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

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

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.