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

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.