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

I see H2 2008 as a time when this will Ascent and fast. I have copied your posts below, and come later this year I might enjoy copying and pasting them to you a few times to remind you :) LOL

Todays price is 5.75p - lets see where the price is later this year, against the posts below.

hlyeo98 - 28 Mar 2008 19:51 - 346 of 347
This is an excellent example of throwing good money after bad. I really can't see it going back up.

halifax - 28 Mar 2008 21:22 - 347 of 347
Yes should be re-named Descent Resources!!

You are most welcome...the chart says it all.

Copy of couple of posts on AFN :



PapalPower - 1 Apr'08 - 01:44 - 19231 of 19233
IMV there is only one event that will change the outlook of AST in the shorter term, and that is production from Nyirseg being on line from Hungary by end of H2 as was stated.

If this event happens and on time then sentiment will rightly change. The seller here is likely (if its not for tax reasons and we will know soon) assisting a potential buyer, as in they will depress the price down to "crazy levels" to cut off funding potential, and then their "friends" will come in with a cheap offer to buy the company.

This kind of aggresive behaviour happens a lot, and AST has some good assets, and so would be a potential target.

This is where JE and co have to be very clever, preserve their cash and get their cash producing assets on line soonest. Once into production the vultures, if that is what we have presently, will soon go away, and the SP will respond accordingly.


Hellisreal - 1 Apr'08 - 02:40 - 19232 of 19233
Very insightful post PP
Do i Don't i ?
Hold quite a few already ,da da


PapalPower - 1 Apr'08 - 02:46 - 19233 of 19233
Well, first thing to wait for is to see if the selling stops come Thursday........if yes then it was tax year end selling.

If it continues then I would suggest we have "vultures" overhead. They look for good companies who might be tight on cash........with perhaps fidgity major shareholders........they then short sell or get a major holder to sell down and crash the price, then they breeze in with an offer and try to get majority approval at a very cheap price.

Due to the crashed down SP, the company cannot raise funds without diluting the hell out of the assets, so the vultures win and buy the whole company cheap.

The only thing that will arrest this, is the company delivering on the Nyirseg production on time and to plan (which is in production by end H2). With that cash coming in, the picture changes, if you add some Bajsca success in to....the vultures will be gone before Po Valley is drilled.

So, at this present moment in time.......its a case of wait and see.

The back up is that any "hostile" bid would be above todays SP (say 10p or 12p).

The downside is that things may wobble along for some time yet until news.

Certainly some of the major shareholders will be worried that AST fails to get any production on line, and be end of 2008 are left with no cash, and then things get really stripped down and sold off for peanuts. This is what the vultures feed on, and they are successfully cutting off any funding by placing,

So, the game is afoot imv, however, should production come on line end H2 as planned things will turn, and should any of the drills strike home, then a very fast turnaround will happen.

That imo. You pay your money, you take your gamble :)

Seller might be being cleared out now ?

On Line Limits much stronger :

BUY 100K @ 5.8p

SELL 100K @ 5.7p

Kerching........prior back costs in the Ascent bank account then ?


http://www.oilvoice.com/n/Otto_Energy_Confirms_50_Farmin_Into_Po_Valley_Italy/b440e417.aspx

Otto Energy Confirms 50% Farm-in Into Po Valley, Italy

Wednesday, April 02, 2008

Otto Energy provides an update on the farm-in negotiations for two permits within the Po Valley, onshore Italy, where Otto is set to acquire a 50% holding in two Bastiglia-Cento Exploration Permits from Ascent Resources Plc.

Highlights:

Otto will hold a 50% working interest in each of the two permits, subject to the terms of the agreement.
The two adjacent Bastiglia - Cento Exploration Permits are considered highly prospective and have multiple hydrocarbon prospects and leads already identified from previous seismic data.
The first well, Gazzata-1, will be drilled around September 2008, targeting prospective gas resources of over 100bscf.

Otto Energy has finalised negotiations to farm-in the full 50% option to the Bastiglia-Cento Exploration Permits in the Po Valley, Italy from Ascent Resources Plc. Otto will acquire the full 50% interest as a result of Deltana Energy choosing not to exercise their option to acquire a 15% working interest from Otto before 31 March 2008.

Ottos CEO Alex Parks said, Otto is pleased to be earning the full 50% interest in the Permits. We believe the chance of success is relatively good and thus the resulting risk, cost, and reward balance compliments our portfolio of assets. By earning the full 50% there is considerable upside for Otto to materially benefit from any discovery made and we look forward to the start of the drilling program later this year.

Back costs in the bank, as well as paying for seismic data :)

http://www.investegate.co.uk/Article.aspx?id=200712060701252957J

"The new agreement supersedes the farm-in agreement with Deltana, previously
announced on 1 August 2007. The terms remain essentially unchanged with Deltana and Otto paying a contribution towards the project back costs and the purchase of existing seismic data. Deltana and Otto will also pay 100% of the cost of the first exploration well and 100% of the cost of a second exploration well if the first well discovers commercial quantities of gas. The future value of the farm-in package amounts to circa 13 million."

++++++++++++++++++++++++++++

Its difficult to know whether total back costs were circa 2m Euro, or the proportion of back costs to be paid by the farm in partner was 2m Euro.

Anyway, should be 2m Euro, or a portion of 2m Euro (50% = 1m Euro worst case) going into Ascents bank account soon.

AND, a charge for the purchase of the existing seismic......how much will that be ?

Otto Energy assigns an NPV of A$200,000,000 to the Gazzata area in the Po Valley, thats just Gazzata, on their 50% stake.

That is in sterling, 91 million pounds.

So of course AST also has an NPV of 91 million sterling pounds on the 50% they hold.

To put that into perspective, the Po Vally Gazzata area on its own offers an NPV of 30p a share to Ascent.

First drill there, coming Sept 2008.

Nice to see Ascent got near the high end of my estimates, with 2.15m Euro paid to them for back costs and seismic by Otto for the farm in :)

The potential NPV to Ascent is circa 30p a share.....not bad, just for Gazzata.


http://www.ottomanenergy.com/media/Moving%20forward%20in%20two%20thousand%20and%20Otto.pdf


"Moving forward in two thousand and Otto"

... What Parks described as the next big thing for Otto is drilling of Gazzata-1 in
the Bastiglia-Cento permits in the Po Valley of northern Italy where Otto farmed into a large exploration permit held by AIM listed Ascent Resources. The Po Valley is
a proven hydrocarbon basin, where more than 13 trillion cubic feet of gas and 342
million barrels of oil have been discovered to date.

To earn 50% in the permits, Otto contributed 2.15 million in January 2008
for the purchase of seismic data and reimbursed Deltana Energy for direct costs
of $400,000. Otto will pay 100% of the cost of drilling and testing the Gazzata-1 well.

In the event of a significant commercial gas discovery at Gazzata-1, Otto will also
fund 100% of the cost of drilling and testing of a second well.

We will be drilling the Gazzata-1 well in Italy in September targeting 130-200 billion
cubic feet of gas, Parks said.

In the event of a discovery, the company estimates the project is potentially worth
more than $200 million to Otto on a net present value (NPV) basis, equating to
approximately 40c per share.

There are two very similar structures in the Bastiglia-Cento permits Gazzata and
Rubiera. Gazzata is the first one that we are going to drill. There are 2D seismic lines that run north and south on Gazzata and processing and interpretation shows what looks like a common gas-water contact on each line, Parks added.

If we can demonstrate that Gazzata works, then we will have a good look at
Rubiera, which is another structure that looks very similar. Between these two
structures and the rest of the block, which is also judged to be very prospective, there could be as much as a trillion cubic feet of recoverable gas in the block.

Ascent Resources PLC
07 April 2008

Ascent Resources plc ('Ascent' or 'the Company')

Hungarian operations start-up

Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, announces that operations have commenced on the Szolnok exploration
permit in Central Hungary where the Company has a 27.5% interest, with the
drilling of the first of two exploration wells and the start of a 3-D seismic
survey.

Drilling of the TIK-1 well began at 17:00 on Sunday 6th April with operations
expected to last about five weeks. The well is planned to reach a depth of
2,250m and to intercept targets in the Pannonion, Miocene and pre-Miocene
formations.

The Kunszentmarton 3-D seismic acquisition programme has also begun and the
field work is expected to take seven weeks. This programme will cover 150 sq km
and as well as delineating six prospects identified from old 2-D lines, it is
expected to identify further targets.

Both in the area of, and surrounding the Szolnok exploration permit, there are a
number of producing oil and gas fields as well as new discoveries that are been
drilled in the past two years being prepared for production.

Ascent Managing Director Jeremy Eng said, 'These works, along with the on-going
preparations for the start-up of production at Ascent's PEN-104 gas discovery in
eastern Hungary, demonstrates the benefits of a portfolio approach which has the
ability to create value through the simultaneous implementation of both
exploration and development programmes.'

For reference this was a post I put on AFN over the weekend, and the news today confirms two of the first "guesstimates for April".

Its only guesses, so DYOR !!

PapalPower - 5 Apr'08 - 03:02 - 19402 of 19436

Timelines, lets stimulate some debate on the 2008 timeline of events, please add in whatever you can.

I'll start with some guesstimates of events and timing, please add comments and suggestions. :


April 2008 - Prelim Results / 3D seismic at Snozzle / 2D Seismic at Anagni / Snozzle-1 spud.
May 2008 - AGM / Hungary Peneszleck production is on line
June 2008 - Issue reserves report for Hungary / Snozzle well 2 spud
July 2008 - Bajsca start / 2-D Seimic results from Anagni+intent to drill
August 2008 - Directors excercise warrants (Sept/08 exp) at 15p raising 900K.
September 2008 - Spud of the Gazzata-1 in the Po Valley / Interim Results / Hungary Peneszleck Gasfield - 3D Seismic
October 2008 - Spud of Anangi-2#
November 2008 - Spud of the Hermrigen-2 Swiss Drill*
December 2008 - Commercial finds confirmed at A-2 and G-1, city falls in love with AST, SP hits new high at 40p ;) (he says with fingers and toes crossed)

All are "guesstimates" so DYOR !!


#Pending 2D seismic results, drill could be scheduled for Q4 using other shallower rig of Ascent Drilling partner.

*Pending permits and new deep drilling rig delivery to Ascent Drilling partner Hermrigen-2 could commence July prior to the rig being used at Gazzata-1 in September.

Out of interest, from the on line limits, it says the seller is gone today. Time will tell.


On Line Limits :

BUY 15K @ 6.94p

SELL 250K @ 6.56p

4 to 6 weeks it seems for Tik-1 well (Snozzle-1 as we say)

http://www.oilvoice.com/n/Toreador_Provides_Operational_Update/c5c93ca8.aspx

Toreador Provides Operational Update

Monday, April 07, 2008

- Tik-1 Exploration Well Spudded in Hungary
- 3-D Survey Underway
- Joint Venture Agreement Completed for Deep Gas Play in Hungary
- Production from Three Platforms in South Akcakoca Sub-Basin Project Now Approximately 30 Million Cubic Feet of Gas Per Day
- Joint Venture Agreement for Sea of Marmara Exploration Disclosed
- Another Joint Venture Agreement in Thrace Black Sea Close to Completion

Toreador reports that drilling operations have begun on the Tik-1 exploration well in the company's Szolnok block in Hungary. The well is planned to reach a total depth of over 2,250 meters and is testing the hydrocarbon potential of the Pannonian, Miocene and pre-Miocene formations. Operations are expected to take four to six weeks to complete.

An approximately 150 square kilometer 3-D seismic survey is also underway on the Szolnok block. The survey is being acquired to develop leads into prospects along a structural high between two sub-basins on the southern edge of the Szolnok block. It is anticipated that field operations will take approximately six weeks.

As previously announced, the Tik-1 well and the 3-D seismic survey are part of a $10 million exploration program (including an additional exploration well to be drilled later) in Toreador's Szolnok exploration block. In return for funding the program, four joint venture partners will earn an aggregate 75% working interest in the block. Toreador is being carried for its 25% working interest and is the operator.


*******************

Some more info on the "Snozzle" area is in the PDF, link below :

http://www.acadiansec.com/UserFiles/file/articles/CEX_Stoney%20Creek%20Production%20Increases%20-%20Contact%20Enters%20Hungary_01-16-08.pdf


.

It looks to me as if Leni (LGO) might not have taken up the Swiss drill Hermrigen-2 option. The RNS always said it was "conditional" that LGO would take it up, however with AST now looking for a new farm in partner for up to 40%, you have to assume LGO are not now interested. Do they have cash problems ?

http://www.envoi.co.uk/Ascent(Switzerland)March2008.pdf

************************************

The original RNS with the "conditional" farm in news :

http://www.investegate.co.uk/Article.aspx?id=200710251545033845G

"In Switzerland, Ascent has conditionally agreed to farm-out up to 40% of its 90% interest in the Seeland-Freinisberg Permit in north-western Switzerland to LGO. Schweizerisches Erdol AG ('SEAG') is the concession holder with a 10% interest.
Under the terms of the farm-out, LGO will fund the costs of the drilling and
testing of the first well in the exploration permit. Expenditure on subsequent
exploration and production activities in this permit will be funded on a working interest basis. If LGO takes up its full 40% interest, it will additionally have the right of first refusal to participate in Ascent's other two Swiss projects on the same terms.




.

Good news all around.


http://www.investegate.co.uk/Article.aspx?id=200804140701022301S

Ascent Resources PLC
14 April 2008

Ascent Resources plc ('Ascent' or 'the Company')

Hungarian Divestment


Ascent Resources plc, the AIM-traded oil and gas exploration and production
company has agreed to divest an interest in two of its Hungarian gas development projects to fellow AIM Company Leni Gas and Oil plc ('LGO'). LGO will purchase a 7.27% interest in PetroHungaria kft and a 14.54% interest in ZalaGasCo kft from Ascent for a cash consideration of 2 million.

PetroHungaria kft ('PetroHungaria') owns a 100% interest in the Peneszlek gas
development project in the Nyirseg exploration permits in eastern Hungary while
ZalaGasCo kft owns a 50% interest in the Bajcsa gasfield redevelopment project
in western Hungary. On completion of the divestment, Ascent will have a 45.23%
interest in the Peneszlek project and a 38.73% interest in the Bajcsa project.

The Peneszlek gas development project is centred on the development of the
PEN-104 discovery that was drilled and tested by PetroHungaria in 2006. A
workover rig has just finished completing and re-testing this well and the
production facilities are scheduled to be delivered later this month. The
completion testing confirmed the excellent productivity of the PEN-104 well and
production will commence once the hook-up to the pipeline is completed and
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 with the
acquisition of approximately 100 sq km of 3-D seismic, including the area of the partially depleted Peneszlek field, which is a candidate for re-development.

The Bajcsa gasfield redevelopment project is a 50:50 joint venture with MOL RT,
the leading Hungarian oil and gas company. The joint venture will undertake the
redevelopment of the Bajsca gasfield with the drilling of horizontal wells in to the proven productive gas reservoirs. The first two wells are planned as
re-completions of existing wells and the operations will commence as soon as the drilling permits are issued. Work has already commenced to enable access to the well sites. As these wells were previously on production they are already connected to the field gas processing facilities and therefore production can start immediately they are completed.

In a modification to the previous agreement with LGO regarding the farm-in to
Ascent's Hermrigen gas appraisal project in Switzerland, Ascent have agreed to
grant LGO the option to take a 10% participating interest in this project and in the Seeland Freinisberg Exploration Permit for a further payment of 2 million payable on the date of the exercise. This two year option may be withdrawn by Ascent at its sole discretion, so long as it has not already been exercised.

Jeremy Eng Ascent's Managing Director said, 'We are pleased to welcome Leni Gas
and Oil as a partner in our Hungarian development projects. We aim rapidly to
develop our activities in Hungary and secure cash flow from the production and
sale of gas to the local market.'

http://uk.reuters.com/article/stocksNews/idUKNOA53335420080415

LONDON (Reuters) - Small, foreign-owned oil and gas firms operating in Russia face a challenge financing projects, as tightening credit markets and persistent concerns about Kremlin field seizures prompt bankers to withhold lending.

Funding problems mean an uncertain future for some of these companies -- typically worth less than $1 billion (500 million pounds) and often listed on the London Stock Exchange's junior AIM market -- and lower returns for investors in all.

Surging oil prices, which hit a record above $112 on Monday, have largely insulated companies with proven oil reserves, which they can use as collateral, from the credit crisis.

As lenders pulled back from troubled sectors such as property and retail, chief financial officers at some oil and gas companies said they actually saw more banks pitching loans.

Yet earlier this month London-listed Imperial Energy (IEC.L: Quote, Profile, Research) was forced to turn to shareholders to raise up to $600 million to refinance a loan and fund development work, after attempts to raise debt failed. Bankers were unimpressed by its almost billion barrels of Russian reserves.

Imperial's chairman Peter Levine said the move, which knocked almost 30 percent off the firm's shares, reflected a broader pullback in reserves-based lending.

But Imperial's experience echoes the funding difficulties faced by Russia-focused Timan Oil & Gas (TMAN.L: Quote, Profile, Research), whose shares were suspended last month pending a financing deal, and Victoria Oil & Gas (VOG.L: Quote, Profile, Research).

Meanwhile last week Ithaca Energy and Stratic Energy, small explorers focused on the North Sea, announced over $200 million in lending facilities. The banks are still going to lend to oil companies but for some players, in places like Russia .. it's going to be tougher," Peter Hitchens, oil analyst at Seymour Piece, said.

Some industry executives agreed that, after taking an optimistic view of Kremlin moves to retake control of the country's oil and gas sector in recent years, bankers had grown worried about the security of energy assets in Russia.

"Some people think it's very risky and would like to have their money in slightly more secure regions", said George Donne, executive director of Victoria Oil & Gas (VOG.L: Quote, Profile, Research), which sold a 29 percent stake to Gulf investors earlier this year to fund field development, after bankers were reluctant to do so.

MOVING DOWN THE FOOD CHAIN

Typically, explorers use investors' cash to find oil as banks are unwilling to finance the often unsuccessful work of drilling wells. When commercial reserves are proven, the explorer will turn to banks to help develop the field.

However, investors and lenders now reckon that in Russia, the riskiest part of the cycle does not end with a gusher.

The acceptance of the extent of the risk oil companies faced in Russia was a long time coming.

When state-owned Rosneft (ROSN.MM: Quote, Profile, Research) snapped up the assets of Russia's largest oil company, YUKOS, and state-controlled Gazprom (GAZP.MM: Quote, Profile, Research) muscled into Royal Dutch Shell's (RDSa.L: Quote, Profile, Research) Sakhalin-2 project -- both at knock-down prices -- foreign oil executives said these were one-off events.

Even when projects controlled by oil majors Exxon Mobil (XOM.N: Quote, Profile, Research) and BP (BP.L: Quote, Profile, Research) came under pressure, smaller oil companies thought they could exist safely below the Kremlin's radar screen, Andrew Neff, energy analyst at Global Insight

But in the past two years, Imperial, Lundin Petroleum (LUPE.ST: Quote, Profile, Research), Urals Energy (UEN.L: Quote, Profile, Research), Timan and Victoria, have all faced threats to their oil and gas licences from state bodies.

Neff said this showed the state wanted greater involvement in the energy sector than many thought.

"They have been moving down the line from the most important to the least important," he said.

Problems raising cash for developments could force some companies to seek to sell out but Russian assets are no longer the draw they used to be, analysts said.

Rosneft and Gazprom's muscling into previously privatised assets has led to debt levels which means even they may not be eager buyers.

Some foreign banks have lent Russia's largest oil and gas producers so much money, they are near lending limits to them, banking sources said.

As Ascent are attending, if anyone goes to this, any feedback from Ascent would be appreciated.



From the t1ps.com team

[i]Normally private investors never get to grill the CEOs of the companies whose shares they buy. But your annual chance to do just that at Master Investor 2006 is now just 10 days away.

Among the CEOs there for you to quiz are those from:

Mercator Gold, Pubs n Bars, Northern Bear, Kenmare Resources, Empresaria, Centamin, Conister Trust, Stanley Gibbons Group, Telecom Plus, Northern Petroleum, Kryso Resources, Calcitech, CBG Group, Merchant House Group, WMS, Alliance Pharma, City and Merchant Group, Kalimantan Gold, Nighthawk Energy, Golden Prospect Precious Metals, Skywest, Delling Group, EMED Mining, Medical Solutions, Medusa Mining, First Artist, Greatland Gold, ILX Group, Minoan Group, Myhome International, James Cropper plc, Ariana Resources, Jubilee Platinum, K3 Business Technology Group, Kefi Minerals, Angus & Ross, ANS Group, Lion Capital Corporation, Alexander Mining, Litcomp, Lombard Risk Management, Mears Group, Metals Exploration, Nexus Management, Pan African Resources, Plus Markets Group, Ascent Resources, Pre-X Capital Management, Radicle Projects, Sigma Capital, U308 Holdings Plc, v22, i-Design Group, English Wines, Minerva Resources, Braemar Group, Minco Chestnut Petroleum, InterQuest, Yellowca ke, PMI Gold Corp, Northern Bear, Hatpac Limited, Datong Electronics, Pubs N Bars, Ekay, Great Western Mining Corporation, Sirius Exploration, Sexual Health Group, World Mining Services, ICM, PetroLatina, Kopane Diamond Developments, Raw Capital, Mercator Gold, Printing.com, Coms, Forbidden Technologies and many more.

And of course there are the speakers (Wray, Slater, Knievil, Left, Winnifrith, Mir, Mellon, Johnson, Piper, etc)

This is a one-off event

The doors open at 9am on March April 26th in Islington at what is without doubt THE investor show of the year.

Tickets cost 49.99 but t1ps.com is offering you one free ticket and the chance to book extra seats at just 10 each.

To book yours, please send an email to MI2008tickets@t1ps.com indicating on the email your full name, postal address and telephone number. You can also purchase additional tickets at the discounted rate of only 10 so if you would like to bring a friend, partner or child along simply indicate this on your email and leave your telephone number - we need this so we can call to take payment.

YOU CAN ALSO BOOK NOW BY CALLING KAREN ON 0207 562 3370 AND QUOTING T1PS.COM

Tickets will be put in the post to you along with a full itinerary, directions and exhibitor details today. Of the 2000 tickets up for grabs there are now just 150 left so be quick!

We look forward to seeing you on the day.

Best wishes

Tom Winnifrith

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1208397739&feed=oilbarrel_en

17.04.2008

Ascent Resources Brings In New Partner As It Gets Busy In Hungary Ahead Of First Gas

Ascent Resources has bolstered its coffers by 2 million by selling off equity in two of its Hungarian gas developments to fellow AIM firm Leni Gas & Oil. Leni, which recently farmed into Ascents exploration and appraisal projects in Switzerland, has agreed to buy a 7.27 per cent interest in PetroHungaria, Ascents subsidiary which owns 100 per cent of the Penzlek gas development, and a 14.54 per cent interest in ZalaGasCo, which owns 50 per cent of the Bajcsa gas development. Following the divestment, Ascent will hold 45.23 per cent of Penzlek and 38.73 per cent of Bajcsa, both of which are expected to come onstream and start contributing to the bottomline in 2008.

The Penzlek project lies in the Nyirs exploration permits in eastern Hungary. It involves the development of the PEN-104 discovery that was drilled and tested by PetroHungaria in 2006. Production facilities are scheduled to be delivered later this month, with the field due onstream once hook-up to the pipeline is completed and all necessary permits received. There is additional potential here, with the planned tie-in of the existing PEN-9 and PEN-12 wells and a 100 sq km 3D seismic shoot that will cover the partially depleted Penzlek field, which is a candidate for re-development.

The Bajcsa redevelopment project in western Hungary near the Croatian border is a 50/50 joint venture with Hungarian firm MOL. The Bajcsa field was originally brought on stream in 1961 and, to date, has produced some 16.6 billion cubic feet of gas from over 20 wells. The majority of the gas has come from the VII/b and III reservoirs, just two of the seven stacked reservoirs that make up the field. Current production levels are fairly minor. MOL and Ascent plan to drill horizontal recompletions from the existing vertical wellbores which should boost flowrates and drain gas from undepleted reservoirs. The exact increase in production wont be known until the partners get to work.

The first two wells will get underway as soon as delayed drilling permits are issued (the partners had hoped to start this work last year). As these wells were previously on production they are already connected to the field gas processing facilities and so production and cashflows should start to flow immediately the wells are completed.

The proceeds of the divestment to Leni come at an important time for Ascent in Hungary, where earlier this month it spudded the TIK-1 exploration well in the Szolnok exploration permit in the centre of the country. This is a known producing area that has yielded new discoveries in recent years, making it a prospective project for Ascent. The TIK-1 well will be drilled to a depth of 2,250 metres and is expected to intercept targets in the Pannonion, Miocene and pre-Miocene formations. Ascent has a 27.5 per cent interest in this project, where a second well and a 3D seismic shoot are planned for the coming months. The seismic shoot, already underway, will cover 150 sq km and will delineate six prospects seen on vintage 2D data as well as identifying new targets.

In all Hungary is shaping up to be a very substantial part of the Ascent portfolio, which stretches from Spain to Italy and comprises exploration, appraisal and development (and soon-to-be production) opportunities. The attractions of the Hungarian asset base are enhanced by Ascents astute acquisition in February 2007 of the Petisovsci fields in eastern Slovenia, which are an extension of the tight gas reservoirs in western Hungary. Ascent is looking at rebuilding production from the shallow reservoirs at Petisovsci and is rethinking the geological model for the deep gas reservoir.

sp < 6p nice one pp!