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

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.
.