce potential without substantiation, as seems to be the vogue with exploration companies) later this year, before wells are drilled in 2007.

In Italys Po Valley we have purchased a company (Vintage) with two gas exploration permits in a gas-rich, proven, valley. Following seismic reprocessing which yielded encouraging results, the environmental permits for 2 wells have been submitted, and Ascent are in the process of applying for two more. These wells will be drilled in 2007.

Other permits- plans not known

Four of the six permits applied for in Holland by the 90% owned JV were uncontested, the other two are subject to competing bids, the outcome of which we await.

In Spain we have 50% of each of the La Lora concession (which contains Ayoluengo), and the Valderredible permits.

In Gabon, after what looks to me like some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy who have 3D seismic over the areas and are looking to drill soon)

If you add everything up, future potential (Po Valley and Switzerland in 2007 for the massive blue sky) , present production paying the bills, big H2 06 and 07 drilling plan, big gains if any of the drills hit hydrocarbons, AST is poised as one of the most balanced and yet potentially blue sky junior oils there is.

The lack of present attention bodes well, as I can see this certainly booming up as everyone tries to board ahead of the first August drills.

Another great thread, PP. Ascent appears to have a lot going for it: shares in producing assets, a broad portfolio, low political risk, etc.

I see that WH Ireland put this as a strong buy with 20p target.

The institutional take-up of this one is incredible - according to the info posted, almost 97% of the company is in institutional custody. RAB, AXA, Framlington and Fidelity don't muck around either, so that's a recommendation in itself (although I see that Fidelity recently took profts by dumping around 10% of its holding). One hopes they won't all decide to dump their stakes at once, as profit-taking could put a drag on the SP.

I will be keeping an eye on this.

ST, AST is picking up again now after the correction.

Good article just out on Proactive.....its free to register and free to read :


http://www.proactiveinvestors.com/registered/articles/article.asp?AST

Ascent Resources: Could see 9 wells drilled in the next 12 months By Edward Roberts

Worth a read about Ascents project in Hungary :)

http://www.envoi.co.uk/P117HungarySyn.pdf

PP, Thanks for envoi synopsis, so the baseline set for the deal is part with 40% equity for combined exploration permit in exchange for 7m Euros for Drilling of 4 Wells plus incoming Party's share of back costs totalling 1.3m Euros Total 8.3m Euros. Let's see if they can achieve that or have to give up more or do a better deal. They will have to move fairly fast to get funding in place for Sep 06 start of drilling.

L2 all blue , and 2 v 1 @ 9/10

Another bit of blue, small steps will do

Ascent Resources PLC
03 July 2006

Ascent Resources plc ('Ascent' or 'the Company')
Issue of Third Swiss Exploration License

Ascent Resources plc, the AIM traded oil and gas exploration and production company through its joint venture partner SEAG, has been awarded a third exploration permit in Switzerland; in the Canton of Vaud. The exploration permit, covering an area of 735.8 km2, includes the Essertines well, drilled by BEB drilled in 1962. Oil in a Jurassic Rhaetian reservoir was discovered in this well, producing on test light (41.5 degrees API) oil with associated gas.

Ascent's 90% owned joint venture with SEAG (Schweizerisches Erdol AG), also has two exploration permits in the Canton of Bern, each of which contain gas discovery wells drilled by Elf Aquitaine in 1972 and 1982.

An on-going work programme for the Company's three permits is underway at Ascent's Technical Services Division in Budapest, including the collation of all the geological and geophysical data for the region and the reprocessing of the
seismic.


* * ENDS * *

Nice rise back today :)

From uk-analyst.com

The award of a third exploration permit in Switzerland assisted the upwards share price movement for Ascent Resources. The stock rose 1.25p to 11.25p. The group, through its joint venture partner SEAG, was awarded the exploration permit in the Canton of Vaud, an area covering 735.8 square kilometres, including the Essertines well. Oil in a Jurassic Rhaetian reservoir was discovered in this well, producing light oil with associated gas. Ascent's 90%-owned joint venture with SEAG already has two exploration permits in the Canton of Bern, each of which contain gas discovery wells drilled by Elf Aquitaine in 1972 and 1982.

RNS Number:6380F
Ascent Resources PLC
04 July 2006


Ascent Resources plc


Director's dealing


Nigel Moore, a director of the Company, yesterday informed the Company that on
Friday 2 July 2006 his SIPP purchased 119,000 ordinary shares in the Company
(representing 0.05 per cent. of the issue share capital of the Company) at a
price of 10.25p per share. Mr Moore holds no other shares in the Company.

That has to be positive news, nice to get a price of just 10.25p!!
kim

Very positive, 3rd director buy of this year.

06/04/2006 Jonathan Legg BUY 210,526 @ 9.5p = 20K
07/04/2006 Malcolm Groom BUY 1,000,000 @ 9.625p = 96.2K
07/07/2006 Nigel Moore 119,000 @ 10.25 = 12.1K

RNS Number:7081F
Ascent Resources PLC
05 July 2006
Ascent Resources plc
("Ascent" or "the Company")

Director's dealing

Peter Earl, a non-executive director of Ascent, informed the Company that on
Tuesday 4th July 2006 he purchased 50,000 ordinary shares in the Company
(representing 0.02 per cent. of the issued share capital of the Company) at a
price of 12.5p per share.

Growing confidence of Directors - brilliant!
kim

Another one :)

Director's dealing
05 July 2006

Jonathan Legg, a director of the Company, has today purchased 160,000 ordinary shares in the Company at a price of 12.5p per share. Following this purchase, he is interested in 533,526 ordinary shares in the Company, representing 0.21 per cent. of the issued share capital of the Company.

And another one :)

Director's dealing
05 July 2006

John Kenny, non-executive Chairman of Ascent, has today purchased 100,000 ordinary shares in the Company at a price of 12.5p per share. Following this purchase, he is interested in 200,000 ordinary shares in the Company, representing 0.08 per cent. of the issued share capital of the Company.

Nice bit of blue today.

Nice 1.25 million buy there turned AST blue :)

A number of large buys there, if we have a director or insitutional now taken up all the slack from peoples sells in the corrected, we should be able to move up fast now, and its just in time for the start of the drilling campaign. Perhaps the "short term" target in the brokers note of 25p might be coming.

A little tick up and L2 now 3 v 1 @10/5/11.5 so hopefully we are now at the stage where buys will be moving the price......finally.

Drilling starts soon enough, and the potential on the first wells are very good, and there are plenty of drills happening in the coming months.

Post from AFN :



thegreatgeraldo - 29 Jul'06 - 11:41 - 1537 of 1537

Spot of good news from Romania.. AST have 5%

Europa Oil & Gas said that the Bilca-2 well in Romania, which encountered gas while drilling in early 2005 but was suspended without testing, has now been perforated, tested, and completed as a production well. A short clean-up test on a restricted choke has demonstrated commercial gas production.
A clean-up rate of approximately 1 mmscfpd, achieved through an 8-mm choke is comparable to the flow rates obtained on a similar choke on the Bilca-1 well, which went on to test at 6.3 mmscfpd (1,050 boepd) through a 20-mm choke. The well has now been temporarily shut-in in preparation for commercial field production, which is due to commence in late-August.
The Bilca project lies in the northern part of the Romanian Carpathians, a prolific oil and gas province. Europa and its partners drilled Bilca-2 on the western extension of the Bilca seismic anomaly in early 2005 following the success of Bilca-1, and the well was cased without being tested. Europa's partners include Falcon Oil & Gas srl (a subsidiary of Aurelian Oil & Gas plc), Romgaz SA, and Millennium IRL (a subsidiary of Ascent Resources plc).

http://www.rigzone.com/news/article.asp?a_id=34484

The 2006 drill programme for AST :

The above presently excludes the 4 Romanian wells to be drilled this year, the timing of these is to be confirmed, but on plan for drilling in 2006.

Here is a nice picture that covers AST's set up as of March 2006 :

can anyone confirm what 12MMbbl stands for!. have an idea but want to be sure.

12 MMbbl = 12 Million barrels

12 M = 12 thousand

MM = Thousand Thousand = 1 Million

cheers pp.

Nice couple of big buys late in the day.

does anyone know how the drilling in the spain ayo field is going?. i hold goo who have a small %. drilling in progress for a while as i understand. for further exploration.

Has the drilling started lizard?

Normally there would be an RNS saying the well has spudded.

Added the Bilca update to the header :

Europa Oil & Gas said that the Bilca-2 well in Romania, which encountered gas while drilling in early 2005 but was suspended without testing, has now been perforated, tested, and completed as a production well. A short clean-up test on a restricted choke has demonstrated commercial gas production.
A clean-up rate of approximately 1 mmscfpd, achieved through an 8-mm choke is comparable to the flow rates obtained on a similar choke on the Bilca-1 well, which went on to test at 6.3 mmscfpd (1,050 boepd) through a 20-mm choke. The well has now been temporarily shut-in in preparation for commercial field production, which is due to commence in late-August.
The Bilca project lies in the northern part of the Romanian Carpathians, a prolific oil and gas province. Europa and its partners drilled Bilca-2 on the western extension of the Bilca seismic anomaly in early 2005 following the success of Bilca-1, and the well was cased without being tested. Europa's partners include Falcon Oil & Gas srl (a subsidiary of Aurelian Oil & Gas plc), Romgaz SA, and Millennium IRL (a subsidiary of Ascent Resources plc).

http://www.rigzone.com/news/article.asp?a_id=34484

September 2006 5pm London

An opportunity to meet two prospective resource companies

Thor Mining / Ascent Resources

Dear Reader, networking is what we are all about, and here is a chance to meet two resource companies, one oil and gas, the other uranium and molybdenum. Our forums always include snacks and open bar afterwards so investor have a chance to meet the companies and meet each other. If you would like to attend, please reply to this email OR click on the FORUM logo at www.proactiveinvestors.co.uk

Ian Mclelland
Proactiveinvestors.co.uk

web: http://www.proactiveinvestors.co.uk

PP - re EOG: I have just posted some stuff on the EOG thread and Driver's Tips after yesterday's 11% price rise.

Basically EOG are due not only a five-fold production increase with the Romanaian gas coming onstream, but also the gas price in 2007 will be at least 20% higher than it is currently. The warrants (EOGW could be worth a look.

ST.

PP, I have edited the above post as I previously neglected to take account of EOGs share in the Romanian interests.

Apologies if you found the earlier post misleading.

EOG is another interesting one ST.

The 4 drills due in Romania could effect some nice upside for AST too :)

Its on the move!!

Well worth reading the free Proactive Investors 12th August update, a little extract on just Hungary is below to whet the appetite ;


http://www.proactiveinvestors.co.uk/articles/article.asp?AST2


............Ascent intends to drill up to four exploration wells starting in September 2006. The company has 50% wi (working interest) in all the targets which range from 25 bcf to 160bcf (billion cubic feet). Hichens & Co have placed a 1 in 3 chance of success in the fields - which implies there is a decent chance that Ascents first major discovery could come out of Hungary. A 160bcf gas discovery for example, with 80bcf net to Ascent would have an implied value a few multiples of Ascents market capitalization.............

no kidding!

once again I am suffering with the age-old problem of too many potential interests and too little cash!. Happy with NOP, VOG, RIFT, BLR, HNR, GBP and EOG though!

Did I mention that I like my hydrocarbons co's?

ST :)

The Hungary drills (2 of the 4) were fast tracked as the seismic was so good and thats the 2 due anytime soon, they are very confident of hitting commerical pay on both of these. If they do, then on these along we should be near 50p, and thats excluding all the other drills coming in the next 6 months.

ST, If you take into account current market cap, drilling in the next 6 months, I would rate AST as one of those with the most upside potential, in terms of percentage gains possible and probably based on risk/reward.

Interesting analysis, PP - I have to print off a load of info and do my homework, but if you say that it's already encouraging.

ST, an interesting day today, up then shake down and now moving back up again.

Some big trades in there today as well, lets hope it finishes blue :)

Well it did finish blue, lets hope for some more.

For anyone new its well worth reading the Feb research report, the June and August proactiveinvestors write ups and also listening to the May WSR interview, lots of good information.

Links below :

http://www.ascentresources.co.uk/WH_Ireland_Research_Note_16_02_06.pdf Feb 06

http://www.wallstreetreporter.com/uploaded_files/2006/May/02/wma/AscentResourcesplc.wma

http://www.proactiveinvestors.co.uk/articles/article.asp?AST June 06

http://www.proactiveinvestors.co.uk/articles/article.asp?AST2 August 06

For those interested in the One2One Forum on 6th Sept :

One2One Forum 6th September

An opportunity to meet two resource companies, one focused on molybdenum/uraniun ; the second (Ascent) focused on natural gas in Europe. Two AIM listed companies, two interesting stories. Completly free to attend for all. Starts at 5pm in the City, includes canapes and drinks after two 30 minute presentations.


For those wanting to register their interest go to the link below and fill in the details and select "Ascent & Thor One2One Forum" in the event part.

http://www.proactiveinvestors.co.uk/eventregistration.asp

PP, thanks for the heads up on 6 Sep, but can't make it. Grateful for any feedback on AST plans etc.

Ascent Resources (AST) holds a 5% interest in Brodina, Cuejdiu and Bacau exploration blocks, covering 3,800 km(2) of the Carpathian Thrust Belt in the north eastern part of Romania, which is one of the country's main oil and gas producing areas. As per the recent news one of the Bilca wells is going into commercial production and further work continues in Romania with bringing the other wells onto commercial production and also drilling the deeper targets this year.


Aurelian Oil & Gas Limited, which holds a 28.75% interest in Brodina and Cuejdiu and a 47.5% interest in Bacau is the operator of these fields in Romania.

You can listen to an interview with Michael Seymore Managing Director dated 18th August at twww.wallstreetreporter.com the direct links for WMA and Real are below :

http://www.wallstreetreporter.com/interview.php?id=19767&player=wma

http://www.wallstreetreporter.com/interview.php?id=19767&player=real



( Thanks to johne1 for the link to the oilbarrel.com article on Aurelian, link as follows - http://tinyurl.com/nn23w )

And for those wanting a good read on the Hungary prospects that Ascent are drilling soon, please read the attached PDF file :


http://www.envoi.co.uk/P117HungarySyn.pdf

PP you got shares in proactive, I know you must have shares in AST the amount of promoting you do?

Nice thread with lots of information.

Information is the key barwoni, people can then form their own opinions, and no, no interest in Proactive.

Morning PP - Aurelian possibly worth a punt, especially with Poland drilling coming up. I've started a thread - opinions welcome!

Farm out Agreement and Update

RNS Number:0186I
Ascent Resources PLC
23 August 2006


Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

23rd August 2006

Ascent Resources plc ("Ascent" or "the Company")
Farm out and Drilling Operations


Ascent Resources plc, the European focused oil and gas exploration and
production company, through its 90% owned Joint Venture PetroHungaria kft, has
entered into a farm-out agreement with DualEx Nyirseg Inc. ("DualEx"), a wholly
owned subsidiary of DualEx Energy International Inc. of Canada (TSX-V: "DXE").
The companies will jointly explore and develop the hydrocarbon resources of the
Nyirseg Del and Nyirseg Szatmar exploration permits in the Pannonian Basin in
North Eastern Hungary.

Under the terms of the Agreement, DualEx will reimburse some of the historical
exploration costs and fund 75% of the costs of drilling two wells to earn a
37.5% working interest in 45% of the area of the Exploration Permits. DualEx
also has the option to participate in two further wells to earn a 37.5% working
interest across the whole of the two permits.

The first well, Peneszlek-104 (PEN-104) is a re-appraisal well for the Peneszlek
field and has a secondary target in Pannonian sandstone formations. The second
well, Fehergymat-1 (FGY-1), targets a gas prospect also in the Pannonian
formations. The FGY-1 well with a planned depth of 1,100m is to be drilled
immediately after the PEN-104 well, scheduled to commence drilling in September
to a depth of 1,350m.

The Peneszlek field produced a total of 4.8 Bcf of gas from 1983 to1989 from six
wells. The gas reservoir is in Miocene tuff sediments. Following re-mapping
using the seismic data acquired in 2005 by PetroHungaria, it is anticipated that
the remaining reserves of this field are substantially more than previously
estimated and redevelopment studies are on-going. During the 1980's two
satellites of the Peneszlek field were discovered and tested gas but were not
put on production at that time.

The first optional well is planned as an appraisal of one of these Peneszlek
satellite discoveries; the second optional well targets a seismically defined
(AVO) prospect in the Pannonian sandstones in the south of the permits.

Ascent has also received a Letter of Intent from a Swedish Company PetroPequnia
AB which seeks to enter in to an agreement under the same terms to farm-in for a
5% working interest by funding a further 10% of the cost of the drilling.

Besides these operations in Hungary, Ascent has four other wells planned for
Italy and Spain. Despite delays caused both by permitting and the shortage of
equipment and services, the Company has, through its Italian subsidiary,
contracted a rig to drill the Anagni-1 and Arrone-1 wells in the Frosinone
permit of the Latina Valley and the Fiume Arrone Permit near Rome's Fiumicino
airport. Following the drilling of these two wells it is planned to move the
same rig to Spain for the drilling of the Hontomin 4 appraisal well. Subject to
receiving final authorization, the rig is expected on location to commence
drilling the Anagni-1 well in October 2006. The Tozo-1 re-entry will use
another rig which is currently working on wells in the Ayoluengo oilfield in
Spain.

Ascent Managing Director Jeremy Eng said: "The farm-out agreement in Hungary
allows us to fast-track the exploration and development of the Nyirseg Permits
and Peneszlek gasfield. DualEx is a great partner for PetroHungaria bringing
invaluable experience and a Canadian operating philosophy to the project. The
Hungarian farm-out generated considerable interest and served as a peer group
review to validate our seismic interpretation and geological model.

"I am also very pleased that we have the possibility of an additional two wells
to be added to our six well drilling campaign, and that two rigs are now
available to us to start drilling next month."



* * ENDS * *

"I am also very pleased that we have the possibility of an additional two wells
to be added to our six well drilling campaign, and that two rigs are now
available to us to start drilling next month."

Me too.

Well done.

Thanks pp.

http://tinyurl.com/nqrsb

24.08.2006

Ascent Resources Signals The Start Of An Aggressive European Drilling Programme With A Farm-Out Agreement in Hungary

We have remarked before that AIM-quoted Ascent Resources is a junior oil and gas explorer in a hurry. It retains a small but potentially lucrative interest in two PSCs offshore Gabon but, since listing in 2004, attention has focused on Europe, where it has assembled an extensive portfolio of over 20 oil and gas projects spanning six countries.

Ascents Managing Director Jeremy Eng favours Europe because it is home to established oil and gas provinces that in the present price climate are worth revisiting. Whats more, the cost of assembling assets is relatively modest, the exploration costs are low and an extensive infrastructure network services growing markets.

Ascent is keen to exploit the potential of its European portfolio: it has lined up six firm wells for 2006 (plus two optional wells) with at least a further three to five wells slated for 2007. If constant news flow on the drilling front is what investors following the junior market want, then Ascent will not disappoint.

The companys well count has been bolstered by a farm-out deal in Hungary. Ascents 90 per cent-owned joint venture PetroHungaria has agreed farm-out terms with DualEx Nirseg, a wholly-owned subsidiary of DualEx Energy International of Canada. The companies will jointly explore and develop the hydrocarbon resources of the Nyirseg Del and Nyirseg Szatmar exploration permits in the Pannonian Basin in north-eastern Hungary. These permits contain the established Peneszlek gas field, which could prove to be an interesting re-development project.

Under the terms of the agreement, DualEx will reimburse some of the historical exploration costs and fund 75 per cent of two new wells on the permits. In return, the Canadian firm will earn a 37.5 per cent working interest in 45 per cent of the area of the exploration permits. DualEx then has the option to participate in two further wells to earn a 37.5 per cent working interest across the whole of the two permits.

Ascent has also received a Letter of Intent from PetroPequnia AB, which wants to enter into an agreement on the same terms to farm-in for a 5 per cent working interest by funding a further 10 per cent of the drilling costs in the permits. Should this proposal be cemented, then Ascent would retain a 47.5 per cent working interest in the wells but would only have to pay 15 per cent of their drilling costs (expected to come in at around 1.4 million each).

The first well, Peneszlek-104 (PEN-104), will be a re-appraisal of the Peneszlek gas field and has a secondary Pannonian gas target. It is scheduled to start drilling in September and will be drilled to a depth of 1,350 metres. The second well, Fehergymat-1 (FGY-1), with a planned total depth of 1,100 metres, will target a gas prospect in Pannonian sandstone formations and will be drilled immediately after the PEN-104 well.

Between 1983 and 1989, the Peneszlek field produced a total of 4.8 billion cubic feet (bcf) of gas from Miocene tuff sediments. Re-mapping of the reservoir using seismic data acquired in 2005 by PetroHungaria has indicated larger-than-expected remaining reserves, which could form the basis for a re-development project.

There is additional upside. Two satellites of the Peneszlek field were discovered and tested in the 1980s but were not put on production. Under the terms of the farm-out agreement, the first optional well would appraise one of these satellite discoveries and the second optional well would target a seismically-defined (AVO) prospect in the Pannonian sandstones in the south of the permits.

Broker Hichens & Co has given the upcoming drilling project a one-in-three chance of success, with a chance of proven reserves up to 160 bcf in total. A 160 bcf accumulation would be a company-maker but something less than this would also be very welcome. Here is the point: Jeremy Eng reckons the company could achieve a price of US$9 per thousand cubic feet at which point a field with just 2 bcf of recoverable gas would be economic. This is, however, almost US-style pricing and a lot higher than we have become used to from other eastern European and former Soviet Union countries.

In addition to its Hungarian work programme, Ascent has four wells on the books for Italy and Spain this year. In Italy, there are two sets of assets. In the Po Valley, home to the second largest onshore gas reserves in Europe, Ascent holds 100 per cent of the Cento and Bastiglia permits. Ascent has identified twelve leads from reprocessed seismic data and is applying for permits to drill four high impact wells in 2007.

Ascents other Italian job, so to speak, is in the Rome region. Despite delays caused both by permitting and an industry-wide shortage of equipment, the company has contracted a rig to drill the Anagni-1 and the Arrone-1 wells in the Frosinone permit of the Latina Valley and the Fiume Arrone permit near Romes Fiumicino airport. Anagni-1 is due to spud in October.

Following the drilling of these two wells, it is planned to move the same rig to Spain where Ascent operates (with an 88 per cent interest) the Ayoleungo oilfield, the only producing oilfield onshore Spain. Ayoleungo produces around 100 barrels of oil per day. Ascent plans to use the rig from Italy to drill the Hontomin-4 appraisal well and will use the rig currently working on the Ayoluengo wells to re-enter the Tozo-1 well. Both these Spanish wells lie close to Ayoluengo and will target discoveries made by Chevron back in the 1970s.

Elsewhere, Ascent is set to participate in up to four exploration wells in the Aurelian-led project in Romania, where gas production and sales from the Bilca field development (5 per cent to Ascent) are to start shortly. In Switzerland the company has a 90 per cent interest in three exploration permits; there could be a well here in 2007. In the Netherlands, Ascent has applied for permits in four offshore blocks and two part blocks. Four of these six applications have no competing applications.

Article on OilVoice

http://tinyurl.com/lepda

Rig Contracted to Drill Arrone 1 Well on Fiume Arrone Permit, Italy

Thursday, August 24, 2006

Oracle Energy Corp. has been notified by Ascent Resources Plc that Ascents Italian subsidiary has contracted a rig to drill the Arrone 1 well on the Fiume Arrone Permit near Romes Fiumicino airport. Subject to Italian regulatory approval, the rig is expected on location to commence drilling on or about the end of October, 2006.

The 358 sq km onshore Fiume Arrone Permit, is along the coast of Italy to the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955 the latter of which was reported to have had shows of gas. The first well, planned to be 950m deep, will target a gas prospect identified from seismic.

Oracle Energy holds a 20% interest in the Fiume Arrone Exploration Permit. The other partners with an interest in the Permit are Ascent Resources plc (40%), Italmin Exploration (30%) and JKX Oil and Gas plc. (10%).

http://www.uk-analyst.com/

E-mail from them today (you can sign up for their emails at the link above if you so wish) :


Buy Ascent Resources at 12p

Says Stewart Dalby of Oilbarrel.com

Ascent Resources is a junior and oil and gas explorer in a hurry. It retains a small but potential lucrative interest in Gabon in Africa, but since listing in 2004 it has assembled an extensive portfolio of over 20 oil and gas projects across six countries in Europe.

Ascents Managing Director Jeremy Eng favours Europe, because there are known oil and gas provinces which are now worth revisiting because of good, firm oil and gas prices (even in eastern Europe), the cost of assembling assets and of re-entry is relatively modest. The exploration costs are low, there is extensive infrastructure servicing growing markets.

The company has not just assembled the acreage but has been aggressively pro-active in exploiting them with a six (possibly eight well programme) in 2006and at least a further three wells, possibly five slated for 2007. The drilling starts, well, just about right away. If constant news flow on the drilling front is what investors following the junior market want then, Ascent will not disappoint. The shares have more or less idled around 9p to 12p in recent weeks but now the drilling is about to start they should begin to move and are a definite buy.

The group has just announced that its 90 per cent Joint Venture, PetroHungaria has entered into a farm out agreement with DualEx Nirseg a wholly owned subsidiary of DualEx Energy International of Canada. The companies will jointly explore and develop the hydrocarbon resources of the Nyirseg Del and Nyirseg Szatmar exploration permits in the Pannonian Basin in North Eastern Hungary. These contain the established Peneszlek field.

Under the terms of the agreement, DualEx will reimburse some of the historical exploration costs and fund 75 per cent of the costs of drilling two wells to earn a 37.5 per cent working interest in 45 per cent of the area of the Exploration permits. DualEx has the option to participate in two further wells to earn a 37.5 per cent working interest across the whole of the two permits.

Ascent has also received a Letter of Intent from PetroPequnia AB which wants to enter into an agreement for the first part of this deal under the same terms to far-in for a 5 per cent working interest by funding a further 10 per cent of the costs in the permits.

What this all means is that is that Ascent should be left with a 50 per cent working interest in the wells whilst finding itself paying 15 per cent of the cost of the wells which are expected to come in at around 1.4 million pounds

The first well, Peneszlek-104 will be a re-appraisal well for Peneszlek gasfield and has a secondary Pannonian gas target. It is scheduled to start drilling in September. Fehergymat (FGY-1), will target a gas prospect in Pannonian sandstone formations and will be drilled to a depth of 1,350 metres. The second well FGY-1 with a planned total depth of 1,100 metres, will be drilled immediately after the PEN-104 well.

Between 1983 and 1989, the Peneszlek field produced a total of 4.8 bcf of gas from 1983 to 1989. The reservoir is in the Miocene tuff sediments and, following re-mapping using the seismic data acquired in 2005 by PetroHungaria, it is expected that the remaining reserves of this field are substantially more than previously estimated and re-development studies are on going.

Broker Hichens and Co has estimated that there could be a one in three chance of success on the field, with proven reserves of up to 160 bcf in total. A 160bcf would be company making. But something less than this would also be welcome. Here is the point: Jeremy Eng reckons the company could achieve a price of US$9 per thousand cubic feet. This is almost US style pricing and is a lot more than we have become used to from other east Europe and former Soviet Union countries. But if it is the case that this level is achievable then a field with just 2 bcf of gas recoverable would be economic.

During the 1980s, two further satellites of the Peneszlek field were discovered and tested but were not put on production. The first optional well is planned as an appraisal of one of these satellite discoveries; the second optional well targets a seismically defined (ASVO) prospect in the Pannonian sandstones in the south of the permits.

As if this were not enough to keep Ascent busy, it has four other wells planned for Italy and Spain this year. In Italy, there are two sets of assets. In the Po Valley in Northern Italy, which has the second largest onshore gas reserves in Europe, Ascent has 100 per cent of the Cento and Bastiglia permits. It has reprocessed seismic data and identified twelve leads. The company is applying for permits to drill four high impact wells in 2007.

Ascents other Italian job, so to speak, is around Rome. Despite delays caused both by permitting and the shortage of equipment and services, the company has contracted a rig to drill the Anagni-1 and the Arrone-1 wells in the Frosinone permit of the Latina Valley and the Fiume Arrone Permit near Romes Fiumicino airport.

Following the drilling of these two wells it is planned to move the same rig to Spain. Ascent holds a 88 per cent interest and operatorship of the Ayoleungo oilfield, the only onshore Spanish producing oilfield where output is 100 barrels of oil per day. The plan is to use the rig from Italy to drill the Hontomin 4 appraisal well. The Tozo-1 re-entry well will use another rig, which is currently working, on wells in the Ayoluengo oiflield. Both these Spanish wells are on fields close to Ayoluengo.

Elsewhere, Ascent will participate in up to four non-operated exploration wells in the Aurelian led project in Romania from which gas production and sales from the Bilca development (5 per cent Ascent) are to start shortly. In Switzerland Ascent has a 90 per cent interest in three exploration permits, and there could be a well in 2007. In the Netherlands, Ascent has applied for permits in four offshore blocks and two part blocks. Four of these six applications have no competing applications.

Given the expected newsflow in the short term, at 12p, these shares are one to buy.

Key Data

EPIC: AST
Mkt: AIM
Spread: 11.25 - 12.5p

Stewart Dalby edits the free and definitive resource for those interested in oil exploration stocks http://www.OilBarrel.com

.

Moving up well.

L2 now 4 v 4 @12.5/14

Here is the DualEx Press Release for last weeks news, a bit more info that the AST one :



" BC-DualEx-farm-in-update 08-23 0866
News release via Canada NewsWire, Calgary 403-269-7605 -MC-

Attention Business Editors:
^DualEx Announces Pannonian Basin Farm-in and Updates Other Projects@

CALGARY, Aug. 23 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE")
is pleased to announce it has reached an agreement with PetroHungaria kft of
Budapest, Hungary (a 90% owned subsidiary of Ascent Resources plc of London,
England) that will see DualEx fund 75% of the costs to drill and complete two
test wells to earn a 37.5% working interest in approximately 275,000 acres
within the Nyirseg North and Nyirseg South Exploration Permits in northeast
Hungary. DualEx will also earn an option to drill two additional wells under
the same terms to earn in the remaining 340,000 acres of the two Permits.
DualEx, as joint-operator of the earning phase of the project, will also earn
a 37.5% working interest in the Peneszlek natural gas field, which was
discovered in 1982 and produced until 1989. Redevelopment studies have
commenced in the aim of reestablishing production at Peneszlek, which the
parties believe may contain significant remaining reserves.
The Nyirseg North and South Exploration Permits, comprising 1,556 km(2)
(384,496 acres) and 927 km(2) (229,067 acres) respectively, are located in the
Pannonian Basin of northeastern Hungary, in a proven hydrocarbon province with
existing natural gas infrastructure. The initial test wells under the Farmout,
FGY-1 and Pen-104, will be drilled to depths of 1100 metres and 1350 metres
and will target natural gas in Pannonian clastics at FGY-1 and natural gas in
both Pannonian clastics and underlying Miocene tuffs at Pen-104 (within the
limits of the once-productive Peneszlek field). Once both test wells have been
drilled, DualEx will elect on whether or not to proceed with the drilling of
the two option wells.
In all, fourteen separate prospects have been mapped on the Nyirseg North
and South Permits utilizing available well log data and conventional 2D
seismic data, 270 kilometres of which was recorded in late 2005. Drilling of
the first well, Pen-104, is expected to commence prior to September 30, 2006
and will be followed immediately with the drilling of FGY-1.

Solid enough day, with the first drills starting in September we could see some pre-emptive buying as the month goes on.

The 2 Hungary drills are shallow targets, and so it will not take long to drill to TD, so first news on actual results will start in October all being well.

Nice start to the day as well.

L2 now 2 v 2 @12.5/13.5

Jumped well, now L2 is 2 v 1 @13.5/14.5

Aurelian, the partner in Romania has this information on their web site:

Bilca Development

Three of the seismic amplitude anomaly areas were drilled, creating the Bilca-1, Bilca-2 and Fratauti-1 wells during 2004 and 2005. All three wells found commercial gas within the Sarmatian sands at shallow depths. The Bilca-1 well flowed gas at rates of up to 6.3 MMscf/d and the Fratauti-1 well at a rate of 3.2 MMscf/d. The Bilca-2 well will be tested on production. The Bilca-1, Bilca-2 and Fratauti-1 wells have been connected to newly constructed production facilities and connected through a 15 km export pipeline to a pressure reduction station at Radauti. These are scheduled to be commissioned and handed over for operations by the end of August 2006.

More info : http://www.aurelianoil.com/index.php?v=romania

Settled nicely, buy are gradually getting nearer the full offer price.

Still remains one of the best, if not the best, junior oil plays in terms of lower risk and big upside potential :) IMO.

L2 two ticks up this morning.

Now 2 v 1 @13/13.5


Is anyone going to the ProactiveInvestors Forum with Ascent on this Friday ?


http://www.proactiveinvestors.co.uk/main.asp

100K buy at 13.25 (late reported) caused the move up.

L2 now 2 v 2 @13/14

I hear Mark Slater had lots of good words to say about Ascent Resources on the webcast on http://www.t1ps.com

Things like risk/reward "but the right way around" and "dramatic upside".

Any other comments anyone knows of ? :)

My earlier post should have said anyone going to the proactiveinvestors Forum with Ascent tonight (Wednesday) not Friday :)

?

Good work here and over the road PP.

I bought a while back on the strength of it and I am not unhappy.

Thanks

PP, I will be able to check out Mark Slater interview at Weekend and will report back.

Thanks both.

I have not seen any comments from yesterdays Forum with Thor/Ascent, will be interesting too to know from anyone there.

.

A transcript of the May 2nd WSR interview is now available to read at the link below :

http://www.wallstreetreporter.com/profile.php?id=17788#Transcript


A good read, and the last paragraph sums up whats been said, 2006 is exciting, but 2007 is even bigger.

Here is the presentation link below, and also a summary of someone who went to the presentation live at the One2One Forum.

http://www.ascentresources.co.uk/investor_information/Q3_2006_update.pdf

**************************

Bartyboy - 7 Sep'06 - 12:24 - 2035 of 2055

Morning Guys

I was at the Proactive presentation yesterday afternoon in London, and had a chance to talk to Jeremy Eng immediately before his talk.

I'm not currently a holder, and do not therefore profess to be an expert on the company, but here are a few points which may be of interest. Apologies in advance if I'm relaying whats already known, or blindingly obvious!

1. There were about 30 present for the presentation. A mixture of Analysts, Journos, Private investors, and fund representatives.

2. Jeremy's presentation was well polished. I was impressed by him and also the depth of experiance in the management team.

3. The Spanish producing field is currently pumping 100 barrels per day. This revenue cover all operating costs, and gives the Company weight in licence negotiations, as they can claim to be a producer.

4. They were the first oil explorer to seek an Exploration Licence in Switzerland for the past 25 years. Since their application there have been two other companies seeking Licences in the same Canton alone. The Swiss had to get their official out of retirement, as no one knew how to process the application!

5. In Romania the Bilca gas production plant is due to go live within the next few days. The Company had to make a small payment [Which they have now done] to the Local Authority to sign off the construction work.

6. Hungary. Upside potential in the four identified prospects could go beyond 400BCF

7. Italy, currently working in Po Valley [Drilling 2007], Latium Coast [Drilling Oct 2006] and Latina valley [Anagni scheduled this month, Offset seismic this year, with deep well 2007]

8. Jeremy stated that to assemble their current portfolio as of todays date would cost 20 times what they paid over the last 18th months. Such is the current interest. An analyst [Sorry didn't catch the name] has given a very conservative vale of 63p per share for the current reserves.

Hope that brief overview was of some help.

Thank you PP :-)

Welcome.

Looking a little stronger now, we seem to have cleared the stream of stock that was available at 13.5 and 13.75..........we could see some bigger moves up now if they buying keeps up.

First news on drilling results around 7 weeks away now, and then its a stream of news :)

PP, precis of T1ps' Mark Slater interview regarding AST:

He loves this Special Situations stock, Yes its potentialy Risky, but has a very good Risk/Reward ratio. Enough cash to cover Exploration & Appraisal work.
Within AST's portfolio there are 3 significant plays: Hungary, Spain, Italy. Spain because of likely increase in production and Hungary & Italy because either is a potential company maker. Potential dramatic upside (1:3 chance) from either Hungary or Itlay projects. Sensible Management. Interseting play with a potentially Very dramatic upside. Valuation on current portfolio is 60 - 70p (Already Risked). If everything comes in at once then this could go skyhigh.

silvermead. Thank you.

Have a rec.

Thanks silvermede.........sounds good, especially coming from the likes of Mark Slater ! :)

PP, I'm going to re-listen to the whole interview again this weekend and will let you know other tips. :-)

Thanks.

I think he has missed the Swiss potential, that in 2007 could be drilling for a multi-TCF target........and could be the biggest of all.... :)

PP, Agree & no mention of the Netherlands prospects either all of which may add to the upside. The portfolio is significant when considering how much they have paid for it.

Nice little strengthening of the SP today :) Long may it continue.

Aurelian Oil & Gas plc
12 September 2006




Aurelian Oil & Gas PLC

Ascent Resources plc

&

Europa Oil & Gas plc



'Bilca Development Update'

Aurelian Oil & Gas PLC ('Aurelian' or the 'Company'), the exploration and
production company focussed on Central Europe, acting as operator of the joint
venture with MIRC (a wholly owned subsidiary of Ascent Resources plc) and Europa
Oil & Gas (Holdings) plc, is pleased to announce that it has signed a contract
with S.N.G. N, Romgaz S.A, the Romanian state gas company and the fourth partner
in this Joint Venture, for the sale of gas production from the Bilca Development
situated in the Brodina Block in Northern Romania.


The production facilities have now been commissioned and a production licence
has been applied for from the Romanian authorities. It is anticipated that the
permit will be issued during September and production will commence once the
permit has been issued. An initial production rate of 7 million cubic feet per
day is planned (c. 200 th. cu.m/day). This rate will be kept under observation
and will be adjusted according to reservoir conditions.

Michael Seymour, Managing Director of Aurelian commented

'We are particularly pleased to have brought these first three gas discoveries
in Romania to production within only 27 months of the first discovery well. This
has been an important and constructive first production project for Aurelian
which will stand us in good stead for the future discoveries we are confident
which will follow in Romania.'



12th September 2006





Note:

The Joint Venture is between Aurelian, (28.75%), Europa (28.75%) and Ascent (5%)
and the Romanian state gas producing company S.N.G. N, Romgaz S.A, (37.5%) and
covers the Brodina Concession, which covers 1,475 km2 in Northern Romania on the
Ukraine border. Three wells were drilled in 2005 and 2006, of which all were
discoveries. These are known as the 'Bilca Development' which is the subject of
this announcement. Aurelian is the operator.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1158112832&feed=oilbarrel_en


13.09.2006

Aurelian Oil & Gas, Ascent Resources And Europa Oil & Gas All Approach Production From Their Gas Joint Venture In Romania


We knew when Aurelian Oil & Gas floated on Londons AIM that the company had some production, or rather near production, from assets in Romania as well as development and exploration upside in Poland, and Bulgaria and Slovakia. We now know how much gas.

The company is involved in four blocks in Romania where it is the operator: Brodina (28.75 per cent), Cuejdiu (28.75 per cent), Bacau (47.5 per cent) and Suceava (50 per cent). Three gas discoveries have been made on the Brodina acreage. The company, as operator, has announced that it has signed a contract with S.N.G. N, Romgaz S.A, the Romanian state gas company and the fourth partner in the joint venture with 37.5 per cent, for the sale of gas output from the Bilca Development, situated in Brodina which is in northern Romania.

The production facilities have been commissioned and a production licence has been applied for from the Romania authorities. It is anticipated the licence will be issued imminently and production will start once the permit is issued. An initial production rate of 7 million cubic feet a day is planned and will be adjusted according to reservoir conditions.

This might not sound a great deal of gas - it is around slightly more than 300 barrels of oil equivalent a day to Aurelian. Moreover prices in Romania are not great (around just under US$4 per thousand cubic feet). But they are improving and recovery costs and finding costs are low. It does mean that Aurelian has been as good as its word and should soon get off the mark with production. Also there could be more discoveries. Aurelian managing director Michael Seymour said: This has been an important and constructive first production project for Aurelian which will stand us in good stead for the future discoveries we are confident will follow in Romania.

The three discoveries so far have been shallow low risk discoveries. Seismic data has been acquired on potential deeper and larger plays to identify drill targets. Total 2P (proven and probable reserves) and 3P (possible reserves) for the three Romanian licences have been estimated by independent reservoir surveyors Scott Pickford at 2.8 billion cubic feet (0.5 million barrels of oil equivalent) and 187.8 bcf (31 million boe) respectively.

For the other partners in the joint venture the near production news is important and encouraging. Europa Oil & Gas, which focuses on production and exploration in Europe and North Africa, currently produces 210 barrels of oil per day from UK onshore fields and 25 barrels of oil equivalent from the Ukraine. With 28.75 per cent of the Brodina licence, Europa should more than double its overall output, since its entitlement of the production amounts to around 300 boepd.

Ascent Resources, which like Aurelian and Europa is quoted on Londons AIM, has an extensive portfolio of over 20 oil and gas projects across six countries in Europe. It holds 5 per cent of the Romanian licences which means around 60 boe a day. But this adds to the output it gains from its 88 per cent interest and operatorship of the only onshore Spanish oilfield which produces over 100 barrels of oil per day. It is all cash flow which helps to keep the lights on, as the saying goes in oil circles, as Ascent pursues its development and exploration opportunities in Hungary, Italy and elsewhere in Europe.

News on EOG today, as its EOG (our Romanian partners) and its gas again for EOG, I wonder if AST will be farming in to this one ?



Europa Oil & Gas (Holdings) plc

New Exploration Acreage - France

The Directors of Europa Oil & Gas (Holdings) plc, the production and exploration company, are pleased to announce that its application for an exploration permit in the Aquitaine Basin of southwest France, the Brn des Gaves permit, has now passed the 90 day period allowed for competitive bids.
The exclusive award of the exploration licence to Europa is now subject to government approval and is expected early in 2007.

The application, which covers an area of 928 km2, lies immediately west of the Lacq and Meillon Gasfields, the discoveries that made Elf Aquitaine over 50 years ago, which contain combined estimated initial recoverable gas reserves of 12 trillion cubic feet. Europa plans to investigate the western continuation of
the Lacq play, evidence for this coming from a gas discovery in the permit area at Berenx. In addition, there is potential for oil accumulations in the northern part of the permit area.

The vast majority of wells drilled in the area were drilled in the 1950's and 1960's and were based on now obsolete exploration concepts. Modern exploration methods will greatly improve the chances of finding significant hydrocarbon reserves in an area close to markets and with a well-developed infrastructure.

Paul Barrett, Managing Director, said "With this award, we will have the potential for substantial gas reserves in an area of onshore western Europe.
Proximity to existing processing and export infrastructure would allow a short lag time between discovery and cashflow. We are looking forward to working this acreage with great anticipation".

About Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc - AIM: EOG - focuses on the production and exploration of hydrocarbons in Europe and North Africa. It currently produces 210 barrels of oil per day from UK onshore fields and 25 barrels of oil equivalent from the Ukraine. Production will rise significantly after its Romanian Bilca Gas Project comes onstream in September 2006. Operating a balanced portfolio, Europa currently has field appraisal activity on projects in the UK Southern Gas Basin and onshore Romania and exploration activity on a further eight licences across the Europe - North Africa region. For more
information please visit www.europaoil.com

.

.

I hold AST before but sold my holding because I was redifining my holdings which was too diversified. I decided to maximise my return by concentrating on less number of Oil companies. I have a great admiration for AST's business strategy which is to buy a productive asset instead of risky exploration assets. This is a very excellent strategy in this hit and miss oil exploration. Now will AST find FAO attractive enough to buy it? That remains to be seen. Best luck to all AST holders.

georgetrio, you lost me, I do not think a European focused company like AST would buy an African focused company like FAO.

AST the drilling campaign starts soon, and we should be on a strong move up come the end of October.

Been reading shares magazine I reckon.

They said expose to less stocks in order to maximise any gain, problem as I see it is that you also maximise your loss should there be one.

To speculate that AST would even think of buying an African asset is plain daft.

Sorry georgetrio, no offence but thats what I think of your comment.

Do not take it serious, the point i want to make is that AST strategy is to buy productive asset and i am a fan of AST which remains in my watchlist. Will join you soon. Best luck

From the price action (lots of sells but SP up) looks like a buy order of some sorts is in the background perhaps ?

Good news :

http://www.investegate.co.uk/article.aspx?id=200610050700309850J


Aurelian Oil & Gas plc
05 October 2006

Ascent Resources plc & Europa Oil & Gas plc


First Gas sales from Bilca Development

Aurelian Oil & Gas PLC ('Aurelian' or the 'Company'), the exploration and production company focussed on Central Europe, acting as operator of the joint venture with MIRC (a wholly owned subsidiary of Ascent Resources plc), Europa Oil & Gas (Holdings) plc and S.N.G.N, Romgaz S.A, is pleased to announce first gas sales from the Bilca Development situated in the Brodina Block in Northern Romania. Gas sales volumes will gradually increase over the next few days to the contract rate for October of 200,000 cu.m per day.

5th October 2006

Note:

The Joint Venture is between Aurelian, (28.75%), Europa (28.75%) and Ascent (5%) and the Romanian state gas producing company S.N.G. N, Romgaz S.A, (37.5%) and covers the Brodina Concession, which covers 1,475 km2 in Northern Romania on the Ukraine border. Three wells were drilled in 2005 and 2006, of which all discovered commercial quantities of gas. These are known as the 'Bilca Development' which is the subject of this announcement. Aurelian is the operator.

Ascent Resources plc

Ascent Resources plc has an extensive portfolio of over 20 oil and gas projects across six countries in Europe. These include an 88% interest and operatorship of the only onshore Spanish oilfield which produces over 100 barrels of oil per day. Ascent's other projects are in Italy, Switzerland, Hungary and Romania, as well as applications offshore Netherlands. Starting late this summer Ascent will drill six (with two optional extra) exploration wells, two (or four) in Hungary and two each in Spain and Italy. In 2007, high impact gas exploration wells are
planned in the Po Valley in Italy and in Switzerland.

You've been busy this morning pp.

Another peice in the jigsaw.

It is indeed seawallwalker.

Looks good with that strong of "X" trades, someone perhaps is now taking out the seller we have had for so many months, lets hope they clear them out totally, and then we can at last break through 15p and be on our way to a rerating IF we get a little bit of success ;)

IMO, DYOR !

This is one of my two sleepers.

I think it may wake up very soon.

700K X trade just now to go with yesterdays X trades :)

Seems to have taken the slack up as well, could buy at 13.15 before it, now its 13.38 to buy.

L2 ticked up and now 2 v 3

Is the seller now sold out ????? Are we going to move up soon ?

Solid good news today, and drilling of their first 2006 campaign well starts on the 21st October :)


Award of exploration licences

RNS Number:5323K
Ascent Resources PLC
16 October 2006

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

Ascent Resources plc ("Ascent" or "the Company")

North Sea Licences awarded by Dutch Government

Ascent Resources plc, the AIM traded oil and gas exploration and production
company, through its 90% owned joint venture (JV) with GTO Limited, has been
awarded four exploration licences covering a total area of 795 square kilometres
by the Dutch Government.
The P4, M8, M10 and M11 licences were identified by the JV following a technical
evaluation by GTO and Ascent. The technical work focussed on the newly
recognised Carboniferous exploration plays as well as the traditional
Rotleigendes plays. Gas was discovered within the M11 permit (M11-01) in 1982
following a drill programme by NAM, and was tested at a rate of 6,600 cu.m per
day (233 Mscfd) from the Upper Slochteren sandstones of the Rotliegendes (as
reported by TNO on behalf of the Dutch Ministry of Economic Affairs). In the
area of M8, M10 and M11 a 3-D seismic survey is due for release next month and
this will form the basis for the new exploration effort.
To assist in the funding of this exploration, Ascent has agreed a farm-in from
Canadian company McLaren Resources Inc ("McLaren"), whereby McLaren will pay
62.5% of the JV costs for a 45% beneficial interest. Also, under the terms of
the GTO JV agreement, GTO will receive 814,941 Ordinary Ascent Shares of 0.001p
at a price of 11.78p (being the average price over the past six months).
Ascent Managing Director Jeremy Eng said: "The award of these licences in the
Netherlands adds a new dimension to Ascent. These are the Company's first
offshore assets and they are in the shallow waters of the southern North Sea.
The exploration targets are gas reservoirs and the M11 block already contains a
gas discovery. With Wintershall, Gaz de France and NAM (Shell-ESSO) all
operating nearby, it is our expectation that the gas potential of this area will
be developed quickly."

Additionally, following the Letter of Intent from Swedish Company PetroPequnia
AB announced on 23rd August 2006 regarding the exploration and development of
the hydrocarbon resources of the Nyirseg Del and Nyirseg Szatmar exploration
permits in north-eastern Hungary, Ascent has finalised an agreement, whereby
PetroPequnia AB will farm-in for a 2% working interest. They will pay a
contribution to back-costs as well as 4% of the cost of the drilling programme
with up to four wells. The terms of the agreement are the same as those
previously agreed with DualEx Nyirseg Inc and also announced on 23rd August.
For this project, the drilling rig is currently in transit to the first drilling
location and is expected to commence drilling the PEN-104 well on 21st October
2006.

* * 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 7242 4477

Notes
Ascent Resources has an extensive portfolio of over 20 oil and gas projects
across six countries in Europe. The projects are onshore in Italy, Switzerland,
Hungary, Spain and Romania and now offshore the Netherlands. Ascent is
commencing a programme of six exploration wells, at least two in Hungary and two
each in Spain and Italy. In 2007, high impact gas exploration wells are also
planned in the Po Valley in Italy and in Switzerland. Ascent will also
participate in up to four non-operated exploration wells in the Aurelian Oil &
Gas PLC led project in Romania (5% Ascent) from where gas production from the
Bilca development has just commenced. Ascent also produces about 100 barrels of
oil daily from Spain's only onshore oilfield.

With the strong and stable European gas market, Ascent's portfolio favours gas
over oil and, with the exception of the Netherlands, all of its projects are
located onshore where operating and development costs are less than they are
offshore.

Ascent's Board of Directors are specialists in the oil and gas business and each
director has extensive expertise and experience in commercialising energy
assets. The Company's Board and Executive Management provide the basis upon
which Ascent can accommodate the rapid growth that will accompany a discovery
made during the drilling campaign.

Write up on the link below :


http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1161138903&feed=oilbarrel_en


18.10.2006

Ascent Resources Makes Its First Move Offshore In The Increasingly Popular Dutch North Sea


It may not be wildcatting on the Atlantic Margins or breaking new ground in under-explored corners of Africa but the Netherlands is starting to attract......................................................

Ascent Resources PLC
23 October 2006

Ascent Resources plc ('Ascent' or 'the Company')

Commences Drill Programme with First Well in Hungary

Ascent Resources plc, the AIM traded oil and gas exploration and production
company, announces that its drilling campaign is now underway with the spudding
of the PEN-104 well in Hungary.

PetroHungaria kft (a 90% owned subsidiary of Ascent), spudded the PEN-104 well
on October 21, 2006. Partners in the well are DualEx of Canada (37.5%) and Petro
Pequnia of Sweden (2%). This morning at 6am (local time) the rig was drilling
ahead in 12-1/4' hole at 285m with a planned total depth (TD) of 1,350m.

PEN-104 is a re-appraisal well within the once productive Peneszlek gas field
and targets gas reservoirs in the Pannonian clastics and the underlying Miocene
tuffs. The Peneszlek gas field produced a total of 4.8 bcf (136 mcm) of gas from
six wells between 1983 and 1989. Re-mapping of the field using seismic data
acquired in 2006 by PetroHungaria leads the parties to believe that significant
reserves may be remaining.

Once PEN-104 drilling is completed, the rig will be moved to the FGY-2 location
in the north part of the block. The group then has the option to drill two
further wells in the western part of the acreage in the first half of 2007.

* * 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 7242 4477

Notes
Ascent Resources has an extensive portfolio of over 20 oil and gas projects
across six countries in Europe. The projects are onshore in Italy, Switzerland,
Hungary, Spain and Romania and offshore the Netherlands. Ascent is commencing a
programme of six exploration wells, at least two in Hungary and two each in
Spain and Italy. In 2007, high impact gas exploration wells are also planned in
the Po Valley in Italy and in Switzerland. Ascent will also participate in up to
four non-operated exploration wells in the Aurelian Oil & Gas PLC led project in
Romania (5% Ascent) from where gas sales from the Bilca development commenced
earlier this month. Ascent also produces about 100 barrels of oil daily from
Spain's only onshore oilfield.

With the strong and stable European gas market, Ascent's portfolio favours gas
over oil and, with the exception of the Netherlands, all of its projects are
located onshore where operating and development costs are less than they are
offshore.

Ascent's Board of Directors are specialists in the oil and gas business and each
director has extensive expertise and experience in commercialising energy
assets. The Company's Board and Executive Management provide the basis upon
which Ascent can accommodate the rapid growth that will accompany a discovery
made during the drilling campaign.

Should be approaching a time when news could come out at anytime. Might see some interest building.

Kitosh the cat just got some AST yesterday ;) Wise cat !! ;)

From Petro Pequnia website

Weekly report November 3

The first well P-104 in our Hungarian drilling campaign has reach a depth of 1280 meters. Planned depth of this drilling is 1350 meters.

http://www.timesonline.co.uk/newspaper/0,,2740-2452419,00.html

The Times November 14, 2006

Rumour of the day

Ascent Resources held steady at 12p, despite whispers that the AIM-listed explorer has made its first gas discovery at its Peneszlek field in Hungary. The company began drilling the PEN-104 well last month, the first such project in the region, which abuts the Romanian border, for more than 20 years. A gas find for Ascent, which is working with Canadas DualEx, should bode well for its Nyirseg licences.

Everything comes to he who waits

Thanks PP.

The PEN-104 is situated on exploration permits that cover an area of 2,483 sq km
in Eastern Hungary adjacent to the Romanian border. It is a re-appraisal well
within the once productive Peneszlek gasfield and targets gas reservoirs in the
Pannonian Clastics and the underlying Miocene Tuffs. Once the PEN-104 well has
been suspended for future production, the rig will be moved to the northern part
of the permits to drill the Fehergyarmat 2 (FGY-2) well, which is scheduled to
commence next week.



PEN-104 Testing:
Depth (m) Formation Recovery
Top Bottom
Test 1 1,262 1,285 Miocene Tuff Some water with gas
Test 2 1,064 1,068 Pannonian Clastics Dry gas at 3.4 MMscfd

Very good news, a starter for 10!

From a guess at events and comments, it appears that the planned Italian 1 well and Spain 1 well might be delayed, and that rig sent into Hungary to do 4 additional wells a.s.a.p., this is speculation but lets wait and see.

Hungary appears to be exciting the AST board very much with this potential 4 more wells added to the plan.

http://www.envoi.co.uk/P117HungarySyn.pdf

From AFN :

novicedave - 14 Nov'06 - 17:29 - 3435 of 3439


PP- care to update the header with the below? (I realise I'm jumping the gun regarding FGY-2, but I think its justified and it'll save you updating in 2-3 days):

Does anybody have any corrections/updates to the below?



Producing:

88.75% of the Ayoluengo oil field in Northern Spain. The reserves here were acquired at an average $6/bl, and 115bpd is the current production rate. At the moment this is sufficient to cover administrative overheads (but not exploration costs). Well workovers (both maintenance and with a view to increasing production) are underway using Rig-3.

5% of the Bilca project in Romania. Sales began in early October and were expected to increase to 7,062MMscfd (1250boepd)- so c. 62boepd attributable to Ascent. This is expected to be increased over the following months.

Drill(s) complete:


Rig 1- Hungary, Pen-104 (54.45% to AST): 4m intersection flowed with a rate (under restriction) of 3.4MMscfd (600boepd). The target which flowed had a Most Likely size of 2.3bcf, but given the high flow rate this is likely to be revised upwards. The well is currently suspended for production

Drills underway:


Rig 1- Hungary, FGY-2 (54.45% to AST), targeting a shallow structure (750m) which may contain a Most Likely 17bcf recoverable, and a deeper structure (1100m) which may hold an additional Most Likely 44bcf. There are two other very similar prospects nearby which would be significantly de-risked by success here.

Drills to come (permits in place and rigs contracted):


Rig 1- Hungary, Pen-102 (54.45% to AST), targeting the eastern part of an earlier discovery (Pen-12 which flowed 1.5MMcfd from a 40m intercept) with a Most Likely 42Bcf at two horizons with an additional upside of a possible 36Bcf.

Rig 1- Hungary, Vamos Prospect (54.45% to AST), targeting a larger but higher-risk structure with an upside potential of 100Bcf.

Rig 1- From the recent RNS, which refers to four further targets in Hungary, we suspect there will be a further drill in Hungary within the current program; I suspect this is the 'Most Likely' 8bcf satellite to Pen-104.

Rig 2- Italy, Latina Valley, Frosinone Permit, Anagni-1 well (70% owned, oil target)

Rig 2- Italy, Latium Cost, Fiume Arroe (40% owned, gas target, drilled and found in 1955, 950m TD)

Rig 2- Spain, Sedano Basin, Huemeces, Hontomin-4 well (50%, oil target drilled by Chevron in 1968 which produced)

Rig 3- Spain, Sedano Basin, Basconcillos H Permit (50%), Tozo-1 well (drilled by Chevron in 1965, which flowed several hundred barrels over a five-month period; also contained an un-tested gas find)

Partner Operated- Romania, Bilca (5%), four exploration wells to be drilled.


Other activity


In Hungary we have 90% of a joint venture which has signed an agreement with MOL (Hungarian Oil and Gas company) to develop large tight (low permeability) gas reservoirs throughout Hungary. A three well program has been submitted to them for approval.

In the Canton of Vaud, Switzerland we have 90% of the JV which owns three exploration permits, (total 693.5 sq km) which contain three unappraised discoveries (from 1962/72/82) as well as unexplored Triassic potential (which is producing in neighbouring South Eastern France). The work program is currently concentrated on reprocessing seismic and geological studies.

In Italys Po Valley we have purchased a company (Vintage) with two gas exploration permits in a gas-rich, proven, valley. Following seismic reprocessing which yielded encouraging results, the environmental permits for 2 wells have been submitted, and Ascent are in the process of applying for two more. These wells are expected to be drilled in 2007.

In Italys Latina Valley a 60km seismic survey will also be shot over the Frosinone permit (70%) and the Strangolagalli permit (50%, excluding the producing Ripi oilfield).

Other permits- plans not known


In Gabon, after what looks to me like some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy who have 3D seismic over the areas and are looking to drill soon)

Holland (45.75%), offshore- Four licences covering a total of 795 square kilometres. One of these contains a discovery from 1982 which flowed at 233Mscfd. There are another two licences being processed.

anyone know how many shares tiger resources hold in this baby?

maestro, no.

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1163555873&id=0&feed=oilbarrel_en&body=0&type=

Oil barrel coverage 15-Nov-06

Ascent Resources Ascends As Hungarian Drilling Project Opens Up New Exploration Play

There was a hearty jump in the share price of AIM-quoted Ascent Resources on Tuesday with news that the PEN-104 well in Hungary tested positive for gas. The shares gained 2.5 pence, or 20 per cent, on news of the gas strike to close at 15 pence.

The well, the first in the area for over 20 years, was drilled into the once-productive Peneszlek gas field in eastern Hungary. Ascent holds two exploration permits here - Nyirseg Del and Nyirseg Szatmar which cover 2,483 sq km close to the border with Romania. This is an area that has been neglected over the past twenty years Ascents well is the first for more than two decades but still holds attractions for oil juniors with low overheads and new ways of working.

Using modern seismic techniques, Ascent came up with a new geological model for the area. It believed there was untapped potential at Peneszlek, which between 1983 and 1989 produced a total of 4.8 billion cubic feet (bcf) of gas from Miocene tuff sediments. Re-mapping of the reservoir indicated larger-than-expected remaining reserves, which could form the basis for a re-development project.

This appears to be borne out by the results of the PEN-104 well. It tested two intervals: the deeper Miocene Tuffs failed to flow but the Pannonian Clastics produced gas at a restricted rate of 3.4 million cubic feet per day.

This is a sand that has never before been tested or produced from in this area, chief executive Jeremy Eng told oilbarrel.com. This has opened up a new exploration play in this region and de-risked the next well for us.

That well will be Fehergyarmat-2 (FGY-2), which is scheduled to spud next week. It, too, will be targeting Pannonian sands.

This [the PEN-104 well] is a very good result for us because the remaining potential on the blocks depends on this type of gas sand, said Eng.

Further drilling is planned, with four other drilling locations identified. Importantly, the costs to Ascent have been reduced by a series of farm-out agreements concluded in recent months. Last month Swedish firm PetroPequnia agreed to farm-in for a 2 per cent working interest and in return will pay a contribution to past costs plus 4 per cent of the costs of drilling up to four wells on the acreage.

This followed on from the August agreement with DualEx Nyirseg Inc, a wholly-owned subsidiary of DualEx Energy International of Canada. Under the terms of that agreement, DualEx will reimburse some of the historical exploration costs and fund 75 per cent of two new wells on the permits to earn a 37.5 per cent working interest in 45 per cent of the area of the exploration permits. DualEx then has the option to participate in two further wells to earn a 37.5 per cent working interest across the whole of the two permits.

It appears Jeremy Eng will be on http://www.stockmarket-channel.tv/ tomorrow morning - if anyone see's it please comment on what is said.

From AFN :

hope264 - 17 Nov'06 - 07:32 - 3579 of 3580


There is a small piece in today's issue of Investors Chronicle. It mentions this weeks gas discovery and then goes on to reiterate its BUY recommendation since its last one (at 11p) due to Ascents varied portfolio of assets.

PP listen to it you lazy bug*er.

You may be researching for about 10 Companies but that's no excuse.

Oh all right then, he was the secret CEO trying to persuade the panel to buy shares in his Co. No one did from what I heard, but it was a very good upbeat synopsis by JE, and I would have bought on the strength of it, oh I already have bought so maybe I won't buy more.

BTW, I am very happy with this and thanks again.

I am LTBH and cerificated, and staying there.

The short to middle termn prospects are excellent, and they are also on others shopping lists I should not be surprised.

The latest find and Spain should be able to support the coming drill campaign, oh that's what JE said.

Thanks sww :)

http://www.investegate.co.uk/Article.aspx?id=200611210700363952M

Ascent Resources PLC
21 November 2006

Ascent Resources plc / Epic: AST

Spuds Second Well in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces the spudding of its second well in Hungary. The Fehergyarmat 2 (FGY-2) well, with a planned total depth of 1,100m, targets Pannonian clastics, the same formations which were successfully tested in the PEN-104 well (announced 14 November 2006). The FGY-2 well, which is located approximately 70 km north north-east of PEN-104, is aimed at quantifying the extent of the gas reserves in the northern part of the Nyirseg exploration permits.

PetroHungaria kft (a 90% owned subsidiary of Ascent), with its partners DualEx of Canada (37.5%) and Petro Pequnia of Sweden (2%), has the option to drill two further wells in the permits and the same drilling rig is available to the Group in March 2007.

On PEN-104 :



****************************

On new well FGY-2 :

"2006-12-01

Weekly report December 1

Hungary
The drilling of FGY-2 is ongoing."

http://www.investegate.co.uk/Article.aspx?id=200612041101031615N

Ascent Resources PLC
04 December 2006

Ascent Resources plc ('Ascent' or 'the Company')

Spanish production and exploration update


Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has made significant progress with its production and exploration
activities in the Sedano Basin in Northern Spain, which it believes has
considerable upside potential. The Company has stabilised production from the
Ayoluengo field, obtained permits for two appraisal wells to be drilled in known oil bearing structures in its exploration areas and submitted an application for contiguous exploration acreage with known gas potential.

Last week, the Official Gazette of Spain published the final approval of the
transfer of the 25% interest in the La Lora Concession from Petroleum Oil and
Gas Espana to Ascent's affiliate NPEL (as announced on February 14th, 2006). As
part of the consideration, Ascent is issuing 562,967 New Ordinary Shares at 12
pence per share (value of 100,000). Accordingly, application has been made for
the admission of these new shares to trading on the AIM market where they will
rank pari passu with the existing ordinary shares of 0.1 pence each in the
Company. Dealings in the New Ordinary Shares are expected to commence on
December 6th, 2006.

Production on the Ayoluengo oilfield within the La Lora Concession (Ascent:
88.75%, Gold Oil plc: 11.25%) has been maintained at over 110 barrels of oil per day for the past eight months (November average: 116 bopd) following the summer implementation of a workover programme designed to improve well efficiency. Further production enhancements are being planned to increase production and further improve profitability by Q2 2007 including additional workovers, new oil production technology and enzyme treatments for enhanced oil recovery.

On the exploration front, permits for drilling have been granted for the
Hontomin-4 Well in the Huermeces Concession and the Tozo-1 Well in the
Basconcillos 'H' Concession. Drilling will commence when the drilling rig
arrives from Italy after drilling the Anagni-1 Well, which is scheduled to spud
this week. Seismic interpretation is on-going in the Valderredibles concession
to map oil bearing prospects in that area.

Through its newly incorporated operating company, Compania Petrolifera de Sedano (CPdS), Ascent has submitted an application for exploration acreage to the east where two wells have discovered deep high pressure gas. Ascent, as in the other exploration areas, has a 50% interest in this Rocamundo application.

Ascent's Managing Director Jeremy Eng said, 'We are making good progress in
Spain. The Company benefits from the steady cash-flow from the Ayoluengo
oilfield and the prospect of higher production rates from the field and
additional reserves from the new wells provides considerable upside. The
expansion of the exploration areas demonstrates the viability of an exclusively
European portfolio where there are still plenty of unlicensed opportunities to
be exploited.'

* * ENDS * *

Good RNS.

Excellent company

5.8m in large buys today, would say the overhang might be clearing.

L2 now up and 4 v 1 @ 11.75/12.5


I would guess FGY-2 is looking good, and someone given the nod to clear the overhang ???????? Speculation only by me.

Spot on PP.

Good call.

Well, now expecting news on both CPNR and AST next week, could be exciting.

.

Sorry PP, AST down and out for now, still TMC up and CPNR small correction.

I don't think it's time for me to sell these while they are on a 6 well drill campaign over this year coming.

A wet hole(better known as a duster), is to be expected when the industry average is 10%.

The water contact could possibly be a clue to oil being above that, and then gas above that. This could be the reason why the other minority partners have increased their option today on the field imo.

I am easily spooked with these E & P oilers, but in this case, I am relaxed and confident of the eventual outcome say in a couple of years time.

If you look above in the header most of the directors have bought above todays level.

I bought in lower!

If the fundamentals have not changed, and they haven't, then I think I will stay.

Others must do as they think they should.

As always please dyor etc.

Well, the Italian well is the next one up, it should have spudded last week, and the Po Valley is another important one for AST.

The results from the FGY-2 drill had positive vibes, in the reservoir found, ok in this location its water, but the reservoir is in many places, and some will no doubt yield gas, so for the long term, it was a good result to find such high quality reservoir structure, for the short term sad its water filled. Next Hungary drilling should be March 07 now, they are still very excited over it.

A chance to get answers to any questions you have on Ascent !

Follow this link and click through to the Ascent forum to post your question. (Its free to register and use)

http://www.proactiveinvestors.co.uk/registered/bb/index.php

Proactive investors are interviewing Ascent Resources Next Week.

Jeremy Eng, MD of Ascent Resources will be taking part in a audio interview in the coming weeks. If you have a question you would like to put forward to him, please leave it on this board and we will try to get an answer for you.

Please remember that directors of publicly listed companies cannot disclose price sensitive information or information otherwise not in the public domain, so make sure your questions are well crafted !

http://www.proactiveinvestors.co.uk/registered/bb/index.php

18th December 2006

Ascent Resources plc ('Ascent' or 'the Company')
Commences drilling Anagni-1 Well in Italy

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has commenced the drilling of the Anagni-1 well in the Frosinone
Exploration Permit about 80km east-south-east of Rome, with Pentex Italia
Limited as operator.

Anagni-1, which is primarily designed as a stratigraphic (geological research)
well, is planned to be drilled to a depth of 1,000m. The well location is in
the Latina Valley in the Frosinone Exploration Permit (Ascent 70% interest) and
is circa 40km north-east of the Ripi oilfield in the Strangolagalli Concession
(Ascent 50% interest in the exploration rights). The Anagni-1 well will
investigate the shallow and intermediate Cretaceous Carbonate plays of the
Anagni Structure, which may contain oil reservoirs.

The drilling of the Anagni-1 well commenced on December 16th. On completion of
this well, the rig is scheduled to move to Spain to drill the Hontomin 4
appraisal well in the Huermeces Exploration Permit (Ascent 50%). The drilling
of the Arrone-1 well in the Fiume Arrone Exploration Permit (Ascent 40%) has
been postponed and now may be drilled, contingent upon access to the drilling
location, when the rig returns from Spain.

Ascent Resources Managing Director Jeremy Eng said, 'The results of the Anagni-1
well will be very interesting, as we know that there is oil in the immediate
vicinity. The seismic resolution in this area is poor, hence the necessity for
this stratigraphic well, which none the less has the potential to make a notable
oil discovery. Our drilling programme is continuing and we are looking forward
to the Hontomin well which is close to our existing production from the
Ayoluengo oilfield in northern Spain'.

* * ENDS * *

having pulled out of SCR which has since
plummeted to 8.50 I have followed this
share AST as well. Seems a good time to buy.
Yet nothing in oil is moving see Sterling.

Sterling is not atypical for oil stocks.

There is a good reason why that has not moved.

Chinguetti.

They get that right with the remedial, things will move once the expected flow of 10kbopd is shown as reliable.

If they don't.............!


Thanks for th heads up on SCR, not been keeping up there.

I will look for the reversal of the trend there to buy.

AST - no problems here.

LONDON (AFX) - Aurelian Oil & Gas PLC said its Romanian subsidiary will buy Ascent Resources PLC's unit Millennium International Resources Corporation Limited for 2 mln eur in cash.

Millennium's sole assets comprise its 5 pct interest in the Brodina, Cuejdiu

and Bacau concessions in Romania, where Aurelian is already a co-venture partner

and operator.

The acquisition increases Aurelian's stake in the Brodina and Cuejdiu concessions to 33.75 pct, and in the Bacau concession to 52.5 pct.

Michael Seymour, managing director of Aurelian added that 'drilling in our

Brodina concession is expected to commence around March 1 of this year.'

Ascent said in a separate statement that the proceeds of the sale will be used to further develop its operated European exploration and production portfolio.

Ascent managing director Jeremy Eng said: 'The increase in the value of

Millennium since we acquired it in April prompted the board to sell this non

core asset and invest the proceeds in Ascent's extensive operated portfolio.'

newsdesk@afxnews.com

ks

Ascent Resources PLC
08 January 2007





Ascent Resources plc ('Ascent' or the 'Company')


Disposal of Romanian Interests


Ascent Resources plc, the AIM-traded European oil and gas exploration and
production company, has entered into an agreement to sell its wholly owned
subsidiary, Millennium International Resources Corporation Limited
('Millennium'), to Aurelian Oil & Gas PLC for a cash consideration of
EUR 2,000,000. The assets of Millennium are a 5 per cent. non-operated interest
in three concessions in Romania. The proceeds of the sale will be used to
further develop Ascent's operated European exploration and production portfolio.


Millennium's Romanian assets, the 5 per cent. interest in the Brodina, Cuejdiu
and Bacau concessions, although producing some gas from the Bilca development,
were non core to the Company's strategy. With a substantial appreciation in the
value of the Millennium assets, the decision was taken to realise this value and
to invest the proceeds in accelerating the development of Ascent's operated
interests. Following the disposal, Ascent will hold interests of 50 per cent. or
more in the majority of its portfolio located in Italy, Switzerland, Hungary,
Spain and offshore Netherlands.


From gas sales in October, November and December 2006, Millennium had a turnover
(unaudited) after Government Royalty of EUR 70,000.


Ascent Managing Director Jeremy Eng said: 'The increase in the value of
Millennium since we acquired it in April prompted the Board to sell this non
core asset and invest the proceeds in Ascent's extensive operated portfolio. We
are currently drilling our third well in as many months. When the rig has
finished in Italy, it will move to Spain to continue drilling. Despite our high
level of activity, and with more Hungarian and Italian drilling already planned,
Ascent's portfolio includes 15 operated projects that will remain undrilled at
the conclusion of this campaign.'


* * ENDS * *

News now due from Italy, will it be good or bad.....its a geologic drill, so interest is in the structure and potential, not about hitting oil or anything.

Lovely news today, very encouraging :

http://www.investegate.co.uk/Article.aspx?id=200701290700562541Q

Cenkos initiates coverage of Ascent Resources

Monday, January 29, 2007, 07:45 AM

Cenkos Securities initiated coverage of Ascent Resources today, coinciding with an update from the company on its Anagni-1 Well (Ascent 70%) in Italy.

Anagni-1 encountered oil in open fractures. The well was drilled to a total depth of 971 meters - carbonates and electronic logs confirmed the presence of fractures from 921 meters and a 5 meter core sample taken from the well had oil shows. Ascent will now source additional equipment to deepen the well to 2000 meters to test the extent of the oil reservoir.

Jeremy Eng, Managing Director added, "Finding the top of the oil-prone Carbonates close to our anticipated depth and much shallower than in the nearby Gavignano-1 well was encouraging. Then to drill reservoir quality rocks containing oil is a fine result. We are going to deepen Anagni-1 to quantify this discovery and will proceed as soon as suitable equipment has been sourced."

Cenkos Securities initiated coverage of Ascent with a buy recommendation and valued the company on a risk weighted basis at 29p. Cenkos added that the upside beyond 29p was significant as its risked valuation awarded no value to most of the company's projects including prospects in the Netherlands, Switzerland and Po Valley in Italy.

Ascent also has a drilling rig en-route to Spain to drill the Hontomin-4 appraisal well in the Huermeces Exploration Permit (Ascent 50%).

PP. agree all very encouraging, with lots more opportunities to come.

Indeed.

Next up Spain, then 2 Hungary gas wells commencing March, and also after that the results here of the well deepening in Italy.


A question for the buffs, given the following statement then what is the depth of the Gavignano-1 wells payzone(s) ?

How far are we above those zones here at "the top" of a reservoir ?

Given this information, we could work out a potential "pay zone" possible size, one that we can dream might become reality.

It seems exciting when Jeremy says " much shallower " - meaning there just might be plenty of potential for a lot of pay zone (fingers and toes crossed).

All in all, not bad for a Geologic Study well to actually strike oil, perhaps Ascent need to do more of these, and less of the ones actually looking for oil and gas.... ;)



Jeremy Eng, Managing Director added, "Finding the top of the oil-prone Carbonates close to our anticipated depth and much shallower than in the nearby Gavignano-1 well was encouraging. Then to drill reservoir quality rocks containing oil is a fine result. We are going to deepen Anagni-1 to quantify this discovery and will proceed as soon as suitable equipment has been sourced."

Cenkos upgraded target price to 32p (from 29p) following todays news it seems........

Well that would be 200% profit, with further potential upside. Any timescales given by Cenkos?

No, this is of course a theoretical value for now..........therefore according to their risk weighting, we are well undervalued.

30th January 07 MP3

Proactive Audio Interview (2.4MB) Ascent Resources

Jeremy Eng MD of Ascent Resources talks with Harry Norman about Ascents new oil discovery in Italy, the rationale for emphasising gas over oil, the focus on an overlooked European gas niche ...and much more.

Web Site : http://www.proactiveinvestors.co.uk/

Audio Link : http://www.proactiveinvestors.co.uk/articles/audio/ast.mp3

Copy of a post I put on AFN :

PapalPower - 30 Jan'07 - 00:56 - 5138 of 5138


As I said earlier, I like the management here. They did not have to sell the Romanian assets, but thought it prudent to raise money to eliminate any placing needs (at this difficult time in the markets for raising cash). They have proven to be very good at operating the company, and focussing on what needs to be done.

This to me is proof of good management, you hear a lot of people talking about names and its great management, well it all boils down to actual real life proof of the fact, and here at AST I think we have seen that - nobody can predict drilling results and success or failure there, but what you can back is good management of the money, the prospects and that side of it.

Of the junior oils I follow, both AST and PELE have proven to be (outside of luck with the drill bit) that they have good management, in PELE's case they turned around an exploration company in Guatemela, into a production company in Colombia that also has some exploration in Guatemala and Colombia, no mean feat it itself, and here at AST they have eliminated any need for placings, are fully funded for the 2007 drill campaign, and looking "very safe" at present. This situation will deter any bids for the company, unless of course someone is willing to pay "top notch" money for them, but the vultures will look for those companies that have no production, no positive cash flow, and pick them off cheaply late summer when the money runs low imo.

When the chips are down, or the hand is hard to play, its where the management prove their real worth, and either pull of some great deals and pull through, or end up going down the slippery slope. History is history and what happened elsewhere may have been a series of fortunate events or the work of others - so I'll only rate management at what they do for the company they are in now - not what they (or someone else) did last time, and so far, the management at AST are proving their worth time and time again.

Projects

Producing:

88.75% of the Ayoluengo oil field in Northern Spain. The reserves here were acquired at an average $6/bl, and 115bpd is the current production rate. At the moment this is sufficient to cover administrative overheads (but not exploration costs). Well workovers (both maintenance and with a view to increasing production) are underway and will continue through to Q2 alongside the introduction of new oil production technology and enzyme treatments to enhance recovery rates.


Drills recently completed:

Hungary, Pen-104 (54.45%): 4m intersection flowed with a rate (under restriction) of 3.4MMscfd (600boepd). The target which flowed had a Most Likely size of 2.3bcf, but given the high flow rate this is likely to be revised upwards. The well is currently suspended for production

Hungary, FGY-2 (54.45%), hit water in a reservoir-quality interval.

Italy, Latina Valley, Frosinone Permit, Anagni-1 well (70%), confirmed the presence of a carbonate platform from 865m to total depth (c.971m). Oil shows observed from 905m-926m, with fractures continuing to 971m. The well has been temporarily completed and will be drilled to 2000m when equipment has been procured.


Rig en-route to:

Spain, Sedano Basin, Huemeces, Hontomin-4 well (50%), oil target drilled by Chevron in 1968, which produced but was sub-commercial at the time.


Drills to follow (with the same rig):

Spain, Sedano Basin, Basconcillos H Permit, Tozo-1 well (50%), oil target drilled by Chevron in 1965, which flowed several hundred barrels over a five-month period and also contains an un-tested gas find.

Italy, Latina Valley, Frosinone Permit, Anagni-1 well (70%), recently completed with positive results, the well will be deepened from 971-2000m and tested.


Other contracted and permitted drilling:

March/April 2007- Hungary, Pen-102 (54.45), targeting the eastern part of an earlier discovery (Pen-12 which flowed 1.5MMcfd from a 40m intercept) with a Most Likely 42Bcf at two horizons with an additional upside of a possible 36Bcf.

To follow Pen-102- Hungary, Vamos Prospect (54.45%), targeting a larger but higher-risk structure with an upside potential of 100Bcf.

Unknown timescale- Italy, Latium Cost, Fiume Arroe (40%), gas target, drilled and found in 1955, 950m TD.


Other Activity:

In Hungary we have 90% of a joint venture which has signed an agreement with MOL (Hungarian Oil and Gas company) to develop large tight (low permeability) gas reservoirs throughout Hungary. A three well program has been submitted to them for approval.

In the Canton of Vaud, Switzerland we have 90% of the JV which owns three exploration permits, (total 693.5 sq km) which contain three unappraised discoveries (from 1962/72/82) as well as unexplored Triassic potential (which is producing in neighbouring South Eastern France). The work program is currently concentrated on reprocessing seismic and geological studies, and subject to permitting and rig availablilty an initial exploration well will be drilled this year.

In Italys Po Valley we have purchased a company (Vintage) with two gas exploration permits in a gas-rich, proven, valley. Following seismic reprocessing which yielded encouraging results, the environmental permits for 2 wells have been submitted, and Ascent are in the process of applying for two more. Drilling is expected to begin around september this year.

In Italys Latina Valley a 60km seismic survey will also be shot over the Frosinone permit (70%) and the Strangolagalli permit (50%, excluding the producing Ripi oilfield).


Other permits- plans not known:

In Gabon, after what looks to me like some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy who have 3D seismic over the areas and are looking to drill soon)

Holland (45.75%), offshore- Four licences covering a total of 795 square kilometres. One of these contains a discovery from 1982 which flowed at 233Mscfd. There are another two licences being processed. Drilling is not expected until late 2008/ early 2009.

Looks like a very busy time for AST. I notice mm's have moved price down this morning, obviously to buy on the cheap. It is annoying when good news isn't properly rewarded........Well it was marked down in pre opening auctions.

Certainly up now :)

Solid day, and some nice big protected buys as well, bodes well.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1170208831&feed=oilbarrel_en


31.01.2007

Ascent Resources On A Roll As It Announces Surprise Oil Strike In Italy

Sometimes oil companies do all the aeromagnetic surveys, the 2D and 3D seismic shoots and spend millions on a carefully plotted exploration well and still they come up dry. Occasionally, however, they sink a geological research well to check the lay of the land and find they strike black gold. AIM-quoted Ascent Resources has just experienced the latter happy event with the Anagni-1 well in Italy.

The well, drilled in the Frosinone Permite in the Latina Valley, some 80 km southeast of Rome, was designed as a stratigraphic well to test the subsurface make-up of the rocks in an area with poor seismic coverage. Specifically the company, which has 70 per cent of the permit in partnership with Pentex Italia, was looking for the Carbonate platform of the Northern Apennine Thrust; this was found at a depth of 865 metres.

As the well went deeper, the company observed oil shows and found reservoir quality rocks. The well has now been completed so the company can bring in equipment enabling it to deepen the well to around 2,000 metres - double the pre-drill target depth - and test the oil reservoir. The discovery of oil was not a complete surprise: oil is known in the area, including the Ripi oilfield some 40 km to the southwest.

The Italian discovery comes hot on the heels of Ascents one-out-of-two drilling programme in eastern Hungary at the back end of last year. This is an area that has been neglected in recent times but Ascent believed modern seismic techniques and new geological models would find untapped potential at the Peneszlek gas field, which between 1983 and 1989 produced a total of 4.8 billion cubic feet (bcf) of gas from Miocene tuff sediments. Re-mapping of the reservoir indicated larger-than-expected remaining reserves, which could form the basis for a re-development project.

This appears to be borne out by the results of the PEN-104 well. It tested two intervals: the deeper Miocene Tuffs failed to flow but the Pannonian Clastics produced gas at a restricted rate of 3.4 million cubic feet per day. A second well, FGY-2, was water-bearing but the results from the two well programme have encouraged the partners to commit to three further exploration wells on the permits, which have not seen the drillbit for more than 20 years.

Pen-102, some 4.4 km east of the PEN-104 find, will appraise a 1983 discovery while VAM-1 will test an exploration prospect in the Vamospercs area 18 km to the southwest of the Peneszlek field. This work could be underway as early as March. FGY-1 is being permitted for future drilling and will target the same Pannonian section as FGY-2 but in a structurally more favourable location.

Investors, buoyed by Ascents discoveries in Italy and Hungary, will now be hoping for similar success in northern Spain, where the company is planning a two-well appraisal programme. The new wells are follow-ups to discoveries drilled by Chevron back in the 1960s: Hontonmin-2, drilled in 1968, produced oil during testing while Tozo-1, drilled in 1965, flowed several hundred barrels of oil over a five month period and also found gas, which wasnt tested. Ascent plans to drill Hontomin-4 appraisal well and re-enter the Tozo field. This work will get underway when the rig arrives from Italy.

New 2007 Presentation Released :

http://www.ascentresources.co.uk/investor_information/Ascent%20Presentation_Jan_07.pdf

Significant uptrend today. Good news about to break? Anyone in the know?

Just tipped today by Tom W of t1ps.com as Spec Buy up to 21p with 1 yr tgt of 45p. House btoker/Nomad 1 yr tgt is 62p, but Tom being more cautious. Happy to hold!

thanks for that silvermede. Wasn't AST board member on TW TV programme late last year? Anyway, am also very happy to hold !! :-)

Nice week really :)

you're doing well Papal!!!

Ain't he just!

;-)

RNS Number:8292R
Ascent Resources PLC
26 February 2007

Ascent Resources plc ("Ascent" or the "Company")

Acquires Nemmoco Slovenia Corporation ("NSC")

Ascent Resources plc, the AIM-traded European oil and gas exploration and production company, has acquired the entire share capital of Nemmoco Slovenia Corporation for an initial consideration of Euro150,000 payable in Ascent shares.
NSC's assets include a 45% interest and operatorship of the Joint Venture that owns the development rights to the Petisovci Dolina ("P-D") oil and gas fields and a 15.75% interest and operatorship of the Joint Venture that owns the development rights to the underlying Petisovci Globoki ("P-G") gasfield. The fields are in eastern Slovenia near Lendava, close to the borders of Slovenia, Austria, Hungary and Croatia.

The oil and gas fields, which were originally discovered in 1942, currently produce minor amounts of oil and gas. However both P-D and P-G are thought to have substantial additional reserves as assessed respectively by independent consultants APA Petroleum Engineering of Calgary, Canada and Troy-Ikoda of Windsor, UK. Remaining proven plus probable ("2P") oil reserves in the P-D reservoirs are estimated to be 10.7 million barrels. Gas in place in the deeper P-G reservoirs is estimated to be, at a P50 (50% probability) level, 579 Bcf.

In the deeper P-G gas field, one of the Joint Venture partners, Grove Energy Limited (AIM:GRV; currently under offer to merge with Stratic Energy Corporation, TSX-V:SE) reported gas initially in place of 579 Bcf. Under the terms of a 2004 farm-in, Grove drilled the D-14 well at its sole cost. After three hydraulic fracture stimulation treatments the well produced only minor gas and water. Grove returned to the well in 2006 and deepened it to the main gas producing E-1 reservoir. Although this E-1 interval had strong gas shows, the well did not produce from an open-hole test and the well was suspended without a fracture stimulation.

The consideration for the purchase of NSC is Euro150,000 payable in Ascent shares at the average price over 30 days immediately prior to execution. This is 680,205 shares at 14.82p. Additionally, there is deferred payment calculated on the basis of the volume of the future sales gas produced.

Ascent's Managing Director Jeremy Eng said, "This project has the potential to provide Ascent with substantial additional reserves. Development infrastructure
is already in place, and so remaining reserves could be developed at highly cost effective levels. Importantly the deferred payment substantially de-risks the project for the Company."

I am looking for a good week on AST and MRP next week, potential for news on both of them imo.

Lots of news today, 4 RNS's.

Here is a summary of the state of play on the projects :



Producing:

Spain, Ayoluengo (88.75%). The field is currently producing at around 120bpd from reserves which were acquired at $6/bbl (although the 2P figures have not been reported to the market). Profits are sufficient to cover administrative overheads (but not exploration costs). Wells are being worked over both to maintain production, and alongside the introduction of new production technology and enzyme treatments may enhance recovery rates through to Q2 this year.


Currently drilling at:

Spain, Sedano Basin, Huemeces, Hontomin-4 well (50%). The well is expected to take 4 weeks to drill and log- it will be tested at a later date by the Ayoluengo workover rig. Three wells drilled between 1965 and 1992 have confirmed the presence of an oil reservoir, but only one produced (3000 bbls over 26 days, but with a rapidly increasing water cut). If the well is commercial production can be easily transported to market by truck.


Drills to follow (with the same rig):

Italy, Latina Valley, Frosinone Permit, Anagni-1 well (80% WI but 100% of costs), recently drilled and completed with positive results (see below). The well will be deepened from 971-2000m and tested

Italy, Latium Cost, Fiume Arroe (40%), gas target, drilled and found in 1955, 950m TD.


Other contracted and permitted drilling:

Q2 2007- Hungary, Nyirseg, Pen-102 (54.45%), targets the eastern part of an earlier discovery (Pen-12 which flowed 1.5MMcfd from a 40m intercept) with a Most Likely 42Bcf at two horizons with an additional upside of a possible 36Bcf.

Following Pen-102- Hungary, Nyirseg, Vamos Prospect (54.45%), targets a larger but higher-risk structure with an upside potential of 100Bcf.

Unknown- Spain, Sedano Basin, Basconcillos H, Tozo-1 well (50%), oil target drilled by Chevron in 1965, which flowed several hundred barrels over a five-month period and also contains an un-tested gas find. Permitting and site preparations have been completed and the workover rig may be used to undertake the re-entry.


Drills recently completed:

Hungary, Pen-104 (54.45%): 4m intersection flowed with a rate (under restriction) of 3.4MMscfd (600boepd). The target which flowed had a Most Likely size of 2.3bcf, but given the high flow rate this is likely to be revised upwards. The well is currently suspended for production

Hungary, FGY-2 (54.45%), hit water in a reservoir-quality interval. This result, while disappointing, at least proved that the geologic interpretation of the area was correct, and a nearby target (FGY-1) is being permitted as a result.

Italy, Latina Valley, Frosinone Permit, Anagni-1 well (80%), confirmed the presence of a carbonate platform from 865m to total depth (c.971m). Oil shows observed from 905m-926m, with fractures continuing to 971m. The well has been temporarily completed and will be drilled to 2000m following the drilling of Hontomin (late April). Ascent to cover 100% of costs for this well as part of the deal to increase their stake to 80% (from 70).


Other Activities & Plans (note: these are, in the main, taken from non-regulatory sources and as such are to be taken more as statements of intent than expectations or obligations):

Spain- Rocamundo- an application has been made for an exploration license here (to the north west of ayoluengo) with Tethys and Shesa.

Hungary- Nyirseg (54.45%)- The discovery at Pen-104 is currently being studied with a view to accelerated development, with the objective of first production in 2008. In addition to the two wells being drilled from March/April permitting and rig availability are being sought for FGY-1.

Hungary- Bajsca (45%)- Tight gas redevelopment project in partnership with MOL; technical studies have confirmed the economic viability of the project using horizontal recompletion techniques. The first two of these recompletions may be drilled in Q4 (PetroHungaria (90% owned by AST) to drill the wells with MOL providing the infrastructure)

Slovenia, Petisovci Globoki (15.75% and operator)- This field is considered as an extension of the Bajsca tight gas field in Hungary. One well previously drilled, D-14, intersected minor gas and water (only produced after three fracture stimulation attempts), but when deepened deeper reservoirs with estimated P50 gas in place of 579Bcf had strong gas shows which did not produce from an open-hole test (fracture stimulation was not attempted). Preliminary engineering studies are ongoing.

Italy- Po Valley (98%)- Well location permitting is underway for four wells in the Cento and Batiglia gas exploration permits. AST are seeking a farm-out deal with the intention of drilling two wells in 2007/8.

Italy- Latina Valley- a 60km seismic survey will also be shot over the Frosinone permit (70%) and the Strangolagalli permit (50%, excluding the producing Ripi oilfield).

Switzerland (90%)- (in Vaud) an oil exploration permit containing a 1962 oil discovery at Essertines and (in Bern) two gas exploration permits containing a gas discovery each (Linden, 1972; Hermrigen, 1982); all three also contain unexplored Triassic potential. The reslts of the propectivity report, created by reprocessing seismic data, acquiring new seismic surveys and geochemical analysis, were integrated into a new geological model. The next stage of finding suitable drilling locations has commenced and wells will be drilled (subject to locations, permitting and rig availability) in Q4 2007 or early 2008.

Holland (45.75%)- Four offshore licences covering a total of 795 square kilometres. One of these (M11) contains a discovery from 1982 which flowed at 233Mscfd. A 3D seismic survey requires reinterpreting, and geological and geophysical work is underway. Drilling is planned for late 2008/ early 2009- depending on rig availability.

Slovenia, Petisovci Dolina (45% and operator)- total 2P reserves of 10.7mmbl.


Other interests:

In Gabon, after what looks to me like some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy who have 3D seismic over the areas). If anybody knows the current status of these please let us (novicedave, or pp) know, last I checked some seismic was being processed with a view to drilling soon.

According to an interview with proactive resources AST are actively looking at other projects which involve proven reserves (with the intention of raising finance for such acquisitions through debt rather than equity). I suspect from the tone and other comments in the interview that these are European tight gas projects.

Well on line limits are :

BUY 5K @ 16.18p

SELL 150K @ 15.5


L2 at 6 v 1 @ 15/16.25


Ready for a good blast upwards ? ;)

If you look at what was paid (in total and commitments) for the 10% extension of the Agnani well, I think JE is thinking this is going to be a company maker. We will know by June/July time, and if it is, then the TW target of 45p might be reached very soon imo.

Solid moves again.

On line buy 75K but sell is 150K.....so strong there.

Looks like short of stock again, on line limits are :

BUY 15K @ 17.38p

SELL 100K @ 17.01p



L2 is 4 v 2 @ 16.5/17.5

250K X at 17.5p (well above mid), thats a positive sign imo.

On line limits now :


BUY 10K @ 17.93p

SELL 150K @ 17.51p



Short of stock again..... :)

From JP at http://www.sharecrazy.com :


"Well Crazies, JP attended the Master Investor show (in civvies of course) and was most impressed with the display stands, speakers and venue. In particular Duncan Bannatyne and Mark Slater impressed. Incidentally, among Mark Slater's tips at the show were:


Prudential PRU
BT Group BT
Cape CIU
Ascent Resources AST


Joe"

PP, I went also, Mark Slater thought there was very little potential downside for AST even if they have the occasional dry well drill, because of their exciting/extensive portfolio. Will be interesting to see what happens on Monday especially as stock has been getting short. He thought this could be a 4 bagger at least, we shall see ........ certainly looks promising.

I would say its a potential 3 bagger in a year or so.

On an unrisked basis it could be a 50 bagger in a few years.........but lets stick with the lower 3 bagger for now ;)

L2 now all blue and 5 v 3 @18.5/19.5


On Line Limits are :

BUY 5K @ 19.45p

SELL 150K @ 18.8p



So pretty much short of stock, still.

Ascent Resources PLC
10 April 2007


Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas



10th April 2007

Ascent Resources plc ('Ascent' or the 'Company')

Hungarian Projects Update



Ascent Resources plc, the European focused gas and oil exploration and
production company, in conjunction with its 90% owned Hungarian joint venture,
PetroHungaria Kft, announces an update on its Hungarian activities.



The gasfield redevelopment project in the south west of Hungary, in association
with MOL, the Hungarian oil and gas company, has been granted project sanction
from MOL's Upstream management. Additionally, the project has been granted by
the Ministry of Economy and Transport a reduced royalty rate of 12.46%, down
from 70% previously, for gas produced under this redevelopment initiative.
Planning for the drilling of horizontal recompletions (horizontal drilling from
an existing wellbore) continues and the availability of suitable drilling rigs
and associated specialist equipment is being checked.



In the Nyirseg project in the north east, drilling locations are being prepared
for the upcoming two well drilling programme. These wells are the option wells
under the farm-in agreement and are 79% funded by DualEx and PetroPequnia but
with PetroHungaria retaining a 60.5% working interest. The first well, PEN-102,
is an appraisal well of a gas discovery, made in 1983, but never placed on
production. This well is targeting lower Miocene tuffaceous reservoir rocks that
produced in the Peneszlek gas field 6km to the east. In addition, the prospect
includes a shallower Pannonian Sand prospect similar to that successfully tested
in the PEN-104 discovery. The second well, VAM-1, will test an exploration
prospect in the Vamospercs area, roughly 18 km to the southwest of the Peneszlek
field. Drilling of PEN-102 is anticipated to commence in May, immediately
followed by VAM-1.



Also in Nyirseg, a development feasibility study for the PEN-104 gas discovery
(announced on the 14 November 2006) has been completed with options currently
being assessed for bringing PEN-104 to market in 2007, subject to contract,
permitting and approvals.



Ascent Managing Director Jeremy Eng said. 'Good progress has been made on the
Company's two projects in Hungary and both of these have the capability to
increase reserves as well as to produce and sell gas in the short-term, thereby
providing additional cashflow for the Company.'

Very good news, reduced royalty percentage and into production in 2007.

Absolutely, can't figure out why SP drop???

Tipped as a buy today :

http://news.independent.co.uk/business/analysis_and_features/article2439551.ece

Ascent Resources

Our view: Buy

Share price: 17.5p (-1.25p)

Most oil and gas explorers on the Alternative Investment Market (AIM) look to exotic parts of the world in search of opportunities.

Not Ascent Resources: it is focused on a series of projects in Europe which from an investment point of view makes for a far more enticing proposition.

Firstly, the company faces virtually no political risk. Secondly, it is far easier to do business in this part of the world given the physical and legal infrastructure.

The fact that Ascent is focused on onshore projects - which are less expensive to drill than offshore sites -adds to the attractiveness of the company.

The AIM group has so far been drilling three wells, two of which have already produced discoveries - gas in Hungary and oil in Italy.

This is pretty good going by anyone's standard. Ascent also has a producing oil asset in Spain which covers company overheads.

Yesterday it issued a positive update on one of its projects in Hungary (a joint venture with the state oil company). Investors should not be surprised by more upbeat news from Ascent in the coming months.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1176429620&feed=oilbarrel_en

13.04.2007

Fiscal Improvements Enhance Ascents Hungarian Gas Redevelopment Project

It is two years since Ascent Resources made its debut in Hungary by signing a joint venture to explore the Nyriseg-South and Nyirseg-Sztmar licences in the northeast of the country. This exploration acreage and the fallow Peneszlek gas field have been the focus of activity in that country to date but this week the AIM-quoted company was able to update investors on its other Hungarian venture.

Back in August 2005, Ascent signed an MoU with Hungarian firm MOL to work together on the redevelopment of tight gas reservoirs in the southwest of the country, an area where conventional gas has been produced. Interestingly, many of these reservoirs extend across the border into Slovenia, where Ascent recently bagged interests in two fields through the acquisition of Nemmoco Slovenia Corp.

The plan is to use state-of-the-art recompletion techniques to unlock difficult-to-access reserves and improve flowrates from low permeability reservoirs. The gas would then be processed and transported using the existing production infrastructure, keeping development costs low.

Now the Ministry of Economy and Transport has granted the enhanced gas recovery project a reduced royalty rate of 12.46 per cent, down from 70 per cent. This improvement is in line with the hydrocarbon law for new investment in oil fields and comes as a result of a lobbying campaign by MOL and Ascent. This royalty reduction is important to the project economics. It makes a significant difference to the project, managing director Jeremy Eng told oilbarrel.com. Without this, the project would be marginal.

The fields are already producing what Eng described as fairly minor amounts of gas but horizontal recompletions are expected to boost flowrates. The exact increase in production wont be known until the partners get to work. They plan to enter the existing wellbores and drill horizontally to recomplete the wells: this should overcome the problem of the low productivity reservoirs. The partners are currently sourcing the specialist equipment required for this work but hope to drill the first two horizontal recompletions before the end of the year.

In the meantime, progress continues to be made on Ascents Nyirseg licences, the acreage that marked the companys first investments in the country. Drilling locations are now being prepared for the next two wells in the drilling programme. The terms of farm-out agreements struck late last year mean 79 per cent of the well costs will be paid for by joint venture partners DualEx and PetroPequnia even though Ascent retains a 60.5 per cent working interest in the project. This is the kind of risk- and cost-sharing arrangement that investors like to see.

The first well, PEN-102, will appraise a 1983 gas discovery. The well, due to spud in May, will target Lower Miocene tuffaceous reservoir rocks that produced in the Peneszlek gas field 6 km to the east. It will also target a shallower Pannonian Sand prospect similar to that successfully tested in Ascents PEN-104 discovery of November 2006. The second well, VAM-1, will test an exploration prospect about 18 km to the southwest of the Peneszlek field and will be drilled immediately after the PEN-102 well.

Ascent is pushing the pace on the PEN-104 gas discovery. The PEN-104 well, the first in the area for over 20 years, was drilled into the once-productive Peneszlek gas field and tested two intervals. While the deeper Miocene Tuffs failed to flow, the Pannonian Clastics produced gas at a restricted rate of 3.4 million cubic feet per day. Ascent has now completed a development feasibility study and hopes to bring the field onstream this year, pending completion of a gas sales contract (talks with a favoured purchaser are due next week) and all the appropriate permitting and approvals. The scale of the development will depend on the results of the PEN-102 and VAM-1 wells: success here could lead to a much more substantial project.

Ascent Resources PLC
19 April 2007


Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas


Ascent Resources plc ('Ascent' or the 'Company')
Offshore Netherlands Project Update


Ascent Resources plc, the European focused gas and oil exploration and
production company, announces that Energie Beheer Nederland BV ('EBN') will
participate in the exploration of the P4, M8, M10 and M11 exploration licences
in the Dutch Sector of the North Sea with a 40% interest, following the approval
by the Dutch Minister of Economic Affairs (de Minister van Economische Zaken).

EBN, the Dutch State owned oil and gas company, participates in the exploration
and production of most of the hydrocarbons in the Netherlands. Offshore, the
licensee has the option to invite EBN to participate in the exploration stage.
However the oil ministry will regardless, require a 40% participation of EBN if
a discovery is made, whereby a production licence is issued unless participation
of EBN is financially disadvantageous to the Dutch State. EBN is not a licence
holder and will neither carry out exploration activities on its own initiative
nor will it act as principal.

The interests in the four exploration licences will now be:

Participation Paying Interest
% %

Ascent Resources plc 27.0 22.5
Energie Beheer Nederland BV 40.0 40.0
McLaren Resources Inc 27.0 37.5
GTO Limited 6.0 Carried until production

The applications for the P4, M8, M10 and M11 exploration licences, which cover
an area of 795 square kilometres, were made following the analysis of seismic
and exploration data purchased from the Netherlands Institute of Applied
Geoscience ('TNO'). The technical work focuses on the newly recognised
Carboniferous exploration plays as well as the traditional Rotliegend plays.

Within the M11 licence area, the M11-01 well, drilled by NAM (Shell-ESSO
Netherlands) in 1982, discovered gas and was tested at a rate of 6,600 cu.m per
day (233 Mscfd) from the Upper Slochteren sandstones of the Rotliegend (as
reported by TNO on behalf of the Ministry of Economic Affairs). Within the M10
licence area there is a northern extension of the Terschelling Noord field, the
exploration of which is operated by NAM in the Terschelling licence area to the
south.

In the area of M8, M10 and M11, a number of 3-D seismic surveys on open release,
have now been loaded and the interpretation of these data, which form the basis
for the new exploration work, has now commenced.

Ascent Managing Director Jeremy Eng said, 'EBN participates in virtually every
oil and gas project in the Netherlands and as such brings invaluable experience
as well as unrivalled financial capability. Ascent, as operator of this
exploration effort, aims to identify drilling targets as soon as possible and
welcomes the support and assistance of EBN.'


* * ENDS * *

Well, the exciting times are now on the horizon for AST, with the two Hungarian well drill programme underway with the first well proceeding well, the second to follow, and then the Italian discovery well deepending to follow in June.

Hungary could add some decent upside if successful, Italy could be major news for Ascent if the oil discovery is indeed found to be big after the well is deepened.

Exciting times in the months ahead, good luck to all holders.

Some information in here on the Hungarian propects (this being info from DualEx, partner in the previous 2 and presently ongoing 2 (1 after the other) wells). Intersting that there appears lots of other targets in Hungary to follow up upon as well.



http://www.dualexen.com/documents/presentations/DXE-2007-04-20.pdf


.

Here is something on the Italian Po Valley project to chew over the weekend :


http://www.envoi.co.uk/P136Ascent-PoValleySyn.pdf



.....................PROSPECTIVITY:

Ascent's work on the permit commenced in August 2005 and has since involved purchasing the 'right of use' to nine key seismic lines, comprising 260 kms of existing 2D data over their acreage. This has been reprocessed with AVO analysis confirming the hydrocarbon prospectivity of the key prospects in Ascent's acreage. The largest of these (Gazzata) has estimated 'most likely' recoverable reserves of 130 Bcf and upside in excess of 360 Bcf. It also has the lowest risk, due to the positive AVO anomaly which exhibits a consistent down dip termination on several seismic lines.
Follow-on prospectivity is also evident within Ascent's acreage, although the leads identified from the existing data would require the purchase and reprocessing of additional Eni data before these leads can be upgraded and confirmed as drillable prospects. Initial estimates suggest these could add several hundred Bcf reserves potential..............................................

News should be coming this week or next on the PEN-102 drill, so fingers crossed for good results.

This is a descriptions of the ongoing well that we hope to hear news from this week or next.


"Pen-102, is in the southern permit and targets the eastern lobe of the structure where the smaller western part was penetrated by the Pen-12 well.

The structural closure with 'Most Likely' recoverable reserves of 42 Bcf at two horizons has an upside of an additional 36 Bcf. The Pen-12 well, which still exists, encountered 40 metres of gas bearing Miocene tuffs at a depth of 1,400m with three tests flowing an aggregate of 1.5MMcfd.

The structure is a well defined anticline and early production from these two wells could be tied back into the local infrastructure with a minimum of delay."

Looks like the Tcf potential of Switzerland is going be talked about by the media, finally. We should not lose focus, the remaining work in Hungary and Italy in the coming months could double the present SP and potentially more, however, as the Swiss drill draws nearer, the focus is bound to switch to that mega company maker potential. I was in at 9p, not 5p, and there is no way Iwould be profit taking ahead of Agnani well deepening, in fact, I intend to hold all the way through Po Valley and Swiss drills :)



http://www.growthbusiness.co.uk/news/city-news/255565/swiss-ambitions-fire-ascent.thtml


Monday 14th May 2007

Swiss ambitions fire Ascent

Energy hopeful Ascent Resources has suspended one Hungarian well, but hopes to prove Swiss gas resources worth 1 billion.

AIM-quoted Ascent, with ventures in six European countries, has suspended operations at PEN-102, one of its wells in Hungarys Nyirseg blocks, after finding only residual gas in a deeper section of the reservoir and is deliberating about further operations. Coming a month after a dry well at Hontomin in Spain, the news has depressed Ascents recently buoyant shares, but the company pointed out that PEN-102, now being surveyed for a possible sidetrack well, is only one of several prospects in Hungary and elsewhere.

Managing director Jeremy Eng said he sees potential for 400 billion cubic feet of gas overall in the companys Hungarian prospects, with one, PEN-104, capable of high production rates. Ascent is already drawing modest cash flow from Spain's Ayoluengo oilfield and is seeking to find contributing partners for two projects in Italys Po Valley, which Eng suggested could hold 250 billion cubic feet, worth some 250 million.

Ascent, which has applied for a new gas licence at Rocamundo in Spain, has four blocks in Holland, with a potential 100 billion cubic feet, and is applying for more. The company also has oil and gas interests in Slovenia, but expressed particular excitement about Switzerland.

Ascent has 90 per cent joint ventures at Hermigan (where a farm-in with another group is on the cards) and elsewhere in the Vaud and Bern regions. Eng argues the Swiss projects could hold one trillion cubic feet of gas in all, worth around 1 billion, and declared this could be proved in the next 12 months.

Recommended here two years ago as a flutter at 5p, Ascent shares hit 19.25p last month, but have now eased to 16.5p, down 0.75p this morning. Partial profit taking might be prudent short term, but they still have significant longer-term potential.

For those that did not go to it, this is the Press Release from Ascent's partner, Dualex. Lots more info, and also some exciting news regarding the potential of the next drill, VAM-1.



News release via Canada NewsWire, Calgary 403-269-7605

Attention Business Editors:

DualEx Updates Pannonian Basin Program

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, May 14 /CNW/ -

DualEx Energy International Inc. (TSX-V: "DXE")
announces today that the drilling of its PEN-102 well in the Pannonian Basin
of northeast Hungary has been completed and the wellbore left in a suspended
state pending further operations. The well is the first of two option wells
drilled under the previously announced farm-in on PetroHungaria kft of
Budapest.

Upon drilling of the second option well, to which the drilling rig
will now be moved, DualEx will complete earning under the provisions of the
farm-in and will hold a 37.5% working interest in the Nyirseg permits,
encompassing roughly 614,000 gross acres.

The PEN-102 well was drilled to the planned total depth of 1500 meters
approximately six kilometers west of DualEx's PEN-104 discovery and 1.5
kilometres east of the PEN-12 well drilled in 1989 and which tested gas at
rates up to 1.36 MMcf/d from Miocene volcaniclastics, but was never placed on
production. Drilling and logging results at PEN-102 indicated that the well
had intercepted a fault system and consequently the target Miocene tuffaceous
formations were encountered 38 meters low to prognosis. Gas was not present in
this deeper section of the reservoir. To accurately define the orientation of
the fault system, an offset vertical seismic profile survey (VSP) was recorded
in the well. The purpose of this survey is to enable a sidetrack well to be
planned with the objective of entering the Miocene gas reservoir in a
structurally more favorable position.

While the processing of the PEN-102 VSP is carried out, the drilling rig
will be moved to the second option well, VAM-1. As is the case with other
wells drilled in the Nyirseg program, DualEx and its partners are targeting
both Miocene volcaniclastics and Pliocene clastics at VAM-1.

Recent drilling south of the VAM-1 location by another operator is reported to have resulted in a gas discovery in the Pliocene/Pannonian with significant natural gas flow rates. The VAM-1 location occupies a similar structural/stratigraphic setting as this new discovery, and the consortium is looking forward to extending this discovery onto its Nyirseg blocks.

Planning continues around the development and tie-in of the PEN-104
discovery and the existing gas discoveries at PEN-12 and PEN-9.
DualEx Energy International Inc. is a full cycle oil and gas exploration
company with operations in the greater Mediterranean area. DualEx's common
shares trade on the TSX Venture Exchange under the symbol "DXE".

The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00023802E

For further information: about DualEx Energy International Inc., please
visit our website at www.dualexen.com, or contact Garry Hides (President &
CEO) at (403) 265-8011 ext. 223./
(DXE.) CO: DualEx Energy International Inc.
CNW 08:33e 14-MAY-07

Does anyone know how much shares mark slater owns in this one?

Said to hold a fair number.....but do not know how many.

Looks like the early birds are coming back in for the VAM-1 Hungary gas drill, and the bigger news Italian Agnani well deepening.

Nicely moved up yesterday, and presently 6 v 1 on L2 @ 15.5/16.75.

Ascent Resources PLC 24 May 2007

Drilling in Hungary

Ascent Resources plc, the AIM traded oil and gas exploration and production company, in conjunction with its partners, has started drilling the VAM-1 exploration well which is the second of two option wells in the Nyirseg exploration permits of north east Hungary.

PetroHungaria kft (a 90% owned subsidiary of Ascent), started drilling VAM-1 on 23 May 2007. This morning at 06:00 CET, the rig is cementing surface casing at 54m. The planned total depth of the well is 1,775m. It is expected that the well will take approximately a month to complete.


Partners in the well are DualEx of Canada (37.5%) and Petro Pequnia of Sweden (2%) and under the farm-out agreement, DualEx will pay 75% and Petro Pequnia 4% of the costs of this well with PetroHungaria kft funding the remaining 21%. The VAM-1 exploration well will test prospects in both the Miocene and Pannonian formations in the Vamospercs area, roughly 18 kilometres to the southwest of the Peneszlek field.

* * ENDS * *

Nice write up on Ascent (AST) on http://www.resourceinvestor.com


On the Up and Up

By Jackie Steinitz
25 May 2007 at 04:04 PM GMT-04:00


........


Registration is free as is the article to read once you have registered (register and then search for "Ascent").

On Line Limits now :

BUY 50K @ 17.05p

SELL 75K @ 16.55p



L2 3 v 2 @ 16.25/17.25 (TEAM and CANA on the offer)

Nice write up today on Ascent on Proactive :

http://www.proactiveinvestors.co.uk/articles/article.php?AST3


.

Small extract, you can read the full detailed article at the link below :


http://www.equitygrowth.co.uk/reports/NEWSLETTER_June_15_07.pdf


Ascent Resources June 15th 2007

Investment view

Ascent has established a diversified portfolio of exploration interests in obscure albeit fascinating areas, from an oil and gas perspective, of continental Europe. We believe the portfolio has interesting potential, although the proverbial elephant is unlikely to be discovered. If all goes well, a series of modest discoveries is more plausible. The drilling programme over the coming months and the upcoming independent assessment of resources will be critical in pointing to just how much potential actually exists. The recent decision to abandon the VAM-1 well in Hungary was mildly disappointing in this regard. If the news flow in the coming months improves and confirms our view that Ascent has over 50m boe of resources, the stock has the capacity to double over the next year. Naturally, investors are taking a fairly cautious view at this stage, valuing the stock at 42m, which implies about 60p per barrel of our estimate of resources........................lots more in the full article...........................

Update Here

Looks like the buyers are piling back now ahead of the Italian well deepening.

L2 all blue and now 2 v 2 @13.75/14.75

Moving nicely, now 3 v 3 @ 15/15.75 on L2.

Going to be an exciting few weeks as the Anagni drill carries on. What must be remember is they are not drilling from the top, they are already in a structure, at an oil bearing stage, and deepening the drill, so that means new data is coming on stream all the time......and people will know things now, and next week, and the week after, and after testing etc....

Risen nicely, lets hope they are seeing oil shows at continuing depth from the mud.

PP is this anagni well oil or gas,good rise today must be something there..

Anagni is oil.

There is a rumour now that some positive news from Spain might be coming. Came from a TW post on the sharecrazy.com Ascent thread

On line limits :

BUY 20K @ 16.98p

SELL 250K @ 16.4p


************************

L2 now 5 v 4 @15.75/17


Suggests they are short of stock.

Nice bit of strength at closing.

AXA S.A. (Framlington) on board! Nice to see.

There might be news on the way........anyway, the SP is rising nicely :)

RNS out........here is the "simple" version with additions from "tonester"


tonester30ccfc - 12 Jul'07 - 16:32 - 10802 of 10804

"Ascent Resources plc, the AIM-traded European focussed oil and gas exploration
and production company, notes the recent rise in its share price."

roughly translated:

"Yes, we acknowledge the share price has risen and we are obliged therefore to issue a statement. Of course there hasn't been a leak. It's stock market speculation. Spagetti House gossip? Don't be silly"


"Further to the announcement on 28 June 2007, the Company is drilling the Anagni-1 well in Italy and has just commenced logging the well."

or alternatively:

"We have completed drilling of the interesting bit and will commence logging. It has taken us 14 days to drill this"



"The Company will complete logging in the coming days and, following preliminary analysis, it plans to update the market early next week"

how about:

"plenty to look at. Tell you about it soon"

Tone

Just a post I put on AFN :

PapalPower - 12 Jul'07 - 23:48 - 10868 of 10868

Its very difficult, and also dangerous to compare any announcements and their effects with other companies. For this process to be correct, you have to compare cash levels, production/revenue levels, assets plays, asset values and then work out the EV value (to know "how much is in the price"). From this base point you then have to take into account sentiment, and only then can you "guess" at price reaction.

MTA made a find, however, what was their EV value at the point in time the find was announced ? If its too high already, then it will struggle to rise further.

Firstly, we know that JE and others have said Anagni could be "company making" in magnitude.

Secondly, AST have production, if small.

Thirdly, they will develop a gas field in Hungary, leading to more cash inflows.

Fourth, they have a large array of other assets in various other countries.

Having been in these for some time now, and with my time frame of Switzerland Tcf gas drills, I will not be selling any, and quite happy to wait for all the news to come out over the coming weeks and months. And don't forget, the exciting Italian Po Valley prospect should be coming along.

So all things considered, there is a very good chance of a large rise on good news here, and equally it will fall back if the news is not good.

But then, with JE taking the Ascent percentage of this present Anagni well to 80% recently, and planning additional wells, we could be on for some fair upside if this reservoir is holding a nice few tens of millions of oil in place.

We should remember this was in effect to begin with a "geologic" data well, that just so happened to hit oil.

It will not hit bottom hole of the reservoir, that should come by the further drills planned updip. Therefore, they will not be able to predict the full size of the reservoir yet, however, they will be able to start gaining some good idea of its potential size. The key question is will the pay zone flow, if it does (and this is not utilising bottom hole pressure to assist) then there is the potential for AST to re-rate in the months ahead, until the updip wells are drilled and the bottom hole point attained, at which point they can measure reservoir pressure, and attain a prospective final oil in place figure, and recoverable figure.

So, this story has many weeks potentially to run, and could very well "company make" Ascent.

However, there will be a few twists and turns along the way, so enjoy the ride and do not forget the risk, always remember the risk that bad news happens, this is oil and gas exploration :)

Nice 1 million X trade in there this morning. Big buyer around ?

L2 now 7 v 6 @ 21/22.5

Moving strongly, again.

Just doing somehomework.

We know that the initial drill hit potential oil pay zone at Anagni-1, and given the comments below from an old report, it appears that they missed the shallow oil as per RIPI.........but just at the bottom of the earlier shallow well they hit a "larger deep prospect".

Sounds yummy, "larger deep"......I like the large...... :)

Fingers crossed for positive news this coming week. As said before, I have no intention to sell on good or bad news, there is so much more coming from AST, being more work on the Latina Valley and Po Valley in Italy, work in Hungary, Switzerland, Spain and more............its just a very good long term play imo.

And by the way, the Po Valley first drill and also the other drill at the Latina Valley are still to come, hopefully both in 2007, but for sure the other Latina Valley drill will happen once Anagni is complete we are told :)



From the 2006 WHI report :

"Italy

Italy is becoming a key country for Ascent and it seems that more projects are under review. The most exciting acreage is two large exploration contracts in the central part of the prolific gas-producing Po Valley. The interest here derives from a new play, namely the drilling of stratigraphic traps.

Hitherto, the fields were found in structural traps, now all drilled, but advanced seismic techniques have been locating smaller fields in the new play.

Ascent has identified twelve leads from an initial review of its purchased seismic data, but is reprocessing the data to identify drilling locations. When this is done the company will need to apply for drilling permits, which takes at least ten months, so drilling will probably not kick off until next year.

Drilling will take place sooner in the Latina Valley, as the permitting process for the shallow Anagni well is complete. However, we would caution that this well is primarily aimed at obtaining parameters for a seismic programme rather than looking for oil and gas. (PP Edit - Ho Ho Ho and we struck an oil field)

The acreage surrounds a shallow producing field, Ripi. Ascent believes that the Ripi oil is characteristic of older, deeper oil as is the case elsewhere in Italy and will be targeting the larger deep prospects."

For those wanting more info on Italy :

******************************************

The PO VALLEY is the Cento and Bastiglia area's on the map.

CENTO (Reno) is 3 Gas Prospects (2 to be drilled 07 or 08)

BATIGLIA is 3 Gas Prospects (2 to be drilled 07 or 08)

Both of these are presently 98% Ascent, but they are looking for farm out ahead of drilling this year, or early next. For more info on this area the farm out document is avaiable to read at the link here : http://www.envoi.co.uk/P136Ascent-PoValleySyn.pdf



******************************************

The LATINA VALLEY comprises of

FROSINONE - Anagni (80% AST) - Oil prospect (now drilling/logging) (potential for two further drills to be planned in to define the potential (large :))reservoir)

FROSINONE - Veroli (70% AST - Oil prospect (to be drilled future)

STRANGOLAGALLI - (50% AST) - Oil prospect (to be drilled future)

FUME ARRONE - Arrone - (40% AST) - Gas prospect (to be drilled after Anangi)


.

Now here is a twist to the Anagni story. When Ascent first got into the Frosinone license, the plan was to drill two wells, being Anagni-1 and Veroli-1, both of these to test the shallows (Miocene and Cretaceous sands) with only Veroli to test deep as well. Anagni-1 was to drill to 800m only (yes just 800 metres). It was decided at a later date to drill to 1000m to see if the Carbonates held any potential for DEEP LARGE oil reservoirs, as found elsewhere in Italy.

If you look at the cross section below, the results on Anagni could mean that also the Veroli-1 well, when drilled, could be looking for some deep play in the Carbonates as well.

Veroli-1 was planned to be the deep well, and Anagni just a shallow.........potentially they both could hit a deep large structure (especially when wearing rose tinted specs)

Very interesting.




(P.S. I have added lots of info on the Ascent Assets to the AFN Ascent thread, so if anyone does frequent over there, you'll find plenty of additional detail there now. Owing to the way different BB software works, its the easiest place for me to add that type of info)

ASTs.p. has doubled in 1 month again,is it for real this time,any views.

140 METRES with 10% porosity :) 450 METRES to test

45 KM to an adjacent oil field, and everything from there to Anagni is in the AST area.......very bullish imo :)



http://www.investegate.co.uk/Article.aspx?id=200707160701172688A


RNS Number:2688A
Ascent Resources PLC
16 July 2007

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

16 July 2007

Ascent Resources plc ('Ascent' or the 'Company')

Anagni-1 Log Results



Ascent Resources plc, the AIM traded oil and gas exploration and production company, has completed logging operations in the Anagni-1 well located in the Frosinone Exploration Permit in the Latina Valley in Italy. The results of logging and core sampling are encouraging and now a production test over a 450 metre section of potential reservoir is planned.


The Anagni-1 well has been deepened from 971 metres to a current total depth of 1,355 metres. As previously, total loss of circulation was experienced throughout and the only rock samples recovered to surface were four cores, which all had traces of oil. These are detailed below.

The analysis of log data indicates that the complete section is drilled in a continuous limestone with extensive dolomitised zones totalling over 140 metres within the 450 metres gross thickness. Porosity in the dolomite frequently exceeds 10%. From the core data, the limestones area of Miocene and late Cretaceous age.

The core samples recovered to surface were from the intervals as detailed below.

Core Depth Recovery
1 1,073 to 1,089 m 33%
2 1,100 to 1,106 m 100%
3 1,200 to 1,206 m 95%
4 1,349 to 1,355 m 30%

Subject to the necessary approvals, it is planned to complete the well with a downhole pump and to test it over the coming weeks. The pump is necessary to recover substantial quantities of mud and water lost while drilling. Before the test commences it is planned to move the drilling rig to the nearby Fiume Arrone exploration permit where the Arrone-1 gas exploration well is to be drilled.

Ascent has an 80% interest in the Frosinone exploration permit and Pentex Italia Limited has a 20%interest.

Ascent's Managing Director Jeremy Eng said, "The results that we have from this well to date are promising and as we had anticipated, the geological provenance of this area is good. The nearest proven oil is 45km to the south east and everything between that and Anagni-1 is within the Frosinone Exploration Permit,which we believe has the possibility to contain a number of similar structures."

The information contained in this announcement has been reviewed and approved by Dr Eloi Dolivo, Ascent's Exploration Manager and Dr Clive Ninnes, Ascent's Engineering Manager. Dr Dolivo (member of the AAPG) and Dr Ninnes (member of SPE) both having 26 years experience in the evaluation of hydrocarbon resources.

* * ENDS * *

Half way through my travels, so able to pop in now.

The key things to remember ;

This well was not for an oil reservoir, it was a geologic data drill.

What we have found is a 450m section of oil bearing carbonates.

The actual thickness and depth of this at its "centre" point, may be even more.

They will try to production test from a pump from this section, however the key to unlocking the whole thing will be the next drill, as this will target the bottom of the potential structre, this will be at greater depths and with the higher pressure, and also the place where un-aided flows would be likely to happen.

The news today is wonderful, but we cannot get carried away just yet. Key events are, to "suck" oil from the structure with a pump. And then, to drill an appraisal well targeting the bottom of the structure, and from this appraisal well will be the definitive commercial "massive find and flow" if we get that.

In 6 months time, AST could well be through 100p - and also it may not be, I am very excited, and the developments of the coming months could be transformational.........imv.

Enjoy :)

Nice day :)

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1184638942&feed=oilbarrel_en


17.07.2007

Ascent Resources Rallies On News Of Early Results From Anagni-1 With More Italian Drilling To Come

Shares in AIM-quoted Ascent Resources have steamed ahead over the past two weeks in anticipation of the Anagni-1 well in Italy. The price has lifting from 12 pence at the beginning of the month to 23.25 pence on Monday when preliminary results from the exploration well were released.

The well spudded in December 2006 in the Frosinone Permit in the Latina Valley, some 80 km southeast of Rome. Ascent has an 80 per cent interest in the permit, with Pentex Italia holding the balance. The well was designed as a stratigraphic well to test the subsurface make-up of the rocks in an area with poor seismic coverage. Specifically the company was looking for the Carbonate platform of the Northern Apennine Thrust; this was found at a depth of 865 metres.

But as the well went deeper, Ascent observed oil shows and found reservoir quality rocks, encouraging the AIM company to invest more dollars and turn this test well into a true exploration well. In January the company suspended the well so it could bring in equipment enabling it to deepen the well to around 2,000 metres double the pre-drill target depth - and test the oil reservoir.

The discovery of oil was not a complete surprise - oil is known in the area, including the Ripi oilfield some 40 km away but the potential size of the reservoir could be: Ascent plans a production test over a 450 metre gross reservoir section. This is a thick reservoir and the company said the log data indicates continuous limestone with extensive dolomitised zones totalling over 140 metres within the 450 metres while porosity in the dolomite frequently exceeds 10 per cent (eight per cent is about the minimum for a decent oil well).

Anagni-1 has not been an easy well. While drilling at a depth of almost 1,000 metres, total circulation was lost and the wellbore is likely to require clean-up during the testing phase. The plan is to now complete the well with a downhole pump to remove the substantial quantities of drilling muds and water lost while drilling. The well will then be tested over the coming weeks.

A well seismic programme is planned to confirm the structural configuration of the reservoir and establish the optimum location for an up-dip appraisal well. Managing director Jeremy Eng said the company is already planning two appraisal wells to evaluate the size and extent of the Anagni structure. This expenditure commitment is a signal of the partners confidence in the discovery.

Whats more, the well could de-risk a number of look-alikes. The nearest proven oil is 45 km to the southeast and everything between that and Anagni-1 is within the Frosinone Exploration Permit, which we believe has the possibility to contain a number of similar structures, said Eng.

There is more excitement to come in Italy. Ascent is now gearing up to drill the Arrone-1 gas exploration well on the nearby Fiume Arrone exploration permit. This is acreage Ascent picked up in December 2005 through a farm-in deal with JKX Oil & Gas. Ascent agreed to pay 50 per cent of a first exploration well and a one per cent royalty on any subsequent production in return for a 40 per cent interest in the permit.

The 358 sq km Fiume Arrone Permit lies along the coast to the west of
Rome and is home to two 1955 wells, Roma-1 and Roma-2 wells, of which one had gas shows. Arrone-1 will be drilled to a depth of 950 metres and will target a gas prospect identified from seismic. First, however, investors will be keen to hear news of the Anagni-1 production test: a commercial flow rate would really put some steam behind the share price and counter the downward drift that was triggered by exploration disappointments in Hungary and Spain. For the rest of this summer, the Ascent story is all about Italy.

PP seems we are powering ahead.

We are indeed :)

Bit of a shake to start, now firming up again.

L2 blue, and now 3 v 1 @27.5/28

Over the 30's.......40's next then :)

A little bit of an old report, do you see the reference to Monte Alpi, Tempa Rossa etc... ? ;) :


Pentex preparing to spud wildcat in western Italy

According to partner Ascent Resources, Pentex will spud a new field wildcat in early December 2006 in the Frosinone exploration permit, which is in west-central Italy. Anagni 1 is targeting the thrusted carbonate units of the southern Apennine, which resemble reservoirs like those found in the Monte Alpi, Tempa Rossa and Cerro Falcone fields. The 858 sq km permit is located in Frosinone, Latina and Roma political provinces near the Latina Valley of the Lazio region. In a geological sense, the tract is located within the Apennine Platform Nappe, tectonic unit of the Southern Apennines. Ascent says the rig will then be moved to northern Spain to drill a wildcat in the Cantabrian Basin.

Comment, click HERE

The big buyer is RAB then :

RNS Number:5521A
Ascent Resources PLC
19 July 2007

Ascent Resources plc

Holdings in Company (the "Company")

The Company was today notified by RAB Energy Fund Ltd ("RAB Energy"), that on 16 and 17 July 2007, RAB Energy acquired 12,484,286 ordinary shares in the Company.
RAB Energy holds a total of 52,992,619 ordinary shares of 0.1p each in the
Company registered in the name of Credit Suisse Client Nominees (UK) Limited,
which represents 18.12% of the Company's issued ordinary share capital.


ENDS

Latest update summary thanks to ND at AFN:


Summary:

Producing 100-120bpd with reserves of 0.5MMbbl in Spain, and planning the development of a 3-well field in Hungary.

There is currently a drill targeting a shallow gas prospect as well as testing ongoing at an oil reservoir in Italy; in addition to this there are likely to be 3-4 more drills on other prospects during 2007.


Producing:

Spain, Ayoluengo (88.75%). The field is currently producing at around 110bpd from reserves which were acquired at $6/bbl (with estimated reserves of 0.5MMbbl). Profits are sufficient to cover administrative overheads. Production from current wells is in decline but bringing new wells on-stream has maintained production, which may improve through the year with the introduction of new production technology and enzyme treatments.


Currently drilling:

Italy, Latium Cost, Fiume Arroe (40%), gas target, drilled and found in 1955, 950m TD- the rig is en-route to this well.

Italy, Latina Valley, Frosinone Permit, Anagni-1 well (80% WI but 100% of costs), currently undergoing a cleaning and testing program over a 450m interval (details below).


Other planned/permitted drills:

Delayed- Spain, Sedano Basin, Basconcillos H, Tozo-1 well (50%), oil target drilled by Chevron in 1965, which flowed several hundred barrels over a five-month period and also contains an un-tested gas find. Permitting and site preparations have been completed and the workover rig may be used to undertake the re-entry.


Development plans:

After the completion of the current drilling program the company plans an independent reserves valuation in P1/P2/P3 format.

Hungary- Nyirseg (54.45%)- This field has three commercial wells which are being included in the current development study, with the aim of initial production in Q108. Pen-104 (which flowed at a restricted 3.4MMscfd) was discovered by AST, and its success has opened up the possibility of developing two former discoveries, Pen-12 (which has an estimated 2bcf recoverable), and Pen-9 (which has an estimated 26bcf recoverable).

Hungary- Bajsca (45%)- Tight gas redevelopment project in partnership with MOL; technical studies have confirmed the economic viability of the project using horizontal recompletion techniques. The first two of these recompletions may be drilled in Q4 (PetroHungaria (90% owned by AST) to drill the wells with MOL providing the infrastructure).


Exploration to date:

In the Nyirseg permit (Hungary, 54.45%) we have had one commercial discovery from a four well drilling program. This was Pen-104: the target which flowed had a Most Likely size of 2.3bcf, but given the high flow rate this is likely to be revised upwards. The other three wells had varying results. Vam-1 hit good quality gas but not enough to suggest a commercial reservoir, so was P&A. FGY-2 hit water in a reservoir quality interval; this was encouraging enough to have the company plan to drill nearby at FGY-1 in the next round of drilling. Pen-102 intercepted a fault system en-route to the target Miocene tuffs (which contained only residual gas). The fault system was subjected to a well seismic survey with the intention of planning a sidetrack with the objective of entering the Miocene gas reservoir in a more favourable location at a later date.

In the Sedano Basin permit (Spain, 50%) we drilled a single well, Hontomin-4, which did not find oil, suggesting a lack of a successful seal in the area.

Italy, Latina Valley, Frosinone Permit, Anagni-1 well (80%), confirmed the presence of a carbonate platform from 865m to total depth (1355m), with oil shows from 905m down. Total loss of circulation was experienced throughout the drilling of the reservoir and due to its fractured nature core recovery was poor, although all cores recovered had traces of oil. A downhole pump will be installed to recover the mud and water lost while drilling before testing the well.


Other plans:

Spain- Rocamundo- an application has been made for this exploration license (to the north west of ayoluengo) with Tethys and Shesa.

Italy- Po Valley (98%)- Well location permitting is underway for four wells in the Cento and Batiglia gas exploration permits (two of which were identified by AVO) . AST are seeking a farm-out deal with the intention of drilling two wells in 2007/8. The farm in partner is being asked to fund the whole costs of the first two wells (on the 130bcf Gazzata and 116bcf Rubiera prospects, at a total cost of something in the region of 5-6m). 50% of the rest of the licence can then be acquired by funding the purchase of the remaining seismic (at c. 1.5m). Back costs will also be partly reimbursed to AST.

Switzerland (90%)- (in Vaud) an oil exploration permit containing a 1962 oil discovery at Essertines and (in Bern) two gas exploration permits containing a gas discovery each (Linden, 1972; Hermrigen, 1982); all three also contain unexplored Triassic potential. The results of the prospectivity report, created by reprocessing seismic data, acquiring new seismic surveys and geochemical analysis, were integrated into a new geological model. The next stage of finding suitable drilling locations has commenced and wells will be drilled (subject to locations, permitting and rig availability) in Q4 2007 or early 2008.

Holland (45.75%)- Four offshore licences covering a total of 795 square kilometres. One of these (M11) contains a discovery from 1982 which flowed at 2MMscfd; with technological improvements this may be increased towards commerciality. A 3D seismic survey requires reinterpreting, and geological and geophysical work is underway. Drilling is planned for late 2008/ early 2009- depending on rig availability.

Slovenia, Petisovci Globoki (15.75% and operator)- This field is considered as an extension of the Bajsca tight gas field in Hungary. One well previously drilled, D-14, intersected minor gas and water (only produced after three fracture stimulation attempts), but when deepened deeper reservoirs with estimated P50 gas in place of 579Bcf had strong gas shows which did not produce from an open-hole test (fracture stimulation was not attempted). Preliminary engineering studies are ongoing.

Slovenia, Petisovci Dolina (45% and operator)- total 2P reserves of 10.7mmbl.


Other interests:

In Gabon, after some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy). Both have extensive 2D and 3D seismic. Themis Marin is the more advanced licence which is scheduled to be drilled in Q3, while the seismic for Iris Marin is being processed with results due later this year.

Nice strength today, we may have news this week on the spudding of the other Italian gas target well.

From http://www.investtech.com


Ascent Resources Plc (AST) - 23 Jul. Price: 31.00

An approximate horizontal trend is broken up. A continued strong development is indicated, and the stock now meets support on possible reactions down towards the trend lines. It also gave positive signal from a rectangle formation at the break up through the resistance at 19.79. Further rise to 34.26 or more is signaled. The moving average indicator has also given a positive signal. In isolation, this signals a continued rise, but the slowness of the indicator often means that one has lost much of the upside. The stock has support at p 14.80. Volume tops and volume bottoms correspond well with tops and bottoms in the price. Volume balance is also positive, which strengthens the trend break. RSI is overbought. The stock can still rise further, and we should see a decreasing RSI before this is used as a negative signal. The stock is overall assessed as technically positive for the medium long term.

The medium long term: Positive candidate





.

Buyers flooding back in today.

L2 now all blue.

6 v 1 @29/30

http://www.investegate.co.uk/Article.aspx?id=200708010700522495B


Impressive terms !! Would be nice to now how much is being paid to Ascent now for the "historical costs".



"to farm-out a 50% interest in the 1,113 sq km Cento and Bastiglia
exploration permits in the Po Valley of Italy"

"Under the terms of the agreement, Deltana will pay the cost of the first
exploration well and, on success, will pay the cost of a second exploration
well. The first well targets a Pliocene prospect in the western part of the
permits at a depth of about 2,400m and the second, one of the other prospects in the permits. Deltana will also contribute to the historical costs on the permit and pay the first 1.5 million of future seismic expenditure.
"

From my calculations, with the warrant conversion announced putting 640K into the AST back account, and also the earlier farm out agreement giving back costs of say 1m Euro (eg 50% of the 2m Euro back costs)

Therefore, the AST bank balance (not that its weak anyway) has been increased this week by some 1,313,000.

(PS. I am note sure if the total back costs payable were 2m Euro, or whether this is the figure to take some 50% from, therefore, there might be upside to that and it could be they have got near 2m this week).

media comment, click HERE

More news, here

Ascent Resources PLC
07 August 2007



Ascent Resources plc (the 'Company')

Holdings in Company

The Company was today notified by RAB Energy Fund Ltd ('RAB Energy'), that on 7
August 2007, RAB Energy acquired 9,280,000 ordinary shares in the Company. RAB
Energy holds a total of 62,272,619 ordinary shares of 0.1p each in the Company
registered in the name of Credit Suisse Client Nominees (UK) Limited, which
represents 20.9% of the Company's issued ordinary share capital.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1186538483&feed=oilbarrel_en

08.08.2007

At Ascent Resources All Eyes Are On Not One But Three Potentially Exciting Prospects In Italy

Ascent Resources has a portfolio of over 20 gas and oil projects across six countries in Europe. The projects are onshore in Switzerland, Hungary, Spain, Slovenia and offshore in the Netherlands. The company operates Spains only onshore oilfield where production is currently 110 barrels of oil per day. With stable European gas markets, Ascents portfolio favours gas over oil. As just stated, with the exception of the Netherlands all its projects are located onshore where operating and development costs are substantially lower than they are offshore.

While there are ongoing projects in all these countries, Italy is very much the focus of attention at the moment and it might be felt that managing director Jeremy Eng has certainly not allowed the grass to grow under his feet in this regard. Having said the portfolio favours gas we are currently awaiting the results of the Anagni-1 well appraisal in the Frosine permit in the Latina Basin some 80km south of Rome. This is oil and the discovery well, which was reported a month ago, gave hopes that it might portend a substantial find. The shares have risen substantially on the news but we must have the appraisal. Only Doctor Drill will tell us what is down there - this could become known within the next two weeks.

Meanwhile, it has been announced that the Arrone-1 well has been spudded. This is acreage Ascent picked up in December 2005 through a farm-in deal with JKX Oil & Gas. Ascent agreed to pay 50 per cent of a first exploration well and a one per cent royalty on any subsequent production in return for a 40 per cent interest in the permit.

The 358 sq km Fiume Arrone Permit lies along the coast to the west of Rome and is home to two 1955 wells, Roma-1 and Roma-2, of which one had gas shows. Arrone-1 well be drilled to a depth of 950 metres and will target a gas prospect identified from seismic.

The company has now announced action on a third venture in Italy. Ascent has entered into an agreement with Deltana Energy of Australia to farm out a 50 per cent interest in the 1,113 sq km Cento and Bastiglia exploration permits in the Po Valley of Italy.

The Po Valley, which extends across the northern part of Italy from Turin in the west to Venice and Ravenna in the east, is one of the most productive areas for gas and oil onshore in Europe. Since the first production in the 1950s over 130 fields have been put into production. Ascents permits are among the largest in the region.

Under the terms of the agreement, Deltana will pay the cost of the first exploration well and, on success, will pay the cost of a second exploration well. The first target is a Pliocene prospect in the western part of the permit at a depth of about 2,400 metres.

First though, investors will be keen to hear news of the Anagni-1 production test. Ascent has a 80 per cent interest in the permit, with Pentex Italia holding the balance. The well was designed as a stratigraphic well to test the subsurface make-up of the rocks in an area with poor seismic coverage. Specifically the company was looking for the carbonate platform of the Northern Appenine Thrust. This was found at a depth of 865 metres.

But, as the well went deeper, Ascent observed oil shows and found reservoir quality encouraging the company to invest more dollars and turn this well into a true exploration well. Earlier this year the company suspended the well so it could bring in equipment to deepen the well to around 2,000 metres - double the pre-drill target depth - and test the oil reservoir.

The discovery was not a complete surprise - oil is known in the area, including the Ripi oilfield 40 km away - but the potential size of the reservoir could be. Ascent is currently production testing over a 450 metre gross reservoir section. This is a thick reservoir section and the company said the log data indicates continuous limestone with extensive dolomitised zones totalling over 140 metres within the 450 metres while porosity in the dolomite frequently exceeds 10 per cent (eight per cent is about the minimum for a decent oil well). So, there is everything to wait for.

Interesting news today (forgot Arrone-1 it was only a small gas play) but the Anagni play is producing 200 barrels of fluid per day (being presently recovered drilling fluid with 0.5% cut of oil).

As they have recovered 20% of the drilling fluid (with 0.5% oil cut) in a week (around 1400 barrels) there should be another say 5 or 6 weeks before they start to see a high cut of oil (as its last in, first out).

All to play for, and very good news to see the formation is flowing well, however,the hot money will be gone now, and back in 4 to 5 weeks no doubt.

In summary on the Anagni prospect :


We have a 200 bpd pump, working at 200 bpd.

They have lost loads of drilling fluid during the drill, and are now recovering it.

They have recovered 20%, and another 80% lies within to be taken out.

Once the remaining 80% is out (well actually before that), you'll know if oil flows or not.

The main points today :

1. The structure is flowing at 200 bpd with a 200 bpd pump. So we know the structure now flows.

2. No mention of the dreaded "water".

3. Oil is there, and will hopefully increase its cut % as more the drilling fluid is got out.

4. The system works on Last In, First Out......all that drilling fluid went in under pressure, and must be taken out before any large percentage of oil can flow.

5. The seismic has confirmed the "significant potential" of the updip locations :)


Therefore, as JE says, everything is on track at Anagni.

We should perhaps expect some news before 20th Sept imv, as there is an OilBarrel.com conference with Ascent doing a presentation on the 20th, so they should want to present the latest information, so hopefully an Anagni should come just prior to this event.

http://www.oilbarrel.com/events.html

Oil Barrel conference :

Thursday 20th September 2007, 9.30am to 1.00pm

Venue: The Brewery, Chiswell Street, London, EC1
In association with BDO Stoy Hayward

The following companies will present:

Ascent Resources Plc

Global Energy Development Plc

Island Oil & Gas Plc Plc

Pacific Asia China Energy Inc

Regal Petroleum Plc

A sixth company tbc

Not sure if my analagy is going to be correct, and I look forward to someone correcting it if not.

Lets imagine that this potential reservoir is a pudding bowl (upside down). The crest of the bowl, the highest point and also the one with the greatest depth, is in the middle. As you go towards the edges so the depth of the bowl (due to the tapering height) becomes less.

So Ascent have drilled (and this was a geologic well aimed at gathering data in an area with poor seismic coverage) and suddenly found themselves in a potential reservoir section with oil. However, they have drilled on the outside of the "pudding bowl", the flank.

They have lost what appears to be around 7000 barrels of drilling fluid into the formation. This likely explains why they stopped the deepening of the well early (they were due to extend the well to 2000m from 1000m, however stopped after only a few hundred metres, when you take in just how much drilling fluid they lost, it probably explains why (on top of the fact they know from the seismic that they are on the outside of the "pudding bowl" (the flank)) why they stopped the deepening. If you note from the 28th June RNS they clearly state "Final depth of the well will be determined by the nature of the formations encountered and also, by the volumes of lost drilling fluid, the recovery of which may be necessary during the testing phase." My "rose tinted" specs thinking is they just simply run out of drilling fluid, and rather than keep putting more and more in, they had better stop, take it out, test and then better spend the money drilling the crest well Anagni-2, as they could only gain so much info from a flank well like Anagni-1.

The next wells (already submitted for approval) will now, after using the new seismic just taken, be drilled "updip" or if you like "up pudding bowl", and target the centre point of the "pudding bowl" (being "crest" drills). These wells will therefore give them the maximum depth of the play (and we still have no clue as to how deep this might go, it could be 1500m, 2000m, 3000m, 5000m.....nobody knows) and so how deep the potential play is might be the 450m already found, it might be 1000m of play, might be 2000m of play.......again, nobody knows).

Anagni-1 should we hope produce some oil, even if as it is drilled on the flank and that will be the sign that this is a real oil find of what might be major size. Failure to produce at Anagni-1 will not be the end of the story, as it is a flank well, failure would be when the crest well Anagni-2 is drilled and if that failed to produce too imv.

Where it gets all very technical is how they drill "Anagni-2".....there are such things are "underbalanced" drilling which if (hope I am correct) "very overbalanced drilling" pressures the drilling fluid into the reservoir, "underbalanced drilling" will not and will encourage the reservoir fluids to enter the wellbore, or there is "air drilling" where no fluids are used etc... Don't ask me how they will drill it, thats perhaps a question for JE at the Oil Barrel Conference on the 20th Sept for anyone going to it.

For those expecting terrific flows, given its a flank well, you'll not be getting that imv.

The top of the formation is where the pressure is the highest, as oil and gas migrate upwards until they hit a "seal" and it is there at the top point of this seal were the maximum pressure is. By AST hitting the side (flank) they will be in an area where pressure will not be at its highest.

My summary will be, if Anagni-1 does not flow oil at high levels, its not a concern as its a flank well, however it is a very very positive sign that a crest well drilled to bottom point will be very commercial.

Something at Anagni-1 is pushing behind the drilling fluid and allowing a 200bpd pump to pump out that infiltrated drilling fluid at 200bpd.

Rome was not built in one day, and the absolute potential of this newly found structure will not be known from just one drill. Patience and a wait for Anagni-2 is the key, however, in the meantime, Anagni-1 progress can keep derisking the structure.

So far all the pointers are positive, the next pointer will be a slightly increasing oil cut in the drilling fluids being recovered. The pointer after that will be an increasing oil cut again. Final pointer will be the flow of some oil after all the driling fluid is out, if you get all those three pointers, then a crest well to bottom point via Anagni-2 will be very derisked into leading to what could be a large and commercial oil field.

This little picture might help explain (again it just an opinon), and like I said, it just my analagy (pudding bowls) to try to put things into simple terms...........and I await to be corrected by those who know much more than me - I just like to think of things in simple to understand terms. The below is based on a anticline, however the position of the wells and therefore updip/pressure is explained, I think.

Just been doing lots of "Italian to English" translations and getting some background info from the Italian local papers over the last 6 months etc..

It seems that Pentex Italy (the partner with Ascent on the Frosinone (Anagni) permit is the operator of the nearby Ripi field.

Pentex produce 1520 bopd from the nearby Ripi field.

They think there is one massive oil system which has created the Ripi field, and also the potential Anagni field (if you go to WH Ireland 2006 report you'll see this sentance """"""The acreage surrounds a shallow producing field, Ripi. Ascent believes that the Ripi oil is characteristic of older, deeper oil as is the case elsewhere in Italy and will be targeting the larger deep prospects.""""""), the type of oil at Ripi is the kind of oil that comes from the big deep fields (in the case of Ripi it appears to have been pushed up at some stage into the shallows in that area. During all the movements of the rock over time, an amount of this deeper oil has been forced upwards and filled the shallow sands at Ripi, which is why they say the oil at Ripi is characteristic of "deeper structures").

This major oil system they think has created other fields, and apparently permitting is under way (being fast tracked?) to drill Strangologalli as the system may also have created another field there. Strangologalli is another license in this area. Frosinone consists of the Anagni and Veroli leads, and Strangologalli consists of 1 lead so far. The only other prospect in the Latina Valley (known at present) was the potential for a gas play at the coast being Arrone, this was P&A as we know, although gas was there, the sands were not good enough to be a reservoir of commercial size.

So the general concensus is that potentially there was one massive oil "river" as they like to say, and this has created oil pockets in the area. Ripi was one, Anagni appears to be another, Stangologalli is favoured to be another, however there is a chance that one of these (and it could be Anagni or it could not) will be the main pocket, thats fed all the others over time as things have moved around and then become trapped on its own. If Anagni is not the major pocket (with potentially many hundreds of millions of barrels), its around there somewhere hopefully, and it makes the Frosinone license very valuable now imv. Even if there is not major pocket now, there may be several smaller, but still very significant in size, pockets around.

I may have rose tinted specs, but after spending time reading all that lot, it would appear to me that the Ripi oils in the shallows potentially came from Anagani during rock movements in the past. It would be a good question to ask JE perhaps, and that is, does the oil recovered so far at Anagni resemeble the oil being produced by your partner Pentex over at the nearby Ripi field ?

There is a lot of talk of a major system in this area, lets hope that Ascent stick a drill bit (or have already) right into it.

I should add that the Ripi oilfield is in the Strangolagalli area, so one would estimate that they think these deep oils pushed upwards into the shallows at Ripi, are also present elsewhere in the Strangolagalli area.


As ever, IMO and DYOR !


***********************************

The LATINA VALLEY comprises of

FROSINONE - Anagni (80% AST) - Oil prospect (now drilling/logging) (potential for two further drills to be planned in to define the potential (large? :))reservoir)

FROSINONE - Veroli (70% (80%?) AST - Oil prospect (to be drilled future)

STRANGOLAGALLI - (50% AST) - Oil prospect (to be drilled future)

FIUME ARRONE - Arrone - (56% AST) - Small gas prospect on the coast (P&A Aug 07)

For those who like to dream ahead.............

On an "in the ground" basis, on being Italy and 10$ being fair value for Italy (and thats low and conservative) for in the ground per barrel, you can easily work some figures.

10mmbo recoverable would equate (with 298m shares) to 16.7p a share to add on.

This is 16.7p a share base value, then add on the all the other plays, which given AST was trading around 15p, then its 15p plus 16.7p.

25mmbo recoverable would equate to 42p a share to add on.

50mmbo recoverable would equate to 83.8p a share to add on.

100mmbo recoverable would equate to 167.6p a share to add on.

200mmb recoverable would equate to 335p a share to add on.

500mmb recoverable would equate to 838p to share to add on.


This is a base value, a bottom if you like, as and when AST produce, the value per barrel increases.



(This is why lots of so called experts were saying 30p was fair value already, as they INCORRECTLY took the potential shallows at Anagni being 6 to 10mmbo and came to the 31.6p value..........and said it was priced in. They made the mistake of not reading the RNS and finding that the shallows were dry, but Ascent had hit a deeper and likely much bigger structure. For me, I hope its a 50mmbo one.......of course, anything bigger and I will not be complaining.) We must of course remember there may be 0mmbo..........risk/reward and all that.

Ascent Resources Holding(s) in Company

RNS Number:9477C Ascent Resources PLC
29 August 2007

Ascent Resources plc (the "Company")

Holdings in Company

The Company was today notified by RAB Energy Fund Ltd ("RAB Energy"), that on
28th August 2007, RAB Energy acquired 350,000 ordinary shares of 0.1p each in
the Company ("Ordinary Shares"). RAB Energy holds a total of 62,622,619
Ordinary Shares registered in the name of Credit Suisse Client Nominees (UK)
Limited, which represents 21.02% of the Company's issued ordinary share capital.

Ends

This information is provided by RNS
The company news service from the London Stock Exchange
END

looks like RAB agree with you PP

For those wanting to get a little more insight into whats potentially happened at Anagni-1 (with the drilling fluid going into the very porous formation) maybe this RNS from Sounds Oil today will explain something similar.

http://www.investegate.co.uk/Article.aspx?id=200708311418071055D


.

Added this to the header :



Oil and Gas Guide for those who want to know more : Link to PDF file

Click here to register : http://www.proactiveinvestors.co.uk/eventregistration.php

Details :

Proactive Investors One2One Forums

25th September 2007 ASCENT RESOURCES & Landore Resources

Each company will present for 20 minutes with 10 minutes Q&A to follow. After the presentations are complete the directors will be available to take questions during a free canapand wine reception which will be open until 9pm

5:45pm for a prompt 6:00pm start at the Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

Does anyone have any questions for AST ? We are putting a list together, that will hopefully get asked after the Proactive presentation on the 25th Sept.

Any questions, then please let me know.

The present question list is :

1/ Will the first Swiss drill be farmed down, or will Ascent drill with the 90% holding ?

2/ Will the first Swiss drill be in Q4 07 ? or will it likely slip into Q1 08 ?

3/ The first Swiss drill, will it be for gas or for oil ? Which prospect is likely to be first up, Bern-1, Bern-2 or Vaud ?

4/ Page 27, annual report, Director's report.
" At end of the first drilling programme, due for completion in Q2 2007, the Company plans an independent reserves valuation of the portfolio to record proved (P1), probable (P2) and possible (P3) reserves

What is the progress towards this?

5/ Whats happening in Spain, everything seems to have ground to a halt, will you look at selling off the Spanish assets now that Italy is becoming of more importance to Ascent ?

6/ Hungary, Bajsca.......drilling still due to commence in Q4 07 ?

7/ It has been said the oil produced at Ripi (by your partner in the Anagni well) is of the type associated with deeper reservoirs, is the oil type at Anagni the same type as at Ripi ?

8/ Assuming Anagni is commercial.....is there a high chance of further commercial structures in the Anagni to Ripi area ? and also on the Fosinone license area ?

9/ On the Frosinone license area you have one further lead, being Veroli, and also the Strangologalli license area. In the Italian media there was talk of "fast track" of a drill in Strangolagalli. Is this the case that this will be the next lead (ignoring the two appraisal wells at Angagni) to be drilled ? and if so, when is the Veroli lead likely to be investigated ?

Nice move JE.

Adds to the realisation that Italy is going to be, potentially, very big for Ascent.

http://www.investegate.co.uk/Article.aspx?id=200709050701393078D

Ascent Resources PLC
05 September 2007

Ascent Resources plc ('Ascent' or the 'Company')

To purchase 22.5% of Italian Drilling Contractor

Ascent Resources plc, the AIM traded oil and gas exploration and production company, is to acquire a 22.5% interest in Italian drilling contractor Perazzoli Drilling srl ('Perazzoli'). The acquisition will provide Ascent, through its subsidiary Ascent Drilling Limited ('Ascent Drilling'), with priority access to Perazzoli's rigs, enabling it to more efficiently schedule the Company's exploration and appraisal drilling programmes on its European gas and oil portfolio, as well as additional revenue.

Ascent Drilling is to be owned 50% by Ascent Resources plc and 50% by Midnight Energy Limited, a company controlled by Malcolm Groom, also a director of Ascent Resources plc. Ascent Drilling will be acquiring 45% of the shares of Perazzoli and Ascent's interest will be in 22.5% of those shares.

Under the terms of the letter of intent signed between Perazzoli and Ascent Drilling, Perazzoli will acquire the 100 tonne Corsair 300 drilling rig from its parent company and is to order a WEI DS-205 200 tonne drilling rig for delivery in mid 2008. The Italian manufactured new build WEI rig is one of the latest generation of hydraulic rigs, which are low profile, designed for minimum environmental impact, and capable of drilling to over 3,600m. The Corsair rig,which has a drilling capability of over 2,000m, has been used continuously by Ascent in Spain and Italy over the past 8 months to drill 3 wells and for the deepening of the Anagni-1 oil discovery well.

Across Europe there is currently a shortage of drilling contractors. This is due to an increase in exploration activity over the past two years, including the German geothermal initiative, which has adsorbed drilling capacity. In Italy, the shortage of properly certified drilling rigs is particularly severe. With a 22.5% share in Perazzoli, Ascent will be able to prioritise its drilling slots as well as gain financially from the rental of the two rigs to third parties. Perazzoli has a strong order book and contracts with other operators in Italy will see both rigs fully engaged for the foreseeable future. Ascent will initially use the rigs to drill on its Italian and Swiss projects and expects to use them for circa 20% of their operational time.

Ascent's drilling plans with Perazzoli includes the Gazzata exploration well on the Bastiglia exploration permit in the Po Valley, which is being fully funded by its 50% farm-in partner Deltana Energy Limited, the first of the Swiss
appraisal wells, where a farm-out is under discussion, as well as two appraisal wells at Anagni and a further exploration well on the Frosinone permit.
Drilling on projects in Hungary, Slovenia and the Netherlands will be with other contractors.

Ascent's Managing Director Jeremy Eng said, 'We have over 20 projects in our portfolio and the seven wells drilled to date have been on only four of these projects. These first wells were the easier shallow wells all less than 2,000m.
The next wells are generally deeper and target more prospective and substantially larger targets. Market conditions, particularly in Italy at the present time, make taking a strategic interest in an Italian drilling company
very advantageous to Ascent. Not only does it allow us to drill at a time convenient to us but it will also contribute to revenues.'

EVO presently on their own on the offer.

For reference.

Its said that EVO (Evolution) are going to stop being MM's across a few smaller oil stocks, and so its no surprise they are on their own on the offer.

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas


10th September 2007

Ascent Resources plc ('Ascent' or the 'Company') Finalises Hungarian Joint Venture with MOL RT

Ascent Resources plc, the AIM traded oil and gas exploration and production company, through its 90% owned Hungarian company PetroHungaria kft, has signed a Joint Development and Joint Operating Agreement with Hungarian company MOL, for the redevelopment of the Bajcsa Gasfield in south western Hungary. The redevelopment project is designed to recover additional gas reserves through the horizontal recompletion of existing wells.

The Bajcsa field is 6 kilometres south of Nagykanizsa near the Hungarian Croatian border. It was originally brought on stream in 1961 and has produced from over 20 wells. The field has seven stacked reservoirs with the majority of production coming from two, VII/b and III. Total production to date is circa 470 million cu. m (16.6 Bcf). The horizontal recompletions, to be drilled from the existing vertical wells, are designed to significantly increase production rates and recover gas from un-depleted parts of the reservoirs. It is planned to drill the first two horizontal recompletions towards the end of 2007. Importantly, because the field is already on production, gas from these wells can immediately be delivered to market.

The Joint Venture has already completed extensive reservoir and horizontal well studies and will jointly plan and implement the drilling of the new wells, which will use Rotary rigs already under contract to MOL. Incremental production will be shared between MOL and PetroHungaria.

Ascent's Managing Director Jeremy Eng said, "This project has many important elements; By working in an existing producing field it will provide additional proven reserves to the Group; it has the ability to immediately sell produced gas without having to wait on new development approval and there are other similar opportunities in the surrounding area, not least of which is one of the Ascent operated Slovenian gas project at Petisovci Globocki."

* * ENDS * *

Well, we should be expecting interims around the 18th Sept (as they are due prior 30th and Ascent are doing Oil Barrel on the 20th so you'd expect them out prior to Oil Barrel).

So not long to wait for an Anagni update, we might even get one in isolation ahead of the interims, to focus on the progress there.

Exciting times ahead.

Up trend continuing today.

PP, on a seperate off topic note, have you researched HAWK. I think there is lot's of mileage to be had there.

I have updated the Bajsca info in the header posts following the comments by Mark Slater (webcast on www.t1ps.com)

Bajsca is said to be potentially hold around 1 TCF of recoverable gas (worth potentially 2 billion euro) of which AST has 45%.

The hope for Anagni is its a 100m+ barrel find, and it could be worth 5,6 or 7 times the current price. Apparently the big Tempa Rossa find in Italy was the same, and it took quite some time to get the oil flowing out. The last update was at 20 days (24th August) (and extraction of drilling mud was 20%) so therefore as we stand now they should have extracted around 40% now, with around another 60+ days of mud extraction to go.

Total drilling mud loss in the well was around 20,000 barrels.


sivermede - have looked but all my oily money is in AST and IPL presently :)

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1189648917&feed=oilbarrel_en


13.09.2007

Ascent Resources Set To Drill Tight Gas Reservoirs In Hungary This Year

Two years ago AIM-listed Ascent Resources signed an MoU with Hungarian firm MOL to work together on the redevelopment of tight gas reservoirs in the southwest of the country. Now that MoU has been cemented with the signing of a Joint Development and Joint Operating Agreement for the redevelopment of the producing Bajcsa gas field, a project that promises a near-term uplift in reserves and production.

The plan is to use state-of-the-art recompletion techniques to unlock difficult-to-access reserves and improve flowrates from low permeability reservoirs. The gas would then be processed and transported using the existing production infrastructure, keeping development costs low and timelines short.

Despite these attractions, the project would have struggled to move off the drawing board without fiscal incentives. Earlier this year Hungarys Ministry of Economy and Transport granted the enhanced gas recovery project a reduced royalty rate of 12.46 per cent, down from 70 per cent. This improvement is in line with the hydrocarbon law for new investment in oil fields and comes as a result of a lobbying campaign by MOL and Ascent. This royalty reduction makes a significant difference to the project, managing director Jeremy Eng told oilbarrel.com in April 2007. Without this, the project would be marginal.

The Bajcsa field lies 6 km south of Nagykanizsa near the Hungarian-Croatian border. It was originally brought on stream in 1961 and, to date, has produced some 16.6 billion cubic feet of gas from over 20 wells. The majority of the gas has come from the VII/b and III reservoirs, just two of the seven stacked reservoirs that make up the field. Current production levels are fairly minor.

MOL and Ascent plan to drill horizontal recompletions from the existing vertical wellbores. This should boost flowrates and drain gas from undepleted reservoirs. The exact increase in production wont be known until the partners get to work. Shareholders wont have long to wait for the results: the first two horizontal recompletions will go down towards the end of this year and the gas can be immediately sold to market.

Interestingly these reservoirs extend across the border into eastern Slovenia, where earlier this year Ascent bagged interests in two fields through its acquisition of Nemmoco Slovenia Corp. Ascent bought Nemmoco in February, thereby securing a 45 per cent interest in the Petisovci Dolina (P-D) oil and gas fields and a 15.75 per cent interest in the underlying Petisovci Globoki gasfield (P-G).

These fields, discovered back in 1942, currently produce minor amounts of oil and gas but are thought to hold substantial additional reserves. The remaining proven plus probable oil reserves in the P-D reservoirs are estimated to be 10.7 million barrels with the P50 gas-in-place estimate on the deeper P-G reservoirs put at a rather meaty 579 bcf. Again, modern completion and production technologies will be key to unlocking this potential.

The deeper P-G gas accumulation has been tested by the drillbit in recent years, with Grove Energy, now part of Canadas Stratic Energy, drilling and then deepening the D-14 well. The results were disappointing but not a disaster: despite strong gas shows while drilling, the deeper E-1 reservoir did not produce from an open-hole test and the well was suspended without a fracture stimulation. Fraccing could well be the key to producing from these tight gas reservoirs. If MOL and Ascent have success over the border in Hungary, it will encourage investors that the P-G reservoir can also be made to work, unlocking a substantial gas resource that, given the existing production infrastructure, could prove a nice addition to the bottomline.

PapalPower: Many thanks for the link to Oilbarrel.com - what a mine of information; had not known about it.

I hold shares in AST - price is down this morning but I'm sure they'll come through in time.

Toya, the shorter term movement will be controlled by the shorter term traders jumping on and then jumping off to take a quick profit. We have moved up from 18p to 24p in a short period of time, so bound to get some who will sell out.

However, the fundamentals of the company are stronger than ever now, with the news on Bajsca going ahead.

From a post on AFN, here is a transcript of the Tom Winnifrith/Mark Slater interview last week from the www.t1ps.com site, the part reference to AST :


TURKEY3 - 17 Sep'07 - 08:41 - 15342 of 15342

Transcript from tw & ms from last week.

Tom: Moving to stock specific, at Master Investor you highlighted very few stocks. Let's go with the most interesting: Ascent Resources (AST). t1ps readers are fully aware of my views on that. How has Ascent gone for you?

Mark: Very well. I came in at 8p, my average price was (before I sold any) must have been about 10p, 9p, that kind of thing and I think at Master Investor it was about 14p and it had a huge run up to 32p. I sold about a sixth of my holding between 29p and 32p. I was looking to sell about a third because that would have got me in for nothing but the shares fell back.

They've been quite strong lately. They've been all over the place but they're up this morning 3.5p, they're up to 23-24p today. The bet hasn't really changed for me. The price has moved but I think the actual bet is pretty similar, which is that: here's a company, 23p or 24p it's capitalised at about 70-odd million.

It's got cash, it's got a little bit of production and it's got several big bets all of which look quite likely, so the one that's driven the price in the last 2 days is the announcement of a joint venture with a big Hungarian company looking for tight gas in Hungary and this is actually the deal that originally attracted investors when Ascent floated some years ago. This was then the great hope. It took a long time to sign up - it took a year or more to sign the deal - but they think they've got something like 1 trillion cubic feet of gas and I think you'd normally value that at about 2 billion. They've got 45%. Now, there's a bit of work to do before they get there, obviously, but there has been production there, it's near infrastructure, they'll get project finance quite easily (in my view) and that's a very, very big play, very little risk, I think.

There's Italy. There are 2 key areas in Italy. There's the Po Valley which I think is quite interesting but the key short term is the Latina Valley where they've got a project. They've got an oil discovery and they're now assessing it or appraising it and unfortunately they put in a huge amount of mud when they drilled - they put in something like 20,000 barrels of mud -

Tom: This is Agnagni.

Mark: Yes. And they put in 20,000 barrels of much, which was too much, and they're now pumping it out. Well, of course to get to the oil you've got to get the mud out first so they're pumping at about 200 barrels, maybe 240 a day, so roughly 1% of what they put in they're getting out per day. They've been pumping for about 30-35 days. The last statement was probably when they were 20 days in, so they'd taken out 20% of what they'd put in, and they were about about 0.5% oil, so roughly 0.5% of what was coming up was oil and I think their hope will be that that percentage rises as they get more out but it's taking time. Tempo Rosso, which was another big find in Italy, was very similar. It took a long time before the oil came out. It's a geology where that's to be expected. They're confident and we'll see.

Again, the risk/reward is what I like. If it's worth nothing ... I think the odds of Agnagni being worth nothing are very, very low. I think there's a reasonable chance they'll have to find another way in. There's a reasonable chance of that. They might have to drill it from a different angle or something like that. But it's a very good bet. If it's right, you're talking about a huge asset. You're talking about 100 million barrels plus. That's huge. On-shore Italy, that is huge and would be worth, I would say, 5-6-7 times the current share price. Maybe more. A dramatic multiple to share price. If it's wrong, I think the shares go back to maybe 14p on sentiment but my view is they'll be back to 23-24p anyway at some point because they've got a lot of other good things in there.

They've got Hungarian projects, they've got a very big project in Switzerland and lots of other little things as well, so my view is the risk/reward is excellent and that's why I wouldn't sell out. I think it's quite sensible to take a bit of money out as you go along but I wouldn't sell out.

PapalPower: thanks for the info - again. What attracts me to this share is that there are several projects going on at once, at various stages and in different geographical areas - some with huge potential if all goes well. So: one to hold on to.

PapalPower: will you be attending the Presentation in London tomorrow? I can't get there alas but, if anyone does go, it would be great to have a brief summary here!

Not me, but I will keep an eye out for any reports, and post them here if we get some.

Thanks

Post from AFN :

bobobob5 - 20 Sep'07 - 16:29 - 15559 of 15588

Just got back from Oilbarrel. I thought Jeremy Eng's presentation was pitched just about right: it didn't focus too much on Anagni, but instead covered the breadth of what is a pretty broad exploration portfolio. A few key points I took in notes:

* the primary funding strategy is farmouts
* AST like the stability of gas prices (compared to oil)
* small European discoveries can prove economic
* the portfolio is "evenly spread"
* by the end of 2009, half the portfolio will still be left to explore
* Nyirseg: the field had produced in the past, doing seismic over 100 sq.km.
* Switzerland held up by rig shortages, plan to get a rig on it by end 2008
* Slovenia: talked about big potential, but reservoirs can be difficult
* Anagni: the 50 metre interval leaked mud into the fractures, 3000 tons (20,000 barrels) initially lost, remedial work cut the further loss to 500 tons in the subsequent drilling, the original estimate was 5% dolomite porosity but this was found to be 15%, the % of dolomite was high, 40% of fluid recovered so far, expect most of the fluid (i.e. another decent slice of the remaining 60%) needs to be recovered before knowing the facts about the oil (or whatever), oil staining in fractures in the recovered samples despite being 'washed' for 3 days by the drilling fluid, no gas seen, indications of live oil.

My impression was of a competent outfit, getting on with the job.

but imho DYOR etc as always

The Oil Barrel Presentation Slides are now available to view, link below :

http://www.ascentresources.co.uk/investor_information/Ascent_Oil_Barrel_2007.pdf


.

Summary in the yellow box updated :

Summary:

Producing 100-120bpd with reserves of 0.5MMbbl in Spain, and planning the development of a 3-well field in Hungary. Two wells currently producing minor amounts of oil and gas in the Bascja field are expected to be recompleted, using horizontal drilling, by the end of the year, and immediately put on production.

Drilling fluid recovery is ongoing at anagni (at 200bpd)- once this is complete testing will begin on the prospect. A break (est 3 weeks) in drilling fluid recovery is expected end of October whilst a new testing permit is acquired. Estimate for drilling fluid recovery to end approx mid-December.

Producing:

Spain, Ayoluengo (88.75%). The field is currently producing at around 110bpd from reserves which were acquired at $6/bbl (with estimated reserves of 0.5MMbbl). Profits are sufficient to cover administrative overheads. Production from current wells is in decline but bringing new wells on-stream has maintained production, which may improve through the year with the introduction of new production technology and enzyme treatments.

Testing:

Italy, Anagni (80%). Drilling at anagni confirmed the presence of a carbonate platform from 865m to total depth (1355m), with oil shows from 905m down. Of the 450m intercept dolomitised zones with over 10% porosity totalled over 140m. Total loss of circulation was experienced throughout the drilling and due to its fractured nature core recovery was poor, although all cores recovered had traces of oil. The fluid lost is currently being recovered (along with small traces of oil) at 200bpd using a 'nodding donkey' pump.


Development plans:

Hungary- Nyirseg (54.45%)- This field has three commercial wells which are being included in the current development study, with the aim of initial production in H1 08. Pen-104 (which flowed at a restricted 3.4MMscfd) was discovered by AST, and its success has opened up the possibility of developing two former discoveries, Pen-12 (which has an estimated 2bcf recoverable), and Pen-9 (which has an estimated 26bcf recoverable).

Hungary- Bajsca (45%)- Tight gas redevelopment project in partnership with MOL; technical studies have confirmed the economic viability of the project using horizontal recompletion techniques. The first two of these recompletions will be commenced in December 07 (PetroHungaria (90% owned by AST) to drill the wells with MOL providing the infrastructure).

Exploration to date:

In the Nyirseg permit (Hungary, 54.45%) we have had one commercial discovery from a four well drilling program. This was Pen-104: the target which flowed had a Most Likely size of 2.3bcf, but given the high flow rate this is likely to be revised upwards. The other three wells had varying results. Vam-1 hit good quality gas but not enough to suggest a commercial reservoir, so was P&A. FGY-2 hit water in a reservoir quality interval; this was encouraging enough to have the company plan to drill nearby at FGY-1 in the next round of drilling. Pen-102 intercepted a fault system en-route to the target Miocene tuffs (which contained only residual gas). The fault system was subjected to a well seismic survey with the intention of planning a sidetrack with the objective of entering the Miocene gas reservoir in a more favourable location at a later date.
3-D seismic acquisition planned over field area

In the Sedano Basin permit (Spain, 50%) we drilled a single well, Hontomin-4, which did not find oil, suggesting a lack of a successful seal in the area.

In Italy we have had a non-commercial gas well at Fiume Arroe and testing is ongoing at the "encouraging" Anagni well.

Other plans:

Quick Summary of present pending drills to 2009 (schedule will be added to and ammended as time goes by) :

Hungary - Bajsca - 2 Horizontal recompletions to start in Dec 2007
Italy Frosinone - Anagni - 2 drills to be done for oil
Italy Frosinone - Veroli - 1 well to be drilled for oil.
Italy - Bastiglia - 2 wells to be drilled for gas in H2 2008.
Swiss - Bern 2 - 1 well to be drilled in Q4 2008 for gas.
Holland - M11 - 1 well to be drilled in 2009 for gas
Holland - M8 - 1 well to be drilled in 2009 for gas.

Spain- Rocamundo- an application has been made for this exploration license (to the north west of ayoluengo) with Tethys and Shesa.

Spain, Sedano Basin, Basconcillos H, Tozo-1 well (50%), oil target drilled by Chevron in 1965, which flowed several hundred barrels over a five-month period and also contains an un-tested gas find.

Italy- Po Valley (49%)- Deltana will pay the cost of the first exploration well (and if successful the second) on the 130bcf Gazatta-1 prospect. Second prospect would be Palazzo-1, target 116 Bcf. Well location permitting is currently underway. Deltana have also contributed to historical costs and will pay the first 1.5 million euro's of seismic expenditure on the permits. First two prospects to be drilled in H2 2008.

Switzerland (90%)- (in Vaud) an oil exploration permit containing a 1962 oil discovery at Essertines and (in Bern) two gas exploration permits containing a gas discovery each (Linden, 1972; Hermrigen, 1982); all three also contain unexplored Triassic potential. The results of the prospectivity report, created by reprocessing seismic data, acquiring new seismic surveys and geochemical analysis, were integrated into a new geological model. The next stage of finding suitable drilling locations has commenced and wells will be drilled in Q4 2008.

Holland (45.75%)- Four offshore licences covering a total of 795 square kilometres. One of these (M11) contains a discovery from 1982 which flowed at 2MMscfd; with technological improvements this may be increased towards commerciality. A 3D seismic survey requires reinterpreting, and geological and geophysical work is underway. Drilling is planned for 2009/2010 depending on rig availability.

Slovenia, Petisovci Globoki (15.75% and operator)- This field is considered as an extension of the Bajsca tight gas field in Hungary. One well previously drilled, D-14, intersected minor gas and water (only produced after three fracture stimulation attempts), but when deepened deeper reservoirs with estimated P50 gas in place of 579Bcf had strong gas shows which did not produce from an open-hole test (fracture stimulation was not attempted). Preliminary engineering studies are ongoing.

Slovenia, Petisovci Dolina (45% and operator)- total 2P reserves of 10.7mmbl.

Other interests:

In Gabon, after some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy). Both have extensive 2D and 3D seismic. Themis Marin is the more advanced licence which is scheduled to be drilled in Q3, while the seismic for Iris Marin is being processed with results due later this year.

AST have purchased 22.5% of an Italian drilling contractor. The company currently has one 2000m+ rig, and will acquire a 3,600m-capable rig by mid-2008. AST expect to utilise these rigs for around 20% of their operational time.

Total shares in issue 301,167,591

Large Shareholdings (total 52.8%):Company/Individual Holding %age
Credit Suisse Nominees (RAB) 62,622,619 20.79%
R B Rowan 25,000,000 8.30%
Tiger Resource Finance 24,093,406 8.00%
Slater Investments 22,914,679 7.61%
HSBC Global Custody Nominee (AXA Throgmorton Trust) 14,000,000 4.65%
FMR Corp 10,763,100 3.57%
HSBC Global Custody Nominee (AXA UK Smaller Companies) 10,000,000 3.32%
Roy Nominees ltd (Majedie Investments) 9,565,789 3.18%
Mellon Nominees (UK) ltd 6,315,789 2.10%
HSBC Global Custody Nominee (AXA SEI UK Equity) 4,180,000 1.39%


Director Shareholdings (total 1.51% of shares in issue and 23m options at an average price of 8.45p):

J P Kenny 100,000 500,000 options at 10.5p by 28-12-10

J V L Legg 533,526 500,000 options at 5p by 28-06-10; 1,000,000 options at 15p by 23-09-10; 1,000,000 options at 40p by 23-09-10; 500,000 options at 10.5p by 28-12-10

P R S Earl 50,000 500,000 options at 11.5p by 15-05-11

N S J Moore 119,500 500,000 options at 9.5p by 28-06-11

M D J Groom 1,597,750 1,000,000 options at 5p by 28-06-10; 1,000,000 options at 15p by 23-09-10; 1,000,000 options at 40p by 23-09-10

J Eng 2,000,000 10,000,000 options at 5p by 1-03-10

P A F Heren 500,000 options at 11.5p by 10-11-10

Answers to some questions that were raised prior to the OB and Proactive conferences and presented to Jeremy Eng at the Proactive conference to be answered.

Thanks to the Proactive Team ( http://www.proactiveinvestors.co.uk ) for asking them on our behalf.



"Hi PP,

Answers here:

1/ The earlier Swiss drills (not by Ascent) were to depths exceeding 2km, do we take it therefore that the first drill by Ascent will be shallower than 2km based on the rig available ? or ref Q2.

= The first well will, most likely be an appraisal of one of the gas discoveries and therefore greater than 2km



2/ Will the first Swiss drill be in Q4 07 ? or will it likely slip into Q1 08 ? or will it have to wait until the new deeper drilling rig is obtained by Ascent Drilling ?

= It will have to wait for the new rig



3/ The first Swiss drill, will it be for gas or for oil ? Which prospect is likely to be first up, Bern-1, Bern-2 or Vaud ?

= Gas in Bern



4/ Page 27, annual report, Director's report.
" At end of the first drilling programme, due for completion in Q2 2007, the Company plans an independent reserves valuation of the portfolio to record proved (P1), probable (P2) and possible (P3) reserves

What is the progress towards this?

= It is planned for release with 2007 Final results



5/ Whats happening in Spain, everything seems to have ground to a halt in terms of further exploration or flow enhancements, will you look at selling off the Spanish assets now that Italy is becoming of more importance to Ascent ?

= N/A


6/ Hungary, Bajsca....based on your projections for the feasibility study...what is the expected average cost per well ? based on a well being commercial and having whatever mean expectation flow rate you expect, what will be an estimated time period for ROI, and also expected mean well life time ?

= MOL have stated that Phase 1 could produce 80k cu.m per day from two wells



7/ It has been said the oil produced at Ripi (by your partner in the Anagni well) is of the type associated with deeper reservoirs, is the oil type at Anagni the same type as at Ripi ?

= Similar


8/ Assuming Anagni is commercial.....is there a high chance of further commercial structures in the Anagni to Ripi area ? and also on the Fosinone license area ?

= Very good potential


9/ You have been quoted in the past as preferring "gas over oil", is this still the stance ? and if so, why ?

= Stability of the gas markets in Europe (excluding UK)



10/Quote*****"July 2005 saw the purchase of Vintage Petroleum Italiana, now renamed Ascent Resources Italia, which has 100% of two gas exploration permits in the central part of the Po Valley. ....
Ascent paid $2.6m in cash for Vintage. This included working capital, coupled with drilling equipment and inventory sufficient for three wells. The vendor, Oklahoma based Vintage Petroleum Inc., has the right to buy back in for a 30% interest until end 2009, as well as the right to recover 75% of its past losses from any future revenues"*****Unquote


10a/ What happened to the drilling equipment and inventory - has this already been used up on other AST wells?

= Quite a lot of it has


10b/ We never saw anything about this farm-in clause in the Envoi Po Valley dataroom document, or in the annual report, or in the RNS regarding Deltana. Does this mean that AST will effectively own just 20% of the Po Valley acreage if Gazatta is successful and Vintage want to exercise their option. Or would it drop AST from 50% to 35% (i.e. 30% of AST's 50%). Or has this option already been terminated?

= N/A


11/ Financing for the Bajsca project, how are you intending to address the financing required to get this project underway in Q4 ? Do you have the required monies for the initial start up ? or will look to raise money by either debt, equity issue or asset sale ?

= N/A


12a/ Slovenia assets are frequently quoted as "producing a small amount of oil and gas". Please define "small amount" in terms of boe/day to AST

= There is currently no production attributable to the Ascent Slovenia assets


12b/ Ref to Solvenia, what is the timetable for activities in P-D - are there plans for re-development and hence increasing cash flow through existing facilities?

= Yes


13/ How is the commercial devlopment in the Nyriseg permit of the Peneszlek discovery and pre-existing appraisal re-entries progressing? Will there be first gas sales in 2007?

= There have been some delays with pipeline works and 2007 is now probably not achievable

Answers to some questions that were raised prior to the OB and Proactive conferences and presented to Jeremy Eng at the Proactive conference to be answered.Thanks to the Proactive Team ( http://www.proactiveinvestors.co.uk ) for asking them on our behalf.

My comments on them would be that some of the questions we knew there would be no answer too, however, the oil being "similar" to Ripi is good to hear as the potential remains that the Anagni structure is the big deep one from which some oil was pushed up and into the shallow Ripi sands - and also the reason behind the Ascent Drilling investment could well be due to the requirement to be very busy in Italy in the years to come - not developing this Anagni structure and surrounding license area, but also Po Valley.



"Hi PP,
Answers here:

1/ The earlier Swiss drills (not by Ascent) were to depths exceeding 2km, do we take it therefore that the first drill by Ascent will be shallower than 2km based on the rig available ? or ref Q2.

= The first well will, most likely be an appraisal of one of the gas discoveries and therefore greater than 2km


2/ Will the first Swiss drill be in Q4 07 ? or will it likely slip into Q1 08 ? or will it have to wait until the new deeper drilling rig is obtained by Ascent Drilling ?

= It will have to wait for the new rig


3/ The first Swiss drill, will it be for gas or for oil ? Which prospect is likely to be first up, Bern-1, Bern-2 or Vaud ?

= Gas in Bern


4/ Page 27, annual report, Director's report.
" At end of the first drilling programme, due for completion in Q2 2007, the Company plans an independent reserves valuation of the portfolio to record proved (P1), probable (P2) and possible (P3) reserves What is the progress towards this?

= It is planned for release with 2007 Final results


5/ Whats happening in Spain, everything seems to have ground to a halt in terms of further exploration or flow enhancements, will you look at selling off the Spanish assets now that Italy is becoming of more importance to Ascent ?

= N/A


6/ Hungary, Bajsca....based on your projections for the feasibility study...what is the expected average cost per well ? based on a well being commercial and having whatever mean expectation flow rate you expect, what will be an estimated time period for ROI, and also expected mean well life time ?

= MOL have stated that Phase 1 could produce 80k cu.m per day from two wells


7/ It has been said the oil produced at Ripi (by your partner in the Anagni well) is of the type associated with deeper reservoirs, is the oil type at Anagni the same type as at Ripi ?

= Similar


8/ Assuming Anagni is commercial.....is there a high chance of further commercial structures in the Anagni to Ripi area ? and also on the Fosinone license area ?

= Very good potential


9/ You have been quoted in the past as preferring "gas over oil", is this still the stance ? and if so, why ?

= Stability of the gas markets in Europe (excluding UK)


10/Quote*****"July 2005 saw the purchase of Vintage Petroleum Italiana, now renamed Ascent Resources Italia, which has 100% of two gas exploration permits in the central part of the Po Valley. ....
Ascent paid $2.6m in cash for Vintage. This included working capital, coupled with drilling equipment and inventory sufficient for three wells. The vendor, Oklahoma based Vintage Petroleum Inc., has the right to buy back in for a 30% interest until end 2009, as well as the right to recover 75% of its past losses from any future revenues"*****Unquote

10a/ What happened to the drilling equipment and inventory - has this already been used up on other AST wells?

= Quite a lot of it has


10b/ We never saw anything about this farm-in clause in the Envoi Po Valley dataroom document, or in the annual report, or in the RNS regarding Deltana. Does this mean that AST will effectively own just 20% of the Po Valley acreage if Gazatta is successful and Vintage want to exercise their option. Or would it drop AST from 50% to 35% (i.e. 30% of AST's 50%). Or has this option already been terminated?

= N/A


11/ Financing for the Bajsca project, how are you intending to address the financing required to get this project underway in Q4 ? Do you have the required monies for the initial start up ? or will look to raise money by either debt, equity issue or asset sale ?

= N/A


12a/ Slovenia assets are frequently quoted as "producing a small amount of oil and gas". Please define "small amount" in terms of boe/day to AST

= There is currently no production attributable to the Ascent Slovenia assets


12b/ Ref to Solvenia, what is the timetable for activities in P-D - are there plans for re-development and hence increasing cash flow through existing facilities?

= Yes


13/ How is the commercial devlopment in the Nyriseg permit of the Peneszlek discovery and pre-existing appraisal re-entries progressing? Will there be first gas sales in 2007?

= There have been some delays with pipeline works and 2007 is now probably not achievable

You've been busy, PP - many thanks for all this! (Do you not need to sleep??)

Yes, sometimes :)

Turkey seems a new driver for higher oil prices, along with the US data etc......bring on 100$ a barrel soon I hope :)

http://www.resourceinvestor.com/pebble.asp?relid=36518

...................................................Crude oil prices have shot up to levels above $83 per barrel as other discerning news emerged at the same time. Turkish threats to start a major military operation in Iraqs Kurdistan, largely to destroy the military bases of the Turkish-Kurdish rebels of the Kurdistan Workers Party (PKK), could result in a major destabilization of the whole region.

Turkish military operations have been halted the last two years, as the U.S.-led coalition in Iraq has prevented this to happen. PKK forces have been able to feel rather safe in Iraqs Kurdistan, which has become a defacto independent region, ruled by Kurdish parties that are still part of the Baghdad government. American officials have warned that they will not allow Turkish forces to enter Iraq to quell PKK operations the next months.

A major political confrontation already has been brewing between Ankara and Washington, as Turkish generals have been preparing to invade Iraq openly. At the same time, a U.S. House of Representatives vote on the Armenian issue has ended in a declaration that the killings of hundreds of thousands of Armenians by Turkey at the end of World War I was genocide, putting additional oil on the fire.

The coming months will continue to be volatile, as crude oil does not seem to be heading to a slowdown. Price levels will keep high, as market fundamentals only show a tendency for further constraints.

I see you've been busy, PP, here and on other threads - many thanks for the updates; very helpful.

We know the extended extension testing permit expires end of the month. We also know its more than likely going to have to expire before it can be applied for again, as its already been extended once (might even be twice).

Therefore next week or the week after we should perhaps get news on progress, along with the statement that testing is temporarily stopped whilst a new testing permit is applied for and received.

wonder if bruce rowan sold out at 30p.. just bought into his tiger resources...nav 50% discount to sp

No - there has been no recent change of large holders holdings.

Investment funds, like TIR, always trade at a big discount to NAV, its normal, as the market factors in the fact that if the fund were ever to try to sell their shares, they would force the price down and so can never get the share price as quoted.......and its why therefore trade at a big NAV discount.

Excellent news, and as I have been suspecting, and also why JE did not answer my question on whether they were selling Spain.......obviously he could not answer ;)

Good business, cash in the bank now nicely up and ready to roll with Bajsca in Hungary in December.

Also note the comment from JE " Importantly, it is expected that during 2008, revenues from gas production in Hungary will more than replace the oil sales revenues from the Spanish production."




Ascent Resources PLC
25 October 2007
Ascent Resources plc ('Ascent' or 'the Company')

Agreement to Sell Spanish Oil Assets and Farm-out of First Swiss Project

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has entered into an agreement to sell its oil assets in Spain and to farm-out up to 40% of its 90% interest in the Seeland-Frienisberg Permit in the Canton of Berne in Switzerland, to AIM listed Leni Gas and Oil Plc ('LGO').

Under the proposed agreement, LGO will purchase Ascent's Spanish oil assets and the entire issued share capital of Ascent's wholly owned subsidiary Compania Petrolifera de Sedano ('CPS'). These assets have a book value of 321,000 and have an operating profit from production of 241,000. The consideration of 2.25 million and 8 million ordinary LGO shares will be partially used to repay outstanding intercompany loans in Spain.

Ascent's Spanish oil assets include 88.75% of the Ayoluengo field in the La Lora concession and CPS, which has a 50% interest in three exploration licences, Huemeces, Basconcillos-H and Valderedibles. These licences are held on a 50:50 basis with Tethys Oil AB of Sweden. This divestment is in line with Ascent's strategy of focussing on its gas assets, which the Board believes provides greater stability due to the strength of the mainland European gas market. The acquisition of these assets by LGO constitutes a reverse takeover under the AIM Rules and is therefore conditional (inter alia) upon LGO gaining approval from its shareholders.

Ascent is retaining a presence in Spain with its 50% interest in the Rocamundo gas exploration application, where the Company's partners are Tethys Oil and Shesa, the Basque oil company, who have a 30% interest and a 20% interest respectively. This exploration permit is expected to be issued later this year.

In Switzerland, Ascent has conditionally agreed to farm-out up to 40% of its 90% interest in the Seeland-Freinisberg Permit in north-western Switzerland to LGO. Schweizerisches Erdol AG ('SEAG') is the concession holder with a 10% interest.
Under the terms of the farm-out, LGO will fund the costs of the drilling and testing of the first well in the exploration permit. Expenditure on subsequent exploration and production activities in this permit will be funded on a working interest basis. If LGO takes up its full 40% interest, it will additionally have the right of first refusal to participate in Ascent's other two Swiss projects on the same terms.

The 363.5 square kilometre surface prospecting permit was awarded in July 2005, and the first exploration phase expires on December 31st 2007 with a three year extension pending. The first phase work commitments which have been completed, includes a spectral acoustic seismic trial, geochemical field studies and integration of the existing geological and geophysical data.

In 1982, Elf drilled the Hermrigen-1 well within the area of the permit to a total depth of 2,425m in Triassic salt. Gas shows were encountered in the lower carbonate section of the Keuper and a test in the section of the well flowed gas at an initial rate of 1.5MMscfd decreasing to 0.62MMscfd after 15 hours.

The Competent Persons Report commissioned by LGO, states that Gross Contingent Resources associated with the Hermrigen-1 discovery well are between 10.7 Bcf and 21.2 Bcf and that six other prospects in the permit have Prospective Resources totalling between 347.7 Bcf and 676.5 Bcf. The partner group will choose the location of a well designed to prove commercial gas reserves in this permit. Subject to regulatory approval, it is planned to drill this well using the new build, low environmental impact hydraulic rig of Perazzoli Drilling, a drilling contractor in which Ascent has acquired a 22.5% interest.

Ascent Managing Director Jeremy Eng said, 'The divestment of Ascent's Spanish oil assets follows both the Company's strategy of preferentially developing its gas projects as well as its belief that these properties are non-core compared to the potential of the other opportunities in Ascent's portfolio. Importantly, it is expected that during 2008, revenues from gas production in Hungary will more than replace the oil sales revenues from the Spanish production.

'The Swiss farm out allows us to progress this project and build our confidence in what we believe has the potential to be a major central European gas play.Both of Ascent's exploration permits in Berne have proven gas discoveries and the third party report confirms substantial appraisal and exploration prospects. We look forward to working with LGO in an exploration programme to quantify the Prospective Resources estimates, which in only the first of three permits, stands at between 348 Bcf and 676 Bcf of gas.'


The information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who has 19 years relevant experience in the oil and gas industry.

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1193709900&feed=oilbarrel_en

30.10.2007

Ascent Resources Sells Up In Spain And Gains Momentum In Switzerland Through Two Agreements With AIM Newcomer Leni Gas & Oil

Two years ago Ascent Resources acquired a series of interests in Spain, including the producing Ayoluengo oilfield and the surrounding exploration permits. Last week the AIM company announced the sale of its Spanish portfolio to AIM start-up Leni Gas & Oil, which is paying 2.25 million and eight million shares for the interests in a deal valued at just over 2 million.

This is a good deal for Ascent. The Spanish assets never delivered the upside the company was looking for but the Ayoluengo field, with its dribble of production (around 110 barrels per day generating operating profit of 241,000), kept the lights on and provided it with the credentials of an onshore operator, something that has been key as the AIM firm has built a portfolio that now encompasses more than 20 projects spanning six European countries. As that portfolio has grown over the last two years, the Spanish assets have looked increasingly non-core and something of an oddity in a portfolio heavily weighted to the European gas markets.

It doesnt expect to miss the Ayoluengo cash flows. It is expected that during 2008, revenues from gas production in Hungary will more than replace the oil sales revenues from the Spanish production, said Ascents managing director Jeremy Eng.

Ascent isnt turning its back on Spain. It has a 50 per cent interest in an application for the Rocamundo gas exploration permit, which it hopes will be issued later this year. Its partners here are Tethys Oil with 30 per cent and Shesa, the Basque oil company, with 20 per cent. The targets for gas exploration are in the deeper Triassic formations that underlie the Triassic salt, the oil production comes from the shallower Jurassic horizons.

The second part of the agreement with Leni is for the farm out of up to 40 per cent of its 90 per cent owned Seeland-Freinisberg permit in the north-west of Switzerland. This is another good move for Ascent as its Swiss exploration project has long been on hold, mainly due to rig shortages. This frustrating hardware-crunch is something Ascent has, at last, side-stepped by its acquisition earlier this year of a 22.5 per cent stake in an Italian drilling company, Perazzoli, which owns one rig and has a newbuild on order, giving the explorer access to rig time plus revenues from drilling contracts. With rig time assured, Ascent now has a partner prepared to cover the costs of a first exploration well on the permit.

The 363.5 sq km Seeland-Freinisberg permit was awarded in July 2005 and the first exploration phase expires on December 31st 2007. Ascent has completed the first phase work commitments, which included a spectral acoustic seismic trial, geochemical field studies and integration of the existing geological and geophysical data.

The companies will together decide the location of the first well in the permit. It is likely to be a follow-up Elfs 1982 Hermrigen-1 well, the only well so far drilled in the permit and which reached a total depth of 2,425 metres, encountering gas shows in the lower carbonate section and flowing at an initial rate of 1.5 million cubic feet per day. The Competent Persons Report commissioned from TRACS by Leni puts the gross contingent resources in the Hermrigen-1 discovery well between 10.7 bcf and 21.2 bcf. This is promising despite the fact the flow rate rapidly tailed off to 620,000 cf/d after 15 hours due to a suspected mechanical failure in the well.

More promising is the fact that six other prospects have been identified on the permit, which the TRACSs Competent Persons Report reckons to hold prospective resources of between 347.7 bcf and 676.5 bcf. Ascent has two more exploration permits in Switzerland and if Leni exercises its option to take a full 40 per cent of the Seeland-Freinisberg permit then it has first right of refusal to farm into these permits too.

Eng said he believed the Swiss project has the potential to be a major central European gas play. Both of Ascent's exploration permits in Berne have proven gas discoveries and the third party report confirms substantial appraisal and exploration prospects, said Eng. As always, the proof will lie with the drillbit but as a result of last weeks deal-making that proof now lies a little closer...

Waking up a bit from its slumber :) Perhaps an update might be coming ? then again, maybe not.

Well, an update should be coming this week or next imv, we should be on for news of any extension to the testing permit at Anagni-1, or the plans to extend it, and also we should, as they should be now around 75% drilling fluid extracted, give us a tantalising update on Angani-1, maybe the oil shows are increasing ?

Who knows, given that A-1 is a flank well, its highly likely that A-1 will not be commercial, but the next two, A-2 and A-3 should be highly commercial all being well.

So, a flowing A-1 should be seen as a bonus, and not the expected outcome.

Roll on some news.

PP - Good to meet you :>) Have sent you email to call if poss

Hi AJ, nice to see you here. :)

Nicely moving :)

Hey I was in these at 6p...many moons ago though and those ones are long gone, shame

Looks like today or tomorrow then for some news :>)

Nice bit of news, although perhaps just a decoy to avoid eyebrows raised over the SP rising ?? ;)

Bigger news to come methings.

I was in these at 9p levels, and more than happy to hold for a plenty more.

yep just emailed the boy...and ive told him this time if he doesnt come up with the goods he will never be a man...something along those lines anyhow :>)

So no that wasnt the news, well not what im waiting for anyhow. as you say we are overdue with, at the very least, permit news, and i can just feel other good news waiting to pounce....

Well, it would be a nice day today to release some good news !

Nice update :

http://www.investegate.co.uk/Article.aspx?id=200711141130037020H


The big news is of course "mobile oil to 1205m" and the potential of "significant oil column".

Don't forget, Anagni-1 was found to be on the flank of the structure, just imagine what A-2 and A-3 might find when they are drilled up dip and at the sweet spots :)

ha ha PP that was the bit i was trying to clarify 'mobile oil' :>) so 2 of 3!

Its good news AJ.

Looks at the Angani-1 prior news, they were testing a potential 450m gross section (containing within 140m of extensive dolomotised zones) down to 1355m.

If they are going to plug off the bottom at 1205m (and they have mobile oil to 1205m), this equates to the potential gross section of pay zone now being 300m and its likely those extensive dolomotised zones remain in the 300m.


300m of potential pay, and this is at the flank of the structure.......the mind boggles at what they will find when they drill up-dip :)

Nice to see some better volumes of buys of late.

Don't forget to get your entries in for Decembers UK Stock Challenge.

http://www.stockchallenge.co.uk/sc/index.htm


AST is one of my choices, naturally.

Ascent Resources Italian Farm-in

RNS Number:2957J
Ascent Resources PLC
06 December 2007

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
6th December 2007

Ascent Resources plc ("Ascent" or "the Company")
Italian Po Valley Gas Project Farm-Out Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has entered into an agreement whereby Otto Energy Limited ("Otto") will
participate in the farm out of a 50% interest in the 828 sq km Cento and
Bastiglia exploration permits in the Po Valley of Italy. The first of two wells
is scheduled to be drilled in the second half of 2008 and targets the Gazzata
prospect, which has a third party estimated recoverable reserve of over 100 Bcf
of gas.

The new agreement supersedes the farm-in agreement with Deltana, previously
announced on 1 August 2007. The terms remain essentially unchanged with Deltana and Otto paying a contribution towards the project back costs and the purchase of existing seismic data. Deltana and Otto will also pay 100% of the cost of the first exploration well and 100% of the cost of a second exploration well if
the first well discovers commercial quantities of gas.

The future value of the farm-in package amounts to circa Euro13 million.

Ascent Managing Director Jeremy Eng said, "The latest phase of exploration in
the Po Valley uses state-of-the art techniques in seismic processing, which
still further improves the already impressive success rate in gas exploration in
the region. The Cento and Bastiglia permits, which are among the largest in the
area, have multiple exploration targets as well as established infrastructure
close to hand. This farm-out again confirms the strength of Ascent's strategy
and demonstrates the depth of the Company's portfolio of European projects."

The Po Valley, which extends across the northern part of Italy from Turin in the
west to Venice and Ravenna in the east, is the one of the most productive areas
for gas and oil onshore Europe. Since the 1950s, over 130 fields have been put
on production. Ascent's exploration permits are centrally located near the
cities of Modena to the south, Mantova to the north and Bologna to the south
east.

Otto Energy Limited is an Australian public company with projects in Turkey,
Argentina and the Philippines. The division of the 50% participating interest
between Otto and Deltana are subject to an agreement between those two companies and their participating interests are to be finalised by 31st March 2008.

I have entered AST into the 2008 TMF Stock Competition, luckily nobody chose AST before me :)

My write up is here :

http://boards.fool.co.uk/Message.asp?mid=10845217


The competition thread, with rules of entry, is here :

http://boards.fool.co.uk/Message.asp?mid=10838736&bid=&sort=whole#10845218

Ascent Resources PLC
21 December 2007

Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas


Ascent Resources plc ('Ascent' or 'the Company')
Resumes testing the Anagni-1 well in Italy

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, announces that the workover operations on the Anagni-1 well in the
Frosinone Exploration Permit in the Latina Valley, Italy, have been completed
and that testing is expected to recommence today.

The full potential of the well will not be known until large quantities of
drilling fluids (drilling 'mud') that were lost into the reservoir formation
while drilling are recovered. These losses, which are characteristic of high
permeability reservoirs in the region are due to the fractured nature of the
rock and will enhance the productivity of the formation. So far an estimated
75% of the volume of the lost fluids has been recovered. Core analysis results
are encouraging for the oil potential of the well and the downhole equipment
which uses the same pump as before has been reconfigured to more efficiently
reach a conclusive test result.

Ascent has an 80% interest in the Anagni-1 well and the Company will release
further information on the progress of the testing operations as and when
available.

Still holding, looks like we've turned and with news expected soon on Anagni test, 2008 could be a good year for holders of these shares.

Just a recap of the Otto Energy farm in. Another point to note is that the drilling rig will be coming from Ascent Drilling, so while not only are Otto paying for the first drill, but a good chunk of that payment recirculates back into profit for Ascent Resources, via their holding in the drilling company.

Nice little set up going on now by the Ascent board, and it will be very interesting to see what profits are contributed by Ascent Drilling come the prelims for full year 2008 (albeit that is some time away as yet).

It really is a major year ahead for Ascent imv, apart from everything else, there are a few major milestone events ahead.

1/ Bajsca drilling in Q1 - very decent sized potential, and quick cash flow.
2/ Nyirseg production on line in late H1, new 3D sesmic and a reserves report.
3/ Anagni update in Q1 + plus updip wells later in Q2 or Q3.
4/ Po Valley first drill results in Q4
5/ Switzerland first drill results in late Q4



http://www.oilvoice.com/n/Otto_Energy_farms_Into_Large_Onshore_Exploration_Acreage_in_the_Po_Valley_Italy/1c933b85.aspx

Otto Energy farms Into Large Onshore Exploration Acreage in the Po Valley, Italy

Friday, December 07, 2007


Otto Energy announces that it will acquire 50% of the Bastiglia- Cento Exploration Permits, in the Po Valley of onshore Italy, from Ascent Resources plc.

Highlights

• The two adjacent Bastiglia - Cento Exploration Permits are considered highly prospective with multiple hydrocarbon prospects and leads already identified

• The first well, Gazzata-1, will be drilled around September 2008, targeting prospective gas resources of over 100bscf equivalent to potentially over A$200 million in value to Otto.

• Minimum commitment for Otto to earn 50% in the two permits is approximately A$10 million and in the event of a significant commercial gas discovery in the first well, Otto will also fund 100% of drilling and testing of a second well.

• Otto intends to purchase the seismic out of current funds and fund the drilling out of anticipated revenues from the Galoc Oil Field, which is scheduled to commence production in April 2008.

• Otto’s joint venture partner and operator of the Italian permits is Ascent Resources Plc, an AIM-listed company with an established office in-country and considerable drilling expertise in the area.

Commenting on the announcement Alex Parks CEO of Otto Energy said:

“This new acquisition is a perfect fit for Otto as we continue to build our portfolio of onshore and offshore oil and gas assets with a pipeline of projects that span across exploration, development and production.

“The Bastiglia - Cento Exploration permits are considered to be highly prospective and relatively low risk. The Gazzata prospect alone could be worth up to A$200 million to Otto in the event of a commercial discovery, and there is significant follow up potential in a variety of different play types, some of which could hold up to 1 TCF gas resource potential.

L2 is all blue today and presently 7 v 1 @ 17/18.25 with just JEFF on the offer at 18.25p

Moving up nicely again, lets hope it continues :)

Chart recovering with Moving Averages starting to cross into positive territory, although RSI oversold.

Out of interest :

L2 is now 7 v 9 @ 18/19.5

On Line Limits are :

BUY 75K @ 19p

SELL 75K @ 18.65p

Anagni-1 update
Ascent Resources plc, the AIM-traded oil and gas exploration and production
company is continuing testing operations at the Anagni-1 well in the Frosinone
Exploration Permit in the Latina Valley, onshore Italy. Although not yet
conclusive, preliminary results from this phase of the well testing are not
encouraging with the absence of significant hydrocarbons in the produced fluids
being noted.

Full details:
AST - Anagni-1 update

Not brilliant then... But see PP's notes earlier

Well that blew the SP recovery out of the window!

Just logged in and saw AST at 11p levels and thought "must be an Anagni update".....

We will have to wait for the new seismic and then crest wells for some more Anagni excitement it seems, that was always the fear with the well being on the flank.....

C'est la vie, onwards to Bajsca news, then Nyirseg it seems, Po Valley will be the major driving Italian prospect now while they continue the diagnosis and forward action plan required with Anagni, the good thing is that the next drill can easily be slotted in, as of course they own their own drilling rig company now, in effect :)

Bad luck short termers, and those long term can keep the faith and look forward to news in a couple of months.

Bad luck long termers as well!

Not really, you have Bajsca and Nyirseg news for H1, then the big Po Valley drills and Switzerland in H2.

And at any time Anagni and a crest well can rear its head......

Long terms willing to hold should be rewarded. At 15p Anagni was not in the price, it was at 30p but not at 15p. Its cheap as chips now looking forward imv.

It looks like the old Chaco Resources which is now Amerisur.

This story sounds familiar when it comes to oil minnows ... pie in the sky.

There will be lots of short term and perhaps some longer term holders who have sold out. There will also be those who went short on the news. Its always the case that you get a sudden rush of "well its all over for AST" post for a few days, until they either get over selling, or close their shorts.

This is why stocks always overswing on bad news, the emotion of it all and the short term play (eg short).

Anagni is not at all over as yet, and the updip wells on the crest may yield the answers we hope for, however I do feel Anagni-1 is also not all over yet, although the chances look very low now for any commercial success, however, the very fact is that for some reason they are not calling it a total failure, perhaps pride is blinding them, but I am sure there has to be specific reasons as to why they have said its inconclusive and even now the lost drilling fluids may as yet still be masking whats really going on down there. Perhaps they follow this route as it allows them an excuse for getting it wrong, or perhaps its because the whole thing really is up in the air and nobody knows as yet.

There has been constant reference to the well being on the "flank" and this always raised the risk levels of non-commerical oil finds in this area, being on the flank of a structure is not where you want to be, but we know this well was not looking for oil, so being where it was was in fact good (as we hit a structure), even though now for the shorter term its bad (as its on the flank).

Therefore, it does make very obvious sense to now run seismic, find the very best places to go for A-2 and A-3 wells updip, and perhaps the seismic will reveal as to why this area of the flank appears so far to be non-productive. There is oil there, the question is where is it ? And so, whilst those unwilling to hold have bailed out we should refocus on what is going on for AST now away from Anagni :

We have :

Bajsca in H1 (horizontals)
Nyirseg in H1 (production of the gas going on line once the pipeline is finished).
Szolnok in H1 (for gas, again Hungary)
Po Valley gas drill in H2
Switzerland drill in H2.


So lets reflect on what is going on presently, ignoring Anagni :

Development plans:

Hungary- Nyirseg (54.45%)- This field has three commercial wells which are being included in the current development study, with the aim of initial production in H1 08. Pen-104 (which flowed at a restricted 3.4MMscfd) was discovered by AST, and its success has opened up the possibility of developing two former discoveries, Pen-12 (which has an estimated 2bcf recoverable), and Pen-9 (which has an estimated 26bcf recoverable). Pipeline will be complete and field into production by end of H1.

Hungary- Bajsca (45%)- Tight gas redevelopment project in partnership with MOL; technical studies have confirmed the economic viability of the project using horizontal recompletion techniques. The first of these recompletions should be commenced soon (PetroHungaria (90% owned by AST) to drill the wells with MOL providing the infrastructure).


Exploration to date:

In the Nyirseg permit (Hungary, 54.45%) we have had one commercial discovery from a four well drilling program. This was Pen-104: the target which flowed had a Most Likely size of 2.3bcf, but given the high flow rate this is likely to be revised upwards. The other three wells had varying results. Vam-1 hit good quality gas but not enough to suggest a commercial reservoir, so was P&A. FGY-2 hit water in a reservoir quality interval; this was encouraging enough to have the company plan to drill nearby at FGY-1 in the next round of drilling. Pen-102 intercepted a fault system en-route to the target Miocene tuffs (which contained only residual gas). The fault system was subjected to a well seismic survey with the intention of planning a sidetrack with the objective of entering the Miocene gas reservoir in a more favourable location at a later date.
3-D seismic acquisition planned over field area

Other plans:

Quick Summary of present pending drills to 2009 (schedule will be added to and ammended as time goes by) :

Hungary - Bajsca - 2 Horizontal recompletions to start in Dec 2007
Hungary - Szolnok - 2 wells to be drilled in H1 2008
Italy Frosinone - Anagni - 2 drills to be done for oil
Italy Frosinone - Veroli - 1 well to be drilled for oil.
Italy - Bastiglia - 2 wells to be drilled for gas in H2 2008.
Swiss - Bern 2 - 1 well to be drilled in Q4 2008 for gas.
Holland - M11 - 1 well to be drilled in 2009 for gas
Holland - M8 - 1 well to be drilled in 2009 for gas.

**********

Hungary - Szolnok - (27.5% AST) - Seismic work and 2 wells are planned to be drilled in H1 2008

Spain- Rocamundo- an application has been made for this exploration license (to the north west of ayoluengo) with Tethys and Shesa.

Italy- Po Valley (49%)- Otto Energy will pay the cost of the first exploration well (and if successful the second) on the 130bcf Gazatta-1 prospect. Second prospect would be Palazzo-1, target 116 Bcf. Well location permitting is currently underway. Otto have also contributed to historical costs and will pay the first 1.5 million euro's of seismic expenditure on the permits. First two prospects to be drilled in H2 2008.

Switzerland (50%)- (in Vaud) an oil exploration permit containing a 1962 oil discovery at Essertines and (in Bern) two gas exploration permits containing a gas discovery each (Linden, 1972; Hermrigen, 1982); all three also contain unexplored Triassic potential. The results of the prospectivity report, created by reprocessing seismic data, acquiring new seismic surveys and geochemical analysis, were integrated into a new geological model. The next stage of finding suitable drilling locations has commenced and wells will be drilled in Q4 2008.

Holland (45.75%)- Four offshore licences covering a total of 795 square kilometres. One of these (M11) contains a discovery from 1982 which flowed at 2MMscfd; with technological improvements this may be increased towards commerciality. A 3D seismic survey requires reinterpreting, and geological and geophysical work is underway. Drilling is planned for 2009/2010 depending on rig availability.

Slovenia, Petisovci Globoki (15.75% and operator)- This field is considered as an extension of the Bajsca tight gas field in Hungary. One well previously drilled, D-14, intersected minor gas and water (only produced after three fracture stimulation attempts), but when deepened deeper reservoirs with estimated P50 gas in place of 579Bcf had strong gas shows which did not produce from an open-hole test (fracture stimulation was not attempted). Preliminary engineering studies are ongoing.

Slovenia, Petisovci Dolina (45% and operator)- total 2P reserves of 10.7mmbl.

Other interests:

In Gabon, after some shrewd investment (receiving back costs and 404,350 Afren shares), we have a 1.75% net profits royalty in two Production Sharing Contracts (the Iris Marin and Themis Marin, both operated by Sterling Energy). Both have extensive 2D and 3D seismic. Themis Marin is the more advanced licence which is scheduled to be drilled in Q3, while the seismic for Iris Marin is being processed with results due later this year.

AST have purchased 22.5% of an Italian drilling contractor. The company currently has one 2000m+ rig, and will acquire a 3,600m-capable rig by mid-2008. AST expect to utilise these rigs for around 20% of their operational time.

And then there is Angani - but lets put that one to sleep for a few weeks and allow the others some time in the fresh air............ ;)

Thanks for all your input and research PP, I enjoy reading and assimilating all the info you post although I don't actively participate.

Nice write up on the link below :)


Ascent Resources - Broad portfolio strategy brings benefits

09-Jan-2008

While the market is disappointed about Anagni, notable progress has been made elsewhere including the farm-out ofthe Cento and Bastiglia exploration permits

http://www.proactiveinvestors.co.uk/articles/art.php?AST4


.

You are a legend PP :-))

Looks like the loan notes conversion price of 20p a share, might be also a price for something else at 20p a share equivalent.......... ;)

Appears major shareholders are telling the board to get a paper deal done, which allows a new company with a good range of assets, and plenty of cash, and Ascent shareholders see a nice premium to the present SP, and also get the upside, with the paper, of the new company and its cash and assets............

Certainly makes the present price seem a bargain, potential from here to single bag then on news of any deal, should that happen.

Portfolio Update
06 February 2008

Ascent Resources plc ("Ascent" or "the Company")

Portfolio Update

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, continues exploration and development work across its portfolio of
assets in six European countries. Seven wells have been drilled in the last two years and a further 10 are planned over the next two years. 2008 is expected to
see gas production from the Company's Hungarian assets and work is progressing which will also enable production from the Slovenian Petisovsci project.

Overview

Seven wells drilled 2006-2007 including the successful PEN-104 gas discovery in Hungary, which is planned to produce gas in 2008.
Portfolio continues to grow and improve in quality through rigorous management of risk and value.
European platform provides a balance of low risk and high potential with managed exposure to upside value through the mix of Development, Appraisal and Exploration projects.
Focus remains on drilling and testing to prove hydrocarbon reserves - 10 wells planned during 2008-2009.
Ready access to drilling rigs as a result of 22.5% strategic interest in Perazzoli Drilling srl ('Perazzoli').
Farm-outs in place enabling acceleration of projects - further risk reduction and provision of exploration capital from partnerships being explored prior to moving focus onto development and cash flow from production.


Ascent Managing Director Jeremy Eng said, "The Company's strategy is to operate in Europe where it can benefit from highly profitable development projects, well developed infrastructure with deregulated local market access and both political and financial stability. In line with this, our portfolio continues to improve in quality and value as the Company's technical staff work to reduce risk and calibrate the value of each asset within the portfolio. As our portfolio matures, the drilling and testing to prove hydrocarbon reserves will remain the primary objective, with development and cash flow from production a secondary focus.

"The Company has gained a competitive advantage in the countries of operation and farm-outs for the time being will be the predominant source of exploration
funds. Over the past 12 months, we have used our specialist local knowledge to acquire additional assets in Slovenia and Hungary and aim to use our minority
interest in the Italian drilling contractor Perazzoli to take advantage of the severely limited rig market in Europe."


Key Activities for 2008

The most important activities for 2008 are summarised below whilst the geoscience, engineering and administration work that ultimately generates the drilling plans continues across the portfolio.

Up to 14 million of third party funds through farm-outs have already been secured for exploration and appraisal drilling in Italy's Po Valley and for the Hermrigen appraisal well in Switzerland. The two wells planned in
2008 are both to be drilled by Perazzoli's new build 200T low environmental impact drilling rig.

Two production projects in Hungary:

The Peneszlek gas processing facilities are being manufactured and the export pipeline has been successfully tested. The PEN-104 well will be completed in March subject to rig availability and production will follow shortly after.

The Bajcsa gasfield rehabilitation project that is anticipated to produce gas in 2008 is in the final stages of permitting.

The Szolnok exploration project with Toreador in Hungary is to drill two shallow gas exploration wells and to acquire 3-D seismic, all scheduled to start in April.

Acquisition of 2-D seismic in the Frosinone Permit in Italy to better define the Anagni structure is scheduled to commence in March 2008 and plans are underway to acquire regional seismic lines to improve the understanding
of the thrust features in the south-eastern part of the permit.

Value Added During 2006-2007

Of the seven wells drilled in 2006 and 2007, the successful PEN-104 gas discovery will commence production later this year. The results of each of these wells are summarised below.

One commercial discovery:
PEN-104 in Hungary - currently being prepared for production

Two technically successful wells:
Arrone-1 in Italy encountered a sub-commercial tight gas reservoir
Anagni-1 in Italy discovered excellent quality reservoir with oil shows both in core samples and from testing operations

One suspended well:
PEN-102 in Hungary - awaiting additional seismic to determine sidetrack options

Three dry holes:
FGY-1 in Hungary - found good reservoir but no gas
VAM-1 in Hungary - encountered thin coals at the target depth
Hontomin-4 in Spain - found down-faulted reservoir below the oil water contact


Summaries of Projects in the Company's Portfolio

Development

Peneszleck Gasfield Development (Hungary - 52.5% interest)

Facilities construction is underway following the discovery of gas in the Peneszlek-104 well in November 2006. The PEN-104 well is planned for completion in March, and the facilities are to be delivered in April. Production will
commence once hook-up to the pipeline is completed and production authorisations received. In addition to the planned tie-in of the PEN-9 and PEN-12 wells, further appraisal of the area will be undertaken by the acquisition of circa 100 sq km of 3-D seismic including the area of the partially depleted Peneszlek field, which is a candidate for re-development.


Bajcsa Gasfield Redevelopment (Hungary - 45% interest)

A study of the Bajcsa field subsurface over the past six months has confirmed the presence of un-produced gas in at least two of the seven reservoirs that have been identified. Ascent's geologists and engineers have been working on the most cost effective way to access this gas and have considered several options including re-entry or workover of old wells and the drilling new wells. The project is now ready to progress and as soon as delays in the permitting have been resolved, drilling will commence. The most attractive part of the rehabilitation projects is that the production infrastructure is already in place and so production can realise immediate cash flow


Petisovsci Shallow Reservoirs (Slovenia - 45% interest)

Ascent acquired an interest in these fields in February 2007 and has been assimilating the data provided by the former operator. During the 1950s and 1960s the field underwent a trial gas and water injection programme in an
attempt to halt the decline in production. Currently, production from the field very low and the Ascent technical team is working hard on rebuilding the
subsurface model with the intent of restarting full scale production.


Petisovsci Deep Reservoirs (Slovenia - 15.75% interest)

Ascent has recognised that the existing geological model of the deep gas field is not adequate to plan for new production. During September 2007, Ascent worked over the D14 well and produced minor amounts of gas following a coiled tubing intervention on a previously untested reservoir. Ascent recognises further prospectivity and is reworking the geological model in order to effectively manage the exploitation potential. Further data acquisition is planned in the D-14 well to determine its productivity.


Appraisal

Seeland Exploration and Appraisal (Switzerland - 80% interest)

Ascent has completed the geoscience work in the area and plans to drill the Hermrigen-2 well as an appraisal to the 1982 Hermrigen-1 gas discovery. This
well tested gas from reservoirs at 2,250m but due to drilling complications it did not reach its deeper, primary target. The Hermrigen-2 well is planned as a
3,000m vertical well that will re-test the productive gas reservoir and drill the deeper target. It is planned to drill the Hermrigen-2 well in the second half of 2008, subject to the issue of a construction permit and the consent of the local community. The well will be drilled with Perazzoli's newly built, latest generation, low environmental impact 200 tonne rig.


Offshore blocks M10 and M11 (Netherlands - 27% interest)

The blocks contain an extension of the Terschelling Noord gas field and two discoveries drilled by the M11-1 and M10-1 wells. Ascents geologists and geophysicists have completed their work and Ascent engineers are now studying
the flow characteristic and economic potential of the reservoir and options to enhance the production rate. Well planning started in December last year and
Ascent is investigating the options for maximising future value in these assets including a possible farm-out.


Exploration

Frosinone Exploration (Italy - 80% interest)

Plans for the plugging and abandonment of the Anagni-1 well have now been submitted to the authorities. Whilst testing failed to realise more than significant shows of oil, importantly the analysis of the oil recovered from the well shows that the oil is similar to the oil from the Ripi oilfield located 40km to the south-east. Seismic recorded in the well to supplement the low resolution conventional surface seismic indicated that the well was drilled in a less than optimal subsurface location on the flank of the Anagni structure. New seismic acquisition is planned during March 2008 and detailed mapping will be undertaken in order to more fully assess the potential of the Anagni structure.


Cento and Bastiglia permits, Po Valley Exploration (Italy - 50% interest)

Ascent completed its technical work on the Gazzata prospect and now well planning is underway with the Gazzata-1 well expected to spud in the second half of 2008. Under the terms of the farm-out announced in November 2007, the first well is fully funded as will be a second well if the Gazzata-1 well is a commercial discovery.

Fiume Arrone exploration (Italy - 56% interest)

The Arrone-1 well, drilled in August 2007, found sub-commercial gas because the reservoir was both thin and low permeability. The presence of all the other
requirements for a commercial gas field were conclusively demonstrated by the Arrone-1 well and future plans are under discussion with the partners in this project.


Szolnok exploitation Project (Hungary - 27.5% interest, subject to farm-in)

Ascent's regional work in Hungary recognised the potential of the Szolnok block and in particular the shallow, amplitude driven plays. Two wells are to be
drilled on the Szolnok block in the first half of 2008. A 3-D seismic survey will also be acquired to de-risk several other prospects identified in the southern part of the block.


Nyirseg exploration project (Hungary - 52.5%)

It is expected that the 3-D seismic survey planned for the Peneszlek field area will also provide information on the prospectivity of the area surrounding the
previous three discoveries. There is also further gas exploration potential both in the southern and western parts of the permits where seismic reprocessing has just been completed.


Offshore block M8 (Netherlands - 27% interest)

During the evaluation of the adjoining M10 and M11 blocks, two prospects were identified on the M8 block in 2007. It is expected that the M11-1 and M10-1 discoveries will be the prime focus for this area and that the M8 prospects will provide additional upside.


Rocamundo Exploration application (Spain - 50% interest)

Ascent submitted an application for exploration acreage in northern Spain during 2007 and it is expected that a licence will be issued during 2008. This permit has previously had two deep exploration wells drilled, which encountered gas shows.


Strangolagalli Exploration (Italy - 50% interest)

Ascent's geoscientists are progressing the interpretation of the deeper structures in the concession which contains the Ripi oilfield currently producing small amounts of oil from shallow reservoirs. The regional lines that
are planned to be acquired in the neighbouring Frosinone permit will continue into the concession.


Linden Exploration and Appraisal (Switzerland - 90% interest)

The Linden-1 well was drilled by Elf Aquitane in 1972 and tested gas from a deep Triassic reservoir. An appraisal well is being considered for this Linden
discovery but will require a large drilling unit capable of reaching a depth of 5,000m.


Vaud Exploration and Appraisal (Switzerland - 90% interest)

The Vaud concession includes numerous active oil and gas seeps and the Essertines-1 well drilled in 1962 which tested oil from Jurassic reservoirs.
Although an appraisal of this discovery is a possibility, the exploration of nearby Triassic gas prospects is also under consideration.


Offshore block P4 (Netherlands - 27% interest)

The geological interpretation has identified several undrilled structures and the Company's technical experts are reviewing the future work programme for this area.

In addition to the oil and gas assets, Ascent owns a minority (22.5%) interest in the Italian drilling contractor, Perazzoli Drilling srl. This company owns
two rigs, a 40T Ballerini and a 100T Cosrsair 300 and has a 200T Drillmec HH200 on order. Drilling contractors are very busy in Italy and the company has a strong order book

The technical information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who
has 19 years relevant experience in the oil industry.


* * ENDS * *

Got some more myself this morning, on the back of Artemis buying some as per the RNS of yesterday. Might mean the seller is now sold out, and the SP can recover.

Its waaaaay oversold IMV.

Agreed, just took out a long position on top of my share holding.

A very good write up on TMF :

http://boards.fool.co.uk/Message.asp?mid=10980324


.

How much cash do this company have left? What is their cashburn?

A poster from AFN (Spangle93) has kindly done as estimation at a valuation for AST.

The file (Excel) is in the Ascent Archive Web Folder, for download.

http://www.esnips.com/web/AscentResources/


This is an opinion of one poster, if anyone has any comments or suggestions, please feel free to air them.
.

An interesting fact to know would be how much lets say the Po Valley drill in H2 will make for AST.

Not in the sense of gas finds, but in the sense that the drill is 100% paid for by farm in partners.

They will use the Ascent Drilling JV rig.

Therefore, of the payments made by the farm in partner, some of this will come back to AST in terms of revenues for use of the Ascent Drilling JV rig.

So not only does the Po Valley, and also likely Swiss Drill cost nothing, they actually make money out of it through the Ascent Drilling JV.



Will be interesting if anyone can get some info on what the likely revenue share is to AST for the Po Valley drill utilising the rig part owned by AST.

Any idea's ?

This is an excellent example of throwing good money after bad. I really can't see it going back up.

Yes should be re-named Descent Resources!!

I see H2 2008 as a time when this will Ascent and fast. I have copied your posts below, and come later this year I might enjoy copying and pasting them to you a few times to remind you :) LOL

Todays price is 5.75p - lets see where the price is later this year, against the posts below.

hlyeo98 - 28 Mar 2008 19:51 - 346 of 347
This is an excellent example of throwing good money after bad. I really can't see it going back up.

halifax - 28 Mar 2008 21:22 - 347 of 347
Yes should be re-named Descent Resources!!

You are most welcome...the chart says it all.

Copy of couple of posts on AFN :



PapalPower - 1 Apr'08 - 01:44 - 19231 of 19233
IMV there is only one event that will change the outlook of AST in the shorter term, and that is production from Nyirseg being on line from Hungary by end of H2 as was stated.

If this event happens and on time then sentiment will rightly change. The seller here is likely (if its not for tax reasons and we will know soon) assisting a potential buyer, as in they will depress the price down to "crazy levels" to cut off funding potential, and then their "friends" will come in with a cheap offer to buy the company.

This kind of aggresive behaviour happens a lot, and AST has some good assets, and so would be a potential target.

This is where JE and co have to be very clever, preserve their cash and get their cash producing assets on line soonest. Once into production the vultures, if that is what we have presently, will soon go away, and the SP will respond accordingly.


Hellisreal - 1 Apr'08 - 02:40 - 19232 of 19233
Very insightful post PP
Do i Don't i ?
Hold quite a few already ,da da


PapalPower - 1 Apr'08 - 02:46 - 19233 of 19233
Well, first thing to wait for is to see if the selling stops come Thursday........if yes then it was tax year end selling.

If it continues then I would suggest we have "vultures" overhead. They look for good companies who might be tight on cash........with perhaps fidgity major shareholders........they then short sell or get a major holder to sell down and crash the price, then they breeze in with an offer and try to get majority approval at a very cheap price.

Due to the crashed down SP, the company cannot raise funds without diluting the hell out of the assets, so the vultures win and buy the whole company cheap.

The only thing that will arrest this, is the company delivering on the Nyirseg production on time and to plan (which is in production by end H2). With that cash coming in, the picture changes, if you add some Bajsca success in to....the vultures will be gone before Po Valley is drilled.

So, at this present moment in time.......its a case of wait and see.

The back up is that any "hostile" bid would be above todays SP (say 10p or 12p).

The downside is that things may wobble along for some time yet until news.

Certainly some of the major shareholders will be worried that AST fails to get any production on line, and be end of 2008 are left with no cash, and then things get really stripped down and sold off for peanuts. This is what the vultures feed on, and they are successfully cutting off any funding by placing,

So, the game is afoot imv, however, should production come on line end H2 as planned things will turn, and should any of the drills strike home, then a very fast turnaround will happen.

That imo. You pay your money, you take your gamble :)

Seller might be being cleared out now ?

On Line Limits much stronger :

BUY 100K @ 5.8p

SELL 100K @ 5.7p

Kerching........prior back costs in the Ascent bank account then ?


http://www.oilvoice.com/n/Otto_Energy_Confirms_50_Farmin_Into_Po_Valley_Italy/b440e417.aspx

Otto Energy Confirms 50% Farm-in Into Po Valley, Italy

Wednesday, April 02, 2008

Otto Energy provides an update on the farm-in negotiations for two permits within the Po Valley, onshore Italy, where Otto is set to acquire a 50% holding in two Bastiglia-Cento Exploration Permits from Ascent Resources Plc.

Highlights:

Otto will hold a 50% working interest in each of the two permits, subject to the terms of the agreement.
The two adjacent Bastiglia - Cento Exploration Permits are considered highly prospective and have multiple hydrocarbon prospects and leads already identified from previous seismic data.
The first well, Gazzata-1, will be drilled around September 2008, targeting prospective gas resources of over 100bscf.

Otto Energy has finalised negotiations to farm-in the full 50% option to the Bastiglia-Cento Exploration Permits in the Po Valley, Italy from Ascent Resources Plc. Otto will acquire the full 50% interest as a result of Deltana Energy choosing not to exercise their option to acquire a 15% working interest from Otto before 31 March 2008.

Ottos CEO Alex Parks said, Otto is pleased to be earning the full 50% interest in the Permits. We believe the chance of success is relatively good and thus the resulting risk, cost, and reward balance compliments our portfolio of assets. By earning the full 50% there is considerable upside for Otto to materially benefit from any discovery made and we look forward to the start of the drilling program later this year.

Back costs in the bank, as well as paying for seismic data :)

http://www.investegate.co.uk/Article.aspx?id=200712060701252957J

"The new agreement supersedes the farm-in agreement with Deltana, previously
announced on 1 August 2007. The terms remain essentially unchanged with Deltana and Otto paying a contribution towards the project back costs and the purchase of existing seismic data. Deltana and Otto will also pay 100% of the cost of the first exploration well and 100% of the cost of a second exploration well if the first well discovers commercial quantities of gas. The future value of the farm-in package amounts to circa 13 million."

++++++++++++++++++++++++++++

Its difficult to know whether total back costs were circa 2m Euro, or the proportion of back costs to be paid by the farm in partner was 2m Euro.

Anyway, should be 2m Euro, or a portion of 2m Euro (50% = 1m Euro worst case) going into Ascents bank account soon.

AND, a charge for the purchase of the existing seismic......how much will that be ?

Otto Energy assigns an NPV of A$200,000,000 to the Gazzata area in the Po Valley, thats just Gazzata, on their 50% stake.

That is in sterling, 91 million pounds.

So of course AST also has an NPV of 91 million sterling pounds on the 50% they hold.

To put that into perspective, the Po Vally Gazzata area on its own offers an NPV of 30p a share to Ascent.

First drill there, coming Sept 2008.

Nice to see Ascent got near the high end of my estimates, with 2.15m Euro paid to them for back costs and seismic by Otto for the farm in :)

The potential NPV to Ascent is circa 30p a share.....not bad, just for Gazzata.


http://www.ottomanenergy.com/media/Moving%20forward%20in%20two%20thousand%20and%20Otto.pdf


"Moving forward in two thousand and Otto"

... What Parks described as the next big thing for Otto is drilling of Gazzata-1 in
the Bastiglia-Cento permits in the Po Valley of northern Italy where Otto farmed into a large exploration permit held by AIM listed Ascent Resources. The Po Valley is
a proven hydrocarbon basin, where more than 13 trillion cubic feet of gas and 342
million barrels of oil have been discovered to date.

To earn 50% in the permits, Otto contributed 2.15 million in January 2008
for the purchase of seismic data and reimbursed Deltana Energy for direct costs
of $400,000. Otto will pay 100% of the cost of drilling and testing the Gazzata-1 well.

In the event of a significant commercial gas discovery at Gazzata-1, Otto will also
fund 100% of the cost of drilling and testing of a second well.

We will be drilling the Gazzata-1 well in Italy in September targeting 130-200 billion
cubic feet of gas, Parks said.

In the event of a discovery, the company estimates the project is potentially worth
more than $200 million to Otto on a net present value (NPV) basis, equating to
approximately 40c per share.

There are two very similar structures in the Bastiglia-Cento permits Gazzata and
Rubiera. Gazzata is the first one that we are going to drill. There are 2D seismic lines that run north and south on Gazzata and processing and interpretation shows what looks like a common gas-water contact on each line, Parks added.

If we can demonstrate that Gazzata works, then we will have a good look at
Rubiera, which is another structure that looks very similar. Between these two
structures and the rest of the block, which is also judged to be very prospective, there could be as much as a trillion cubic feet of recoverable gas in the block.

Ascent Resources PLC
07 April 2008

Ascent Resources plc ('Ascent' or 'the Company')

Hungarian operations start-up

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, announces that operations have commenced on the Szolnok exploration
permit in Central Hungary where the Company has a 27.5% interest, with the
drilling of the first of two exploration wells and the start of a 3-D seismic
survey.

Drilling of the TIK-1 well began at 17:00 on Sunday 6th April with operations
expected to last about five weeks. The well is planned to reach a depth of
2,250m and to intercept targets in the Pannonion, Miocene and pre-Miocene
formations.

The Kunszentmarton 3-D seismic acquisition programme has also begun and the
field work is expected to take seven weeks. This programme will cover 150 sq km
and as well as delineating six prospects identified from old 2-D lines, it is
expected to identify further targets.

Both in the area of, and surrounding the Szolnok exploration permit, there are a
number of producing oil and gas fields as well as new discoveries that are been
drilled in the past two years being prepared for production.

Ascent Managing Director Jeremy Eng said, 'These works, along with the on-going
preparations for the start-up of production at Ascent's PEN-104 gas discovery in
eastern Hungary, demonstrates the benefits of a portfolio approach which has the
ability to create value through the simultaneous implementation of both
exploration and development programmes.'

For reference this was a post I put on AFN over the weekend, and the news today confirms two of the first "guesstimates for April".

Its only guesses, so DYOR !!

PapalPower - 5 Apr'08 - 03:02 - 19402 of 19436

Timelines, lets stimulate some debate on the 2008 timeline of events, please add in whatever you can.

I'll start with some guesstimates of events and timing, please add comments and suggestions. :


April 2008 - Prelim Results / 3D seismic at Snozzle / 2D Seismic at Anagni / Snozzle-1 spud.
May 2008 - AGM / Hungary Peneszleck production is on line
June 2008 - Issue reserves report for Hungary / Snozzle well 2 spud
July 2008 - Bajsca start / 2-D Seimic results from Anagni+intent to drill
August 2008 - Directors excercise warrants (Sept/08 exp) at 15p raising 900K.
September 2008 - Spud of the Gazzata-1 in the Po Valley / Interim Results / Hungary Peneszleck Gasfield - 3D Seismic
October 2008 - Spud of Anangi-2#
November 2008 - Spud of the Hermrigen-2 Swiss Drill*
December 2008 - Commercial finds confirmed at A-2 and G-1, city falls in love with AST, SP hits new high at 40p ;) (he says with fingers and toes crossed)

All are "guesstimates" so DYOR !!


#Pending 2D seismic results, drill could be scheduled for Q4 using other shallower rig of Ascent Drilling partner.

*Pending permits and new deep drilling rig delivery to Ascent Drilling partner Hermrigen-2 could commence July prior to the rig being used at Gazzata-1 in September.

Out of interest, from the on line limits, it says the seller is gone today. Time will tell.


On Line Limits :

BUY 15K @ 6.94p

SELL 250K @ 6.56p

4 to 6 weeks it seems for Tik-1 well (Snozzle-1 as we say)

http://www.oilvoice.com/n/Toreador_Provides_Operational_Update/c5c93ca8.aspx

Toreador Provides Operational Update

Monday, April 07, 2008

- Tik-1 Exploration Well Spudded in Hungary
- 3-D Survey Underway
- Joint Venture Agreement Completed for Deep Gas Play in Hungary
- Production from Three Platforms in South Akcakoca Sub-Basin Project Now Approximately 30 Million Cubic Feet of Gas Per Day
- Joint Venture Agreement for Sea of Marmara Exploration Disclosed
- Another Joint Venture Agreement in Thrace Black Sea Close to Completion

Toreador reports that drilling operations have begun on the Tik-1 exploration well in the company's Szolnok block in Hungary. The well is planned to reach a total depth of over 2,250 meters and is testing the hydrocarbon potential of the Pannonian, Miocene and pre-Miocene formations. Operations are expected to take four to six weeks to complete.

An approximately 150 square kilometer 3-D seismic survey is also underway on the Szolnok block. The survey is being acquired to develop leads into prospects along a structural high between two sub-basins on the southern edge of the Szolnok block. It is anticipated that field operations will take approximately six weeks.

As previously announced, the Tik-1 well and the 3-D seismic survey are part of a $10 million exploration program (including an additional exploration well to be drilled later) in Toreador's Szolnok exploration block. In return for funding the program, four joint venture partners will earn an aggregate 75% working interest in the block. Toreador is being carried for its 25% working interest and is the operator.


*******************

Some more info on the "Snozzle" area is in the PDF, link below :

http://www.acadiansec.com/UserFiles/file/articles/CEX_Stoney%20Creek%20Production%20Increases%20-%20Contact%20Enters%20Hungary_01-16-08.pdf


.

It looks to me as if Leni (LGO) might not have taken up the Swiss drill Hermrigen-2 option. The RNS always said it was "conditional" that LGO would take it up, however with AST now looking for a new farm in partner for up to 40%, you have to assume LGO are not now interested. Do they have cash problems ?

http://www.envoi.co.uk/Ascent(Switzerland)March2008.pdf

************************************

The original RNS with the "conditional" farm in news :

http://www.investegate.co.uk/Article.aspx?id=200710251545033845G

"In Switzerland, Ascent has conditionally agreed to farm-out up to 40% of its 90% interest in the Seeland-Freinisberg Permit in north-western Switzerland to LGO. Schweizerisches Erdol AG ('SEAG') is the concession holder with a 10% interest.
Under the terms of the farm-out, LGO will fund the costs of the drilling and
testing of the first well in the exploration permit. Expenditure on subsequent
exploration and production activities in this permit will be funded on a working interest basis. If LGO takes up its full 40% interest, it will additionally have the right of first refusal to participate in Ascent's other two Swiss projects on the same terms.




.

Good news all around.


http://www.investegate.co.uk/Article.aspx?id=200804140701022301S

Ascent Resources PLC
14 April 2008

Ascent Resources plc ('Ascent' or 'the Company')

Hungarian Divestment


Ascent Resources plc, the AIM-traded oil and gas exploration and production
company has agreed to divest an interest in two of its Hungarian gas development projects to fellow AIM Company Leni Gas and Oil plc ('LGO'). LGO will purchase a 7.27% interest in PetroHungaria kft and a 14.54% interest in ZalaGasCo kft from Ascent for a cash consideration of 2 million.

PetroHungaria kft ('PetroHungaria') owns a 100% interest in the Peneszlek gas
development project in the Nyirseg exploration permits in eastern Hungary while
ZalaGasCo kft owns a 50% interest in the Bajcsa gasfield redevelopment project
in western Hungary. On completion of the divestment, Ascent will have a 45.23%
interest in the Peneszlek project and a 38.73% interest in the Bajcsa project.

The Peneszlek gas development project is centred on the development of the
PEN-104 discovery that was drilled and tested by PetroHungaria in 2006. A
workover rig has just finished completing and re-testing this well and the
production facilities are scheduled to be delivered later this month. The
completion testing confirmed the excellent productivity of the PEN-104 well and
production will commence once the hook-up to the pipeline is completed and
authorisations received. In addition to the planned tie-in of the PEN-9 and
PEN-12 wells, further appraisal of the area will be undertaken with the
acquisition of approximately 100 sq km of 3-D seismic, including the area of the partially depleted Peneszlek field, which is a candidate for re-development.

The Bajcsa gasfield redevelopment project is a 50:50 joint venture with MOL RT,
the leading Hungarian oil and gas company. The joint venture will undertake the
redevelopment of the Bajsca gasfield with the drilling of horizontal wells in to the proven productive gas reservoirs. The first two wells are planned as
re-completions of existing wells and the operations will commence as soon as the drilling permits are issued. Work has already commenced to enable access to the well sites. As these wells were previously on production they are already connected to the field gas processing facilities and therefore production can start immediately they are completed.

In a modification to the previous agreement with LGO regarding the farm-in to
Ascent's Hermrigen gas appraisal project in Switzerland, Ascent have agreed to
grant LGO the option to take a 10% participating interest in this project and in the Seeland Freinisberg Exploration Permit for a further payment of 2 million payable on the date of the exercise. This two year option may be withdrawn by Ascent at its sole discretion, so long as it has not already been exercised.

Jeremy Eng Ascent's Managing Director said, 'We are pleased to welcome Leni Gas
and Oil as a partner in our Hungarian development projects. We aim rapidly to
develop our activities in Hungary and secure cash flow from the production and
sale of gas to the local market.'

http://uk.reuters.com/article/stocksNews/idUKNOA53335420080415

LONDON (Reuters) - Small, foreign-owned oil and gas firms operating in Russia face a challenge financing projects, as tightening credit markets and persistent concerns about Kremlin field seizures prompt bankers to withhold lending.

Funding problems mean an uncertain future for some of these companies -- typically worth less than $1 billion (500 million pounds) and often listed on the London Stock Exchange's junior AIM market -- and lower returns for investors in all.

Surging oil prices, which hit a record above $112 on Monday, have largely insulated companies with proven oil reserves, which they can use as collateral, from the credit crisis.

As lenders pulled back from troubled sectors such as property and retail, chief financial officers at some oil and gas companies said they actually saw more banks pitching loans.

Yet earlier this month London-listed Imperial Energy (IEC.L: Quote, Profile, Research) was forced to turn to shareholders to raise up to $600 million to refinance a loan and fund development work, after attempts to raise debt failed. Bankers were unimpressed by its almost billion barrels of Russian reserves.

Imperial's chairman Peter Levine said the move, which knocked almost 30 percent off the firm's shares, reflected a broader pullback in reserves-based lending.

But Imperial's experience echoes the funding difficulties faced by Russia-focused Timan Oil & Gas (TMAN.L: Quote, Profile, Research), whose shares were suspended last month pending a financing deal, and Victoria Oil & Gas (VOG.L: Quote, Profile, Research).

Meanwhile last week Ithaca Energy and Stratic Energy, small explorers focused on the North Sea, announced over $200 million in lending facilities. The banks are still going to lend to oil companies but for some players, in places like Russia .. it's going to be tougher," Peter Hitchens, oil analyst at Seymour Piece, said.

Some industry executives agreed that, after taking an optimistic view of Kremlin moves to retake control of the country's oil and gas sector in recent years, bankers had grown worried about the security of energy assets in Russia.

"Some people think it's very risky and would like to have their money in slightly more secure regions", said George Donne, executive director of Victoria Oil & Gas (VOG.L: Quote, Profile, Research), which sold a 29 percent stake to Gulf investors earlier this year to fund field development, after bankers were reluctant to do so.

MOVING DOWN THE FOOD CHAIN

Typically, explorers use investors' cash to find oil as banks are unwilling to finance the often unsuccessful work of drilling wells. When commercial reserves are proven, the explorer will turn to banks to help develop the field.

However, investors and lenders now reckon that in Russia, the riskiest part of the cycle does not end with a gusher.

The acceptance of the extent of the risk oil companies faced in Russia was a long time coming.

When state-owned Rosneft (ROSN.MM: Quote, Profile, Research) snapped up the assets of Russia's largest oil company, YUKOS, and state-controlled Gazprom (GAZP.MM: Quote, Profile, Research) muscled into Royal Dutch Shell's (RDSa.L: Quote, Profile, Research) Sakhalin-2 project -- both at knock-down prices -- foreign oil executives said these were one-off events.

Even when projects controlled by oil majors Exxon Mobil (XOM.N: Quote, Profile, Research) and BP (BP.L: Quote, Profile, Research) came under pressure, smaller oil companies thought they could exist safely below the Kremlin's radar screen, Andrew Neff, energy analyst at Global Insight

But in the past two years, Imperial, Lundin Petroleum (LUPE.ST: Quote, Profile, Research), Urals Energy (UEN.L: Quote, Profile, Research), Timan and Victoria, have all faced threats to their oil and gas licences from state bodies.

Neff said this showed the state wanted greater involvement in the energy sector than many thought.

"They have been moving down the line from the most important to the least important," he said.

Problems raising cash for developments could force some companies to seek to sell out but Russian assets are no longer the draw they used to be, analysts said.

Rosneft and Gazprom's muscling into previously privatised assets has led to debt levels which means even they may not be eager buyers.

Some foreign banks have lent Russia's largest oil and gas producers so much money, they are near lending limits to them, banking sources said.

As Ascent are attending, if anyone goes to this, any feedback from Ascent would be appreciated.



From the t1ps.com team

[i]Normally private investors never get to grill the CEOs of the companies whose shares they buy. But your annual chance to do just that at Master Investor 2006 is now just 10 days away.

Among the CEOs there for you to quiz are those from:

Mercator Gold, Pubs n Bars, Northern Bear, Kenmare Resources, Empresaria, Centamin, Conister Trust, Stanley Gibbons Group, Telecom Plus, Northern Petroleum, Kryso Resources, Calcitech, CBG Group, Merchant House Group, WMS, Alliance Pharma, City and Merchant Group, Kalimantan Gold, Nighthawk Energy, Golden Prospect Precious Metals, Skywest, Delling Group, EMED Mining, Medical Solutions, Medusa Mining, First Artist, Greatland Gold, ILX Group, Minoan Group, Myhome International, James Cropper plc, Ariana Resources, Jubilee Platinum, K3 Business Technology Group, Kefi Minerals, Angus & Ross, ANS Group, Lion Capital Corporation, Alexander Mining, Litcomp, Lombard Risk Management, Mears Group, Metals Exploration, Nexus Management, Pan African Resources, Plus Markets Group, Ascent Resources, Pre-X Capital Management, Radicle Projects, Sigma Capital, U308 Holdings Plc, v22, i-Design Group, English Wines, Minerva Resources, Braemar Group, Minco Chestnut Petroleum, InterQuest, Yellowca ke, PMI Gold Corp, Northern Bear, Hatpac Limited, Datong Electronics, Pubs N Bars, Ekay, Great Western Mining Corporation, Sirius Exploration, Sexual Health Group, World Mining Services, ICM, PetroLatina, Kopane Diamond Developments, Raw Capital, Mercator Gold, Printing.com, Coms, Forbidden Technologies and many more.

And of course there are the speakers (Wray, Slater, Knievil, Left, Winnifrith, Mir, Mellon, Johnson, Piper, etc)

This is a one-off event

The doors open at 9am on March April 26th in Islington at what is without doubt THE investor show of the year.

Tickets cost 49.99 but t1ps.com is offering you one free ticket and the chance to book extra seats at just 10 each.

To book yours, please send an email to MI2008tickets@t1ps.com indicating on the email your full name, postal address and telephone number. You can also purchase additional tickets at the discounted rate of only 10 so if you would like to bring a friend, partner or child along simply indicate this on your email and leave your telephone number - we need this so we can call to take payment.

YOU CAN ALSO BOOK NOW BY CALLING KAREN ON 0207 562 3370 AND QUOTING T1PS.COM

Tickets will be put in the post to you along with a full itinerary, directions and exhibitor details today. Of the 2000 tickets up for grabs there are now just 150 left so be quick!

We look forward to seeing you on the day.

Best wishes

Tom Winnifrith

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1208397739&feed=oilbarrel_en

17.04.2008

Ascent Resources Brings In New Partner As It Gets Busy In Hungary Ahead Of First Gas

Ascent Resources has bolstered its coffers by 2 million by selling off equity in two of its Hungarian gas developments to fellow AIM firm Leni Gas & Oil. Leni, which recently farmed into Ascents exploration and appraisal projects in Switzerland, has agreed to buy a 7.27 per cent interest in PetroHungaria, Ascents subsidiary which owns 100 per cent of the Penzlek gas development, and a 14.54 per cent interest in ZalaGasCo, which owns 50 per cent of the Bajcsa gas development. Following the divestment, Ascent will hold 45.23 per cent of Penzlek and 38.73 per cent of Bajcsa, both of which are expected to come onstream and start contributing to the bottomline in 2008.

The Penzlek project lies in the Nyirs exploration permits in eastern Hungary. It involves the development of the PEN-104 discovery that was drilled and tested by PetroHungaria in 2006. Production facilities are scheduled to be delivered later this month, with the field due onstream once hook-up to the pipeline is completed and all necessary permits received. There is additional potential here, with the planned tie-in of the existing PEN-9 and PEN-12 wells and a 100 sq km 3D seismic shoot that will cover the partially depleted Penzlek field, which is a candidate for re-development.

The Bajcsa redevelopment project in western Hungary near the Croatian border is a 50/50 joint venture with Hungarian firm MOL. The Bajcsa field was originally brought on stream in 1961 and, to date, has produced some 16.6 billion cubic feet of gas from over 20 wells. The majority of the gas has come from the VII/b and III reservoirs, just two of the seven stacked reservoirs that make up the field. Current production levels are fairly minor. MOL and Ascent plan to drill horizontal recompletions from the existing vertical wellbores which should boost flowrates and drain gas from undepleted reservoirs. The exact increase in production wont be known until the partners get to work.

The first two wells will get underway as soon as delayed drilling permits are issued (the partners had hoped to start this work last year). As these wells were previously on production they are already connected to the field gas processing facilities and so production and cashflows should start to flow immediately the wells are completed.

The proceeds of the divestment to Leni come at an important time for Ascent in Hungary, where earlier this month it spudded the TIK-1 exploration well in the Szolnok exploration permit in the centre of the country. This is a known producing area that has yielded new discoveries in recent years, making it a prospective project for Ascent. The TIK-1 well will be drilled to a depth of 2,250 metres and is expected to intercept targets in the Pannonion, Miocene and pre-Miocene formations. Ascent has a 27.5 per cent interest in this project, where a second well and a 3D seismic shoot are planned for the coming months. The seismic shoot, already underway, will cover 150 sq km and will delineate six prospects seen on vintage 2D data as well as identifying new targets.

In all Hungary is shaping up to be a very substantial part of the Ascent portfolio, which stretches from Spain to Italy and comprises exploration, appraisal and development (and soon-to-be production) opportunities. The attractions of the Hungarian asset base are enhanced by Ascents astute acquisition in February 2007 of the Petisovsci fields in eastern Slovenia, which are an extension of the tight gas reservoirs in western Hungary. Ascent is looking at rebuilding production from the shallow reservoirs at Petisovsci and is rethinking the geological model for the deep gas reservoir.

sp < 6p nice one pp!

halifax - year end SP.......thats what matters.

Ascent's big drills are all in the second half of 2008, so just be patient........... :) LOL

Just a quick go over some of this years events.


Italy - Po Valley.

Nobody was saying that success at Gazzatta-1 would add 30p, the comment was that if Gazzatta is a success, the SP for AST will likely be over 20p by year end. Gazzatta is just one of 6 major leads in the license that Ascent hold. In total in the license area (Cento Area 3 leads + Bastiglia Area 3 leads) is thought to be leads with potential for 1 Tcf of gas. Success at Gazzatta-1 will also firm up the chances of a few more hundred Bcf. I would see no reason why following Gazzatta-1 success that the whole company should not be valued at less than 20p, taking everything in. The 200m figure NPV from Otto is Australian dollars, 200m A$, and circa 94m GBP (Otto presentation link http://www.ottoenergy.com/media/Otto%20Energy%20Investor%20Presentation_17%20Dec%2007--.pdf )

Gazzata is "most likely" 130Bcf but with potential upside to 386Bcf

Don't forget, the potential of the Po Valley license is not just 1 drill 130 Bcf Gazzata, its up to 1 Tcf of gas, prime acerage Italy. Second drill, funded by Otto again 100% all being well, will be in early 2009.

The old Envoi document link is here http://www.envoi.co.uk/P136Ascent-PoValleySyn.pdf

************************************************

Peneszlek - Hungary.

The Dual Ex presentation ( http://www.dualexen.com/documents/presentations/DXE-2008-04-28.pdf ) makes things easy to work out. They utilise their net figure of 1.875 mmcfd as generating revenues of 400,000 US$ a month = 213,333 US$ per 1mmcfd)

So......as AST have 45.23% after divestment

Initial link up will be just PEN-104 - circa 3.4mmscfd which is net to Ascent of 1.54mmcfd = 328,532 US$ a month revenue (annualised = 1.97m/year)

Final link up later in 2008 will include PEN-9 and PEN-12 - output to be 5mmscfd which is net to Ascent of 2.261 mmcfd = 482,452 US$ a month revenue (annualised = 2.89m/year)


***********************************

By early summer, PEN-104 should be producing. By late summer the field should be producing with PEN-9 and PEN-12 added. Therefore, by late summer Ascent has a producing field in Hungary generating revenues of near 3m a year. There is considerable potential to upgrade this with further wells and it should not be unexpected that by end 2009 this is producing circa 6m a year in revenues net to Ascent.

Success at Gazzatta-1 would be very welcome news, and would be followed by a second drill fully paid for by Otto to test the "most likely" 116Bcf Rubiera prospect.

****************************

Talking of Hungary, shall we mention Bajsca......as permitting has been approved now.

Bajsca -

The initial reason that Ascent was listed on the market, Bajsca was a major hope that lots and lots of gas could be extracted by using new drilling and completion techniques on this old Hungarian gas field, and so, it could be rehabilitated, and as the production permits and infrastructure is there already, there is near instant cash flow on success.

So, what is Bajsca (part of Zala) ?

Immediate,quite simply, 1 Tcf of gas in total, so thats 380Bcf net to Ascent, of gas, in the ground, that will put onto immediate production on any success. If you take the total potential of Zala (Bajsca and potential Project B), the potential worth to Ascent is circa 2 billion Euro's end of the day.
So, lets hope the first two horizontal completions at Bajsca is a success, as this could dramatically increase the cash flow for Ascent, from the expected circa 3m a year from the Pen field in Hungary, to anything up to near 10m a year from a combination of Pen and Zala by end 2008 on an annualised basis, with tonnes of upside on both fields for 2009.


And then of course there is Switzerland, Netherlands (we should be due news soon on the divestment of the Netherlands offshore assets to Tullow, which will further add to the cash pile), Slovenia, Snozzle, Italy Frosinone (Anagni is just part of that), Italy Strangologalli, Spain- Rocamundo, even Gabon and the fact they have a share of a drilling company now.

As you'll notice drilling rig companies and oil services companies valuations are going crazy, as demand far outweighs supply. So its lucky, imv, that Ascent got into this drilling rig company when they did, as that investment alone has likely gone up in value by some margin already, and will continue to rise..........and thats ignoring the main reason it was taken, and that is quick, cheap and priority access to rigs whilst others suffer with long waiting times.

*****************************************

The SP is suffering, as a major holder liquidates their holding for cash, this has left Ascent with an overhang, very oversold and grossly undervalued. The SP will continue to suffer until this seller is clear, make no mistake there, however, the seller has so far refused to sell below 5p, and so as it stands now, circa 5p appears to be the bottom.

http://newsstore.smh.com.au/apps/previewDocument.ac?docID=GCA00836469OEL

From Otto 1Q cash flow statement :


"(iv)ITALY Po Valley Basin (Otto earning 50%)

The Bastiglia-Cento Permits are located in the Po Valley in Northern Italy. The Po Valley is a proven hydrocarbon Basin with over 13Tcf of gas and 342 MMbbls of oil discovered to date.

The Bastiglia- Cento Permit area is surrounded by a number of substantial oil and gas fields that are currently on production. There is a good infrastructure of roads and pipelines criss-crossing the permits.


Appendix 5B
As a result of Deltana Energy Limited ("Deltana") choosing not to exercise their option to acquire a 15% working interest from Otto before 31 March 2008, Otto will acquire the full 50% of the Bastiglia-Cento Exploration Permits from Ascent Resources Plc ("Ascent")

To earn the 50% interest, Otto :

- has contributed Euro.2.15 million (A$3.65 million) as a reimbursement of past costs and for the purchase of seismic data,

- has reimbursed Deltana for direct costs of A$400,000,

- will pay 100% of the first Euro 3.486 million(approx. A$ 6.5million) of the cost of drilling and testing the Gazzata-1 well and 50% of costs in excess of the Euro 3.486 million.

-in the event of a significant commercial gas discovery at Gazzata-1, Otto will also fund 100% of the cost of drilling and testing of a second well.

http://business.timesonline.co.uk/tol/business/markets/article3864966.ece

Rumour of the day

Ascent Resources rose 0.125p to 5.375p on strong volume, despite revealing recently that its well in Hungary was full of carbon dioxide, not the methane that it was looking for. Drilling on a second well in Hungary starts this weekend and the belief is that this should be better. Other energy firms apparently want to buy the carbon dioxide.


And in case anyone is wondering why other companies are interested in buying the CO2 :

............Carbon dioxide can help extract oil and gas from depleted reservoirs and can increase the production of methane, the chief component of natural gas, from coal beds that can't be mined.

The petroleum industry has long used CO2 injection to get more oil from depleted reservoirs. If the pressure is high enough in these formations, the CO2 and oil become completely miscible, leading to highly efficient oil recovery.

At lower pressures CO2 displaces oil without mixing together to form a single fluid phase -- this is known as immiscible displacement. This too enhances recovery, by reducing the oil's viscosity and by swelling, as some fraction of the CO2 dissolves in the oil. While some of the carbon dioxide comes back up with the oil, much remains underground. Operations can be modified so that more of the CO2 remains underground after the enhanced-recovery project is complete............

L2 is 3 v 3 @ 6/6.5

LAND/KAUP and EVO on the offer at 6.5p


One Line Limits :

BUY 75K @ 6.4p

SELL 100K @ 6.2p


Certainly looks like the dumping is over for now.......overhang seriously reduced ?

.

Update :


L2 is now very blue and 4 v 3 @ 6.5/7.0



On Line Limits are :


BUY 37.5K @ 7p

SELL 150K @ 6.7p


Overhang now gone ?????????????

Certainly does appear as if the overhang is now perhaps clear.

RNS more bad news.

Just a minor disappointment thats all, thats why they did not even bother to announce the spud of the well, its just a tiny wildcat, thats all.. The Snozzle area, at 6p is probably worth around 0.1p valuation - eg its chicken feed.

The big drills start from now on, no more tin pot tiddly ones.

Bajsca........

Gazzatta.......

Hermrigen........

The biggies are the next up, and so, the fund and games commences soon. (Along with production from Penzlek too :) )

Worth a listen about future oil prices and the current situation :

http://www.netcastdaily.com/broadcast/fsn2008-0531-3a.asx

2008/05/31-3a Big Picture with Jim Puplava & John Loeffler - Part 1 05/31/2008

Shame they forget to mention Gazzatta-1 in the Po Valley due for spud around October. That one is real company maker potential, as in that area of Italy "gas in the ground" gets sold easily and for very good prices (as its a major gas producing area). A commercial find at Gazzatta could be sold, in the ground, for circa 100m sterling nett to Ascent. So its probably the real buzz on the exploration side going forward a few months.


http://www.oilbarrel.com:80/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1212544883&feed=oilbarrel_en


04.06.2008

Shareholders Look Forward To Busy Year At Ascent Resources, With Plans For Multiple Wells And Hopes For Very Welcome Near-Term Gas Production

Its sometimes difficult to get a handle on Ascent Resources, with its portfolio of 20 projects stretched across six countries in Europe, but there is little doubt the AIM-quoted company promises to deliver plenty of newflow in the coming year. It has plans to drill up to ten wells over 2008-9 and intends to shore up its cash position by bringing projects in Hungary and Slovenia onstream later this year.

Investors will be hoping this newsflow puts some momentum behind the share price, which has suffered following the disappointment of last years Anagni-1 well in Italy. Initially there were hopes this well, drilled as a shallow geological assessment well, had, by chance, made a commercial oil strike. But when the well was later deepened and tested the results were, at best, enigmatic.

The well lost over 3,000 tonnes of drilling fluids during the complicated and over-budget drill through this high permeability and fractured reservoir and, when it was finally tested, produced mainly water. It is possible the well may have tapped into one of the many underground river systems in this part of Italy and the company now plans to shoot seismic updip of the Anagni-1 location later this year. The company believes the well was drilled in a less than optimal subsurface location on the flank of the Anagni structure and the seismic will help finalise the location for an appraisal well.

The other key projects in the Ascent portfolio involve the near-term production potential of its Hungarian and Slovenian properties. Last year Ascent sold off its producing interests in Romania and Spain and it would give investors some comfort to have that income replaced by gas production sooner rather than later.

Production from the Penzlek project in eastern Hungary is due later this year, with the PEN-104 well expected to start producing at around 4.7 million cubic feet per day. There is additional potential here, with the planned tie-in of the existing PEN-9 and PEN-12 wells not to mention a 100 sq km 3D seismic shoot that will cover the partially depleted Penzlek field, which is a candidate for re-development.

The company is also redeveloping the Bajcsa tight gas project in western Hungary. The Bajcsa field was originally brought on stream in 1961 and, to date, has produced some 16.6 billion cubic feet of gas from over 20 wells. The majority of the gas has come from the VII/b and III reservoirs, just two of the seven stacked reservoirs that make up the field. Current production levels are fairly minor. MOL and Ascent plan to drill horizontal recompletions from the existing vertical wellbores which should boost flowrates and drain gas from undepleted reservoirs. The exact increase in production wont be known until the partners get to work but last year chief executive Jeremy Eng hinted at an initial production rate of 2.8 million cf/d.

The company also plans to initiate a major redevelopment programme on its Slovenia properties. Here it holds a 45 per cent interest in the Petisovci Dolina oil and gas fields and a 15.75 per cent interest in the underlying Petisovci Globoki gas field. Originally discovered in 1942, the fields currently produce minor amounts of oil and gas but there are thought to be substantial additional reserves waiting to be tapped. Remaining 2P oil reserves in the P-D reservoirs are put at 10.7 million barrels with the gas-in-place resource in the deeper P-G reservoirs estimated to be around 579 bcf.

Ascent also plans to spud the Hermrigen exploration/appraisal well in Switzerland later this year. A well location has been agreed with the local town council, close to the original well, Hermrigen-1, drilled by Elf in 1982. It tested gas at an initial rate of 1.5 million cubic feet per day from reservoirs at 2,250 metres but failed to reach the primary target at 3,000 metres due to drilling complications. According to a competent persons report commissioned by Ascents farm-in partner Leni, the discovery is reckoned to hold between 10.7 and 21.2 billion cubic feet of gas. Six other prospects have been identified on the permit, which the CPR estimates to hold prospective resources of between 347.7 bcf and 676.5 bcf. Ascents MD Jeremy Eng last year said he believed the Swiss project had the potential to be a major central European gas play.

It could add up to a busy year for Ascent. With some good news from its Hungarian projects, bringing some very welcome cash flows onto the books, plus a firm spud date for a follow-up to the enigmatic Anagni-1, and investors could start to see the share price regain some strength.

Oh... and it looks like Pen-104 should be on production by end July according to DualEx.


http://www.newswire.ca/en/releases/archive/May2008/29/c5901.html

Hungary
-------
First production from the Penzlek field is targeted for late second
quarter / early third quarter of 2008. The PEN-104 well has been completed;
the short tie-in line has been installed; and the location is waiting for
delivery of the gas processing facility. In addition, the already drilled
PEN-9 and PEN-12 wells are planned to be re-entered once the required wellbore
permits have been obtained from the Hungarian government. The acquisition of
approximately 100 square km of 3D seismic in the Penzlek area is
contemplated for the 2nd half of 2008. Upon completion, it is anticipated that
several follow-up drilling locations may be identified. DualEx has a 37.5%
working interest in the 614,000 acre Nyirseg North and South Permits.

I see Paul Curtis has just taken over 3%........as he did recently in IPL too.

If Gazzata-1 strikes in the Po Valley, Paul and the rest of us will be making shed loads of money thats for sure.

If you take just Gazzata-1 then note this, and this was way back when gas prices were much lower :


Fiscal System - The taxation system in Italy compares very favourably with other politically stable oil producing countries. It is based on a simple Royalty/Tax model, a royalty of only 7% and total taxes, comprising Corporation Tax and a Regional Tax, of 37.5%. Importantly for small fields there is a tax exemption for the first 20 million cubic metres (700 mmcf) produced.

Transportation & Marketing By law, the Italian gas transportation system is open to all producers of Italian gas. Strict rules also apply to the transportation costs. Within the Bastiglia-Cento permits gas pipelines lie within a few kms of the identified prospect, thus affording easy access to any market (Ref: Montage). Gas prices in Italy currently work out at over 7.5 (US$ 10) per Mcf.

Economics Based on average flow rates in the area of 5 mmcfd per well, the minimum size needed to give a positive return on investment is only 2 Bcf. The most likely size for the Gazzata prospect alone is 130 Bcf which could generate an after tax NPV10% in excess of 250 million (US$ 340 million) and a rate of return of over 100%. The upside potential in both the Gazzata and Rubiera prospects, excluding any closures as yet undefined is, therefore, substantial. Selling the gas in the ground, which is possible in the region, would generate a similar return and without the investment of development!


So, work in current gas prices, and sale of it in the ground, and you get nigh on potential cash sale net to Ascent of 100m sterling.

A little bit of one asset worth in the ground around about 100m sterling to Ascent.........for a market cap of today - well, peanuts.

Buying AST at these prices is a gamble yes, but the odds are stacked in your favour, and the potential prize.....well........multiple multiple bagger from 5p levels.

(and then there is Anagni, and Switzerland, and Rubiera in the Po Valley, and and and and and...... :) )

Just looking through the latest Otto Energy presentation.

They assign to the Po Valley Cento License 2 main area's :


Mid reserve case (100Bcf recoverable) NPV10 of (in AST terms) circa 29p a share for Gazzata, and circa 20p a share for Rubiera. (for Otto (518m shares and options) its 0.35$ for Gazzata and 0.25$ for Rubiera).

You can listen to the presentation and see the new slides at the following link :

http://www.brr.com.au/event/46342


+++++++++

Now :

Gazzata to spud in early October.

Rubiera would be significantly derisked by Gazzata success.

Top case for Gazzata is 3 times the mid reserve case (so the math says up to 87p upside for AST for top size recoverable commercial find).

If you take it that Gazzata seriously dresisks Rubiera, the not only do you get the Gazzata upside kick in, but also the risk level reduces on Rubiera and that higher risked value also kicks in.

Quite a potential company maker for little old Ascent Resources.

RNS Number : 7321W
Ascent Resources PLC
16 June 2008




Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

16th June 2008

Ascent Resources plc ('Ascent' or 'the Company')

Commences Seismic Acquisition on Frosinone permit


Ascent Resources plc, the AIM-traded oil and gas exploration and production company, is starting a 2-D seismic acquisition programme of approximately 30 km on its Frosinone Exploration Permit in the Latina Valley, onshore Italy. The new seismic acquisition will focus on the area up dip from the Anagni-1 well with an objective of establishing the presence of the key sealing faults. Depending on the results of the seismic interpretation an appraisal well location may be chosen.


This seismic acquisition programme follows the drilling of the Anagni-1 well, which penetrated a porous, reservoir quality, carbonate formation. The new seismic programme will be integrated with the Anagni well data to assist Ascent's technical team in evaluating the potential of the Anagni structure.


Ascent Managing Director Jeremy Eng said, 'The Anagni-1 results underpin the hydrocarbon potential of the region and represent the first stage of exploration for a new reservoir system in the Frosinone permit area. Seismic recorded at the time of drilling indicate that the well was drilled in a less than optimal subsurface location on the flank of the Anagni structure. However, traces of live oil were recovered both in core samples and during testing, which have provided enough encouragement for further exploration and evaluation of the permit's potential and hence the commencement of this seismic survey.'


The information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) and has 19 years relevant experience in the oil industry.

New Presentation :

http://www.ascentresources.co.uk/investor_information/Ascent_Corporate_Presentation_27062008.pdf



.

pp another one of your favourite duds.

Hardly a dud is it ?

I was first in at 9p, it rose all the way to over 32p, and has come back down to now 6p.

I have sold and purchased and sold numerous times in that period.

Its made me tonnes of money, and with a big position now at 6p levels, its going to make me loads of money again in the coming 12 months. Wait and see......


Trade shares..........not love them.

Watch the price of AST come December.............would you like to make a prediction and stick with it and be judged on it ????????

I will say certainly over 15p. Might even be over 30p.

Your predictions, that I can quote you on later this year ?????????

I find the new work programme interesting. It is an admission of the fact they need more cash to speed up the programme, but also an admission they will delay the programme so as not to raise money at crazy low prices. Likely to upset anyone with a large short.

Hermrigen is a high cost (being Swiss), higher side risk, high impact well. Not really what you should be concentrating on if cash is running tight, and so rightly, if disappointingly, its moved in 2009.

This could open the door for Anagni-2 now in late 2008, Anagni- being on a proven oil bearing structure, much lower cost, and still with potential high impact, it makes sense imv to move A-2 ahead of Hermrigen.

All in all very sensible decisions being made, but still with the high impact Gazzata well due to spud October. That well remains mean estimate gas in ground basis 33p a share to AST, or top side 99p a share to AST, its the kind of exploration needed to excite investors as they get their production side sorted out.

OILBARREL 17 July 2008

Ascent Resources Adds To Its Portfolio As Investors Await News Of Hungarian Gas Production And A Possible Appraisal Of Anagni-1...

Ascent Resources has expanded its project base, building on its existing footprint in two of the countries in which it already operates. The new additions come as the AIM-quoted company exits Spain, where last year it sold off its producing interests and has now let an application for the Rocamundo exploration permit lapse. This makes sense: Ascent is increasingly focused on central and eastern Europe and it seems sensible to divert limited resources to areas where it can leverage existing assets and add most value.

Ascent has now signed up to take on 80 per cent of the East Slovenia exploration permit, which lies to the north of Ascents Petisovci oil and gas field redevelopment project, and 35 per cent interest in the Concordat exploration project in Switzerland, where it also holds the Hermrigen appraisal project.

The East Slovenian project covers 864 sq km in an area that saw a number of wells drilled in the 1950s, of which six had good oil or gas shows. This is a pretty typical history for this part of the world, where proven producing areas suffered under-investment during the Soviet era and have seen little application of modern exploration and development techniques: even seismic is a rarity in some areas. This creates opportunities for incoming investors, enabling them to use modern technology to tap low-lying exploration fruit, a strategy Ascent has already deployed to good effect elsewhere, notably in Hungary and (prior to its disposal last year) Romania.

In Switzerland, Ascent has acquired a 35 per cent interest in 7,238 sq km of the 7,495 sq km Concordat exploration permit, where initial plans will focus on the reprocessing of existing seismic data. In the meantime, investors are keen to see one of the companys part-owned rigs it has a 22.5 per cent interest in Italian drilling company Perazzoli appraise the Hermrigen-1 has discovery drilled by Elf in 1982. The well tested gas at an initial rate of 1.5 million cubic feet per day from reservoirs at 2,250 metres but failed to reach the primary target at 3,000 metres due to drilling complications.

According to a competent persons report commissioned by Ascents farm-in partner Leni Gas & Oil, the discovery is reckoned to hold between 10.7 and 21.2 billion cubic feet of gas. Six other prospects have been identified on the permit, which the CPR estimates to hold prospective resources of between 347.7 bcf and 676.5 bcf. This is a promising resource to chase and investors are keen for news of a firm spud date.

Ascent has certainly been very successful at assembling a portfolio of more than 20 projects across Europe but this potential remains theoretical until tested by the cold hard reality of the drillbit. There are plans for up to ten wells in 2008-2009 and investors will be keen this timetable doesnt slip. (And they will certainly be hoping for a better result than the two wells drilled in April and May of this year when the TIK-1 and Nko Ny-1 exploration wells on the Szolnok permit in Hungary were P&A.)

Investors are also still awaiting news of first gas from the Penzlek gas development in eastern Hungary, with the PEN-104 well due onstream at a rate of 4.7 million cubic feet per day shortly. 2008 should also see first production from the Bajcsa redevelopment project in western Hungary near the Croatian border, where horizontal recompletions of existing wells should drain gas from these undepleted tight gas reservoirs. Both projects offer the potential for near-term cash flows and both have the potential to grow into bigger projects: there is additional re-development potential at Penzlek and a number of Bajcsa look-alikes for redevelopment.

The companys followers are also keen for news from Italy, where a 30 km 2D shoot across the Frosinone permit in the Latina Valley, home to the perplexing Anagni-1 well, is now complete. Initially there were hopes this well, drilled as a shallow geological assessment well, had, by chance, made a commercial oil strike. But when the well was later deepened and tested the results were, at best, enigmatic.

The well lost over 3,000 tonnes of drilling fluids during the complicated and over-budget drill through this high permeability and fractured reservoir and, when it was finally tested, produced mainly water. Encouragingly the well did penetrate a porous, reservoir quality, carbonate formation and recovered traces of live oil in core samples and during testing. One theory is the well may have tapped into one of the many underground river systems in this part of Italy. Seismic recorded at the time of drilling indicates the well was drilled in a less than optimal subsurface location on the flank of the structure.

The new 2D survey was designed to focus on an area updip from Anagni-1 well to establish the presence of key sealing faults and pinpoint a location for a possible appraisal well. An oil strike onshore Italy would be a material gain for Ascent and it is little wonder investors are so keen to learn if and when an appraisal well will sink.

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1216260031&feed=oilbarrel_en

http://www.investegate.co.uk/Article.aspx?id=200807170700062576Z


News from LGO, which covers some AST assets.

Looks like PEN-104 producing from circa end July as expected.

New news that Bajsca looks like it will go into production in Q3, with the horizontal recompletions now planned for Q4.

RNS Number : 5811Z
Ascent Resources PLC
22 July 2008

Portfolio Update for AGM

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, releases this announcement to coincide with the Company's Annual General Meeting scheduled for today at 10am. An updated Corporate Presentation will also be available on the Company's


Strategy

The Company is focusing its efforts on Central and Eastern Europe, particularly Italy, Switzerland, Hungary and Slovenia. Production is due to commence in Hungary by early August and the recently announced involvement in new projects in Switzerland and Slovenia strengthens the Company's portfolio of development, appraisal and exploration projects in the region.


Hungary

Penzlek Gasfield Development - 45.2% interest

Following the issue of the relevant permits, gas sales from the PEN-104 well are scheduled to commence shortly once the final components of the production facility are delivered and installed. The acquisition of 3-D seismic in the immediate area is planned; this will assist in evaluating other gas prospects which may be developed, including the partially depleted Penzlek field and the PEN-9 and PEN-12 wells, all of which have proven gas production.


Bajcsa Gasfield Redevelopment - 38.7% interest

Studies have confirmed reserves of unproduced gas in a number of the multiple reservoirs of the Bajcsa field. The work programme is being finalised and will include the re-entry and workover of old wells and the drilling of new horizontal production wells.


Szolnok Exploration Project - 27.5% interest

On the results of the 3-D seismic shot in April, a further two exploration wells and additional 3-D seismic are planned. Ascent has been approached with the view to farming down its interest in this project which could provide funding for the further exploration programme.


Nys Exploration Project - 52.5% interest

A farm-out in the western part of the Nyirs permits is under discussion.



Slovenia

Petisovci Shallow Reservoirs - 45% interest

Following extensive study and a completely revised subsurface model, the technical recommendation is to acquire a new 3-D seismic survey across the field area. At the same time, some of the existing wells will be worked over to restart production. Previous third party independent estimates indicate the remaining proven plus probable ('2P') oil reserves to be 10.7 million barrels.


Petisovci Globoki Deep Reservoirs - 15.75% interest

The deep gas reservoirs will benefit from the 3-D seismic survey and further testing of the D-14 well has been recommended to determine the E-1 reservoir productivity at this location. A rig to undertake this work is available in Q4.


East Slovenian Exploration Project - 80% interest

Recently acquired, the current work programme envisages a regional exploration study followed by seismic and exploration or appraisal drilling in 2009. The East Slovenian Project adjoins the Petisovci Redevelopment Project and a number of wells drilled in the 1950's had indications of the presence of oil and gas.


Switzerland

Seeland Exploration and Appraisal - 90% interest

Seismic reprocessing and geological modelling is now complete. Drilling of the Hermrigen-2 appraisal well to re-test the productive gas reservoir is now scheduled for 2009, subject to the issue of a construction permit. Ascent is currently in discussions with a number of third parties for the farm-out of this opportunity.


Concordat Exploration Permit - 35% interest

The current work programme for the remainder of 2008 considers the reprocessing of existing seismic data in this newly acquired licence area.


Vaud Exploration and Appraisal - 90% interest

While the Company is considering an appraisal of the Essertines oil discovery, the exploration of nearby Triassic gas prospects is also under consideration.


Linden Exploration and Appraisal - 90% interest

An appraisal well for the Linden gas discovery but will require a large drilling unit capable of reaching a depth of 5,000m.



Netherlands

Offshore blocks M8, M10, M11 and P4 - 27% interest

The preliminary work programme to establish the hydrocarbon potential of this exploration and appraisal project has been completed and a divestment of these assets is under consideration.


Italy

Frosinone Exploration - 80% interest

The 2-D seismic acquisition programme in the vicinity of the Anagni-1 well was completed this month and processing and interpretation of this data to assess the potential of the Anagni structure is commencing.


Cento and Bastiglia permits, Po Valley Exploration - 50% interest

The Gazzata-1 well is expected to spud in the second half of 2008. Under the terms of the farm-out announced in November 2007, the first well is fully funded, as will be a second well if the Gazzata-1 well is a commercial discovery.


Fiume Arrone exploration - 56% interest

An application has been submitted to extend the exploration permit for a further three years.


Strangolagalli Exploration - 50% interest

In the Strangolagalli concession which contains the Ripi oilfield seismic tests have been run. In addition to the deep exploration below the oilfield in which Ascent has a 50% interest, participating in a redevelopment of the Ripi oilfield is a possibility.


Perazzoli Drilling - 22.5% interest

The third Perazzoli Drilling rig is due to leave the factory in the next few weeks. This 200T unit will supplement the 100T and 40T units which are already active in Italy. The new rig will commence drilling for a third party and later in the year will be available to drill the Gazzata-1 well in the Cento and Bastiglia permits of northern Italy.


Finance

In addition to cash reserves, the recent completion of the sale of a 7.27% interest in Ascent's Hungarian development project provides a further 1m. Also, after establishing an initial debt facility in 2006 of 500,000 through Italian banks, the Company, through its Italian subsidiary, has negotiated another debt facility of up to 1.5m for the development of the Italian assets. The Company continues to assess divestment and farm-out opportunities which would provide the Company with further capital to maintain its aggressive exploration and development programme.

July 2008 Presentation (PDF file) :

http://www.ascentresources.co.uk/investor_information/Ascent_Corporate_Presentation_July_2008.pdf


.

This from an AGM attendee, posting at AFN :


bobobob5 - 22 Jul'08 - 15:17 - 22230 of 22231

The auditors got a bl**dy good kicking at the AGM, because of the size of their fees. And so did the house brokers, because of (a) having such a wide spread, (b) carrying no stock, and (c) issuing no broker notes on the Company. A couple of substantial investors made it clear that this was, to be blunt, totally unacceptable.

As far as operations etc are concerened, my view is that the informed posters on this thread have their finger on the pulse. There's a new Corporate Presentation, which should be read together with today's Portfolio Update RNS. Buta few key points to perhaps expand a few items:

1. delivery dates for a couple of key gas production components were failed by suppliers, but Pen-104 production is imminent. A valve actuator is being flown in from Canada, and a pop-off valve is being sent in from France. The gas is worth c. 6 euros per 1000 cu.ft and initial output is expected to be 3 million cu.ft per day (45% of this to AST). So this will be nice cashflow. Capital spend on the gas project was only c. 1 million euros, which is very low so it's highly profitable;

2. once the gas is flowing, 3D seismic will be shot, and the plan is to tie-in Pen-9 and Pen-12;

3. the high oil price makes it "absolutely worthwhile" to pursue the shallow Slovenian oil. 3D seismic will help target the unrecovered oil: only 10% or less was recovered in the 40s and 50s. Some 136 old vertical wells were drilled here; no pumps were used; some old wells might be re-entered, but new wells might be cheaper;

4. the costs of offshore work in the Netherlands are too high for AST's business model, so the intention is to capitalise on the work that's already been done and sell it to offshore specialists;

5. Agnani 3D analysis will be done in about one month. A-1 showed live oil, it's on the flank of the structure, a "very strong prospect", cost of drilling A-2 less than 2 million euros, A-2 will probably need a new well location because too far from A-1 for directional drilling. The plan is to go up-dip to a thicker part of the reservoir and avoid the fractures/water problem;

6. Po Valley success rate for ENI on old seismic was 1 in 3 to 1 in 4, which was very low risk; Ascent believe that using the latest seismic methods, current exploration work in the Po Valley is ging a success rate of 70% to 80%;

7. "many of the projects in the portfolio cover the current AST market capitalisation on their own";

8. Perazzoli have access to economic drilling labour, and this investment is clearly a significant and profitable one. The new 200T rig is due out of the factory next week, and will be drilling a well for a 3rd party in Southern Italy;

9. the new Perazzoli rig is environmentally friendly, which means that it's (a) quiet and (b) doesn't discharge diesel fumes into the atmosphere. This is vitally important when drilling in the Swiss valleys where smog can accumulate;

10. Ascent have a "defence strategy" to deal with any unwelcome bids for the Company. This would include publishing their (confidential) internal 'risked' valuation (exactly as I said would be the case);

11. although AST's 'risked' valuation is confidential, the Chairman said that if the market cap. were at that level it would put them into the FTSE 250.

but imho DYOR etc as always

pp you must feel pretty lonely punting this one?

PP,
you are not alone in this stock[I assume you are holding given your time and input into this thread]

I am back in again after selling out last year[or earlier, I forget] when it was up around the 15p mark I think. I got lucky last time with a small profit. Hope I can do it again.

onwards and upwards
Alex

Alex, it is often the quietest threads lead to the biggest gains, and AST has already done it once for me too, from 8p to 30p.

This time I am hoping for more, a lot more, and looking for 5p to 50p plus within 18 months.

Buy Oil up to $200

A tip from Bill Adlard's Chart Guide ( http://www.chart-guide.com )

The Elliott wave principle is basically very simple: moves with the trend go in fives, those against go in threes. So let's look at a long term chart of Brent Crude and see if we can observe this in the chart. See how the 8 year falling price trend in Brent from 1990 to 1998 made a clear three wave move. So if the three wave moves are going down, that means the five wave moves must be going UP. That means we should see five waves up from the 1998 low, which I am labelling with numbers in circles: this means they are primary degree trends - major trends in other words.

The five waves will probably make a regular trend channel, and we can see that starting to emerge as well. I think it's pretty plain to see that the up trend has only reached, or actually nearly reached, the top of wave 3 (circled). Note how wave 3 (circled) subdivides into its own five waves - that's how it works. The horizontal lines are Gann levels: fractional moves or multiples of the absolute value at any given time. Where these cluster together tend to be targets and support and resistance levels. You can see a major cluster at $150 - this has been my target on Chart-Guide.com for some time. But look above - there's another cluster at $200. The price hasn't actually hit the top line of the trend channel yet, and I would expect a third wave to do this. So eventually, those who call for a $200 target for crude are right, I believe.

Moving in closer with a weekly chart shows more of the subdivisions of the up trend. As you get down to the nitty gritty, it gets more complex, but the same simple rules apply. Just looking at the advance from the wave (4) low, one can see that it is subdividing into waves which I've numbered 1,2,3 etc. And we haven't reached the wave 3 top yet. We need one more upwards move, back to $150, and maybe a bit further, to get there. I suspect, though, that the $150 level will prove to be resistance, and that will set off a wave 4 correction. Once wave 4 bottoms, though, wave 5 up should start. That is likely to be a panic stricken rush for oil while there's enough to go round: that's how commodities tend to finish their up trends. So we'll probably see a near vertical rise in the price of crude, rather like the huge blow-off we've seen in gold. You don't have to be a genius to work out what effect that is likely to have on stock prices and interest rates. As I've said before - the bull market in stocks is over. The bull market in crude has yet to top out. The target is $200 or more.

pp what does this have to do with AST they aren't producing any oil, keep ramping it's that time of the year apparently.

oil is bound to bounce at some point but looks to me as if it's heading sub $100.
As for AST pp, you're pretty close to your 'sell when 20% down and admit you were wrong to buy the stock'

remember not to fall in love with it ;-)

Unbelievable amount of potential here - so its ones to just keep on buying imo.

Lets see where AST is come December :).

Oil is unlikely to reach $200, soon, but that doesn't say it wont in a few years.
However, I understand all OilCo's use a figure of $80 to do their calculations, only then if it appears profitable would they put in more money/effort.
AST appears to be waiting for permissions, which environmentalists have made much more difficult to process. . . . but it looks a fair bet - I'm note sure of a Multi-bagger, but it looks good enough to be worth the investment.

Anyone see parallels with Northern Petrol?

Gas flowing now, and Snozzle farm down - all very nice.

http://www.investegate.co.uk/Article.aspx?id=200808120700081112B

RNS Number : 1112B
Ascent Resources PLC
12 August 2008

Ascent Resources plc ('Ascent' or 'the Company')

Gas Production Commences in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has commenced gas production at the PEN-104 well in the Penzlek area of the Nys permits in Hungary. The production rate of the well is currently 48,000 cu.m of gas with a wellhead pressure of 92 bar. The rate will gradually be increased over the next few days to a target of 85,000 cu.m per day (3 MMscfd; 500 boepd).

The PEN-104 discovery well was originally drilled in 2006 by PetroHungaria kft. Gas production, following metering at the newly constructed PEN-104 facility, is transported by pipeline to the MOL gas processing facility at Hajdzoboszl 50 km from the well.

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

Future plans for the Nys exploration permits include the acquisition of a 3-D seismic survey with the objective of delineating other gas reservoirs within the vicinity. Two wells in the survey area have previously tested gas but to date, have not been put into production. Additionally, the Penzlek field, which produced gas between 1983 and 1991, is a candidate for redevelopment.

Ascent Managing Director Jeremy Eng said, 'The commencement of production at the Pen-104 well is a positive step forward both for our Hungarian assets and for the Company. With Ascent's involvement, the PEN-104 project has characterised the full cycle of the exploration and production business; starting with the acquisition of seismic, through the drilling of the discovery well, the construction of the production facility and finally, gas sales and producing a revenue stream.

'This is an opportune moment to start production in Hungary considering the current strong gas prices and possibility for the sale of production on the domestic market where over 70% of gas consumed is imported. Going forward, the Company will look to increase cashflow by bringing further wells on stream in the area.'

Also in Hungary at the Szolnok Gas Exploration Project, Roh-Aufsuchungs Aktiengesellschaft, an existing partner in the project, has increased its participation to 59.5% by purchasing interests from other partners including Ascent. Ascents interest in the Szolnok Project has now been reduced by 15% from 27.5% to 12.5%. The future work programme envisages the drilling of two exploration wells in the Kunstmarten 3-D seismic acquisition area as well as further 3-D seismic acquisition nearby.

A nice write up out today :

http://www.proactiveinvestors.co.uk/articles/art.php?AST5

20 oil projects for 15m

By Stuart Watson

Article Date: 12-08-2008


Unlike many junior oil companies on the AIM, where the ..............................

papal,

Yes a decent write up for holders to enjoy, here's the first paragraph;


20 oil projects for 15m
By Stuart Watson
Article Date: 12-08-2008

Additional: Information
Market: AIM
Sector: Aerospace & Defence
News: Latest
Market Data: Additional Charts
Web Site: ascentresources.com
Other Articles: 07-06-2007

12-08-2006

01-06-2006

09-01-2008

12-08-2008

























Unlike many junior oil companies on the AIM, where the value lies in one or a few prospects, Ascent has a wide variety of projects numbering around 20 at the last count.

Ascent Resources is an oil exploration outfit focused on Europe. Unlike many junior oil companies on the AIM, where the value lies in one or a few prospects, Ascent has a wide variety of projects numbering around 20 at the last count.
The possession of such a broad portfolio usually helps to insulate a companys share price from the inevitable failures that are part and parcel of oil exploration. Not so this year. Poor sentiment has hit the share price of many small companies and, despite the surging oil price, explorers such as Ascent have not been immune to these pressures.
There is still plenty to play for across Ascents portfolio with a