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

Nice day :)

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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.

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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.