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

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


.