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

http://business.timesonline.co.uk/tol/business/markets/article3864966.ece

Rumour of the day

Ascent Resources rose 0.125p to 5.375p on strong volume, despite revealing recently that its well in Hungary was full of carbon dioxide, not the methane that it was looking for. Drilling on a second well in Hungary starts this weekend and the belief is that this should be better. Other energy firms apparently want to buy the carbon dioxide.


And in case anyone is wondering why other companies are interested in buying the CO2 :

............Carbon dioxide can help extract oil and gas from depleted reservoirs and can increase the production of methane, the chief component of natural gas, from coal beds that can't be mined.

The petroleum industry has long used CO2 injection to get more oil from depleted reservoirs. If the pressure is high enough in these formations, the CO2 and oil become completely miscible, leading to highly efficient oil recovery.

At lower pressures CO2 displaces oil without mixing together to form a single fluid phase -- this is known as immiscible displacement. This too enhances recovery, by reducing the oil's viscosity and by swelling, as some fraction of the CO2 dissolves in the oil. While some of the carbon dioxide comes back up with the oil, much remains underground. Operations can be modified so that more of the CO2 remains underground after the enhanced-recovery project is complete............

L2 is 3 v 3 @ 6/6.5

LAND/KAUP and EVO on the offer at 6.5p


One Line Limits :

BUY 75K @ 6.4p

SELL 100K @ 6.2p


Certainly looks like the dumping is over for now.......overhang seriously reduced ?

.

Update :


L2 is now very blue and 4 v 3 @ 6.5/7.0



On Line Limits are :


BUY 37.5K @ 7p

SELL 150K @ 6.7p


Overhang now gone ?????????????

Certainly does appear as if the overhang is now perhaps clear.

RNS more bad news.

Just a minor disappointment thats all, thats why they did not even bother to announce the spud of the well, its just a tiny wildcat, thats all.. The Snozzle area, at 6p is probably worth around 0.1p valuation - eg its chicken feed.

The big drills start from now on, no more tin pot tiddly ones.

Bajsca........

Gazzatta.......

Hermrigen........

The biggies are the next up, and so, the fund and games commences soon. (Along with production from Penzlek too :) )

Worth a listen about future oil prices and the current situation :

http://www.netcastdaily.com/broadcast/fsn2008-0531-3a.asx

2008/05/31-3a Big Picture with Jim Puplava & John Loeffler - Part 1 05/31/2008

Shame they forget to mention Gazzatta-1 in the Po Valley due for spud around October. That one is real company maker potential, as in that area of Italy "gas in the ground" gets sold easily and for very good prices (as its a major gas producing area). A commercial find at Gazzatta could be sold, in the ground, for circa 100m sterling nett to Ascent. So its probably the real buzz on the exploration side going forward a few months.


http://www.oilbarrel.com:80/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1212544883&feed=oilbarrel_en


04.06.2008

Shareholders Look Forward To Busy Year At Ascent Resources, With Plans For Multiple Wells And Hopes For Very Welcome Near-Term Gas Production

Its sometimes difficult to get a handle on Ascent Resources, with its portfolio of 20 projects stretched across six countries in Europe, but there is little doubt the AIM-quoted company promises to deliver plenty of newflow in the coming year. It has plans to drill up to ten wells over 2008-9 and intends to shore up its cash position by bringing projects in Hungary and Slovenia onstream later this year.

Investors will be hoping this newsflow puts some momentum behind the share price, which has suffered following the disappointment of last years Anagni-1 well in Italy. Initially there were hopes this well, drilled as a shallow geological assessment well, had, by chance, made a commercial oil strike. But when the well was later deepened and tested the results were, at best, enigmatic.

The well lost over 3,000 tonnes of drilling fluids during the complicated and over-budget drill through this high permeability and fractured reservoir and, when it was finally tested, produced mainly water. It is possible the well may have tapped into one of the many underground river systems in this part of Italy and the company now plans to shoot seismic updip of the Anagni-1 location later this year. The company believes the well was drilled in a less than optimal subsurface location on the flank of the Anagni structure and the seismic will help finalise the location for an appraisal well.

The other key projects in the Ascent portfolio involve the near-term production potential of its Hungarian and Slovenian properties. Last year Ascent sold off its producing interests in Romania and Spain and it would give investors some comfort to have that income replaced by gas production sooner rather than later.

Production from the Penzlek project in eastern Hungary is due later this year, with the PEN-104 well expected to start producing at around 4.7 million cubic feet per day. There is additional potential here, with the planned tie-in of the existing PEN-9 and PEN-12 wells not to mention a 100 sq km 3D seismic shoot that will cover the partially depleted Penzlek field, which is a candidate for re-development.

The company is also redeveloping the Bajcsa tight gas project in western Hungary. 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 but last year chief executive Jeremy Eng hinted at an initial production rate of 2.8 million cf/d.

The company also plans to initiate a major redevelopment programme on its Slovenia properties. Here it holds a 45 per cent interest in the Petisovci Dolina oil and gas fields and a 15.75 per cent interest in the underlying Petisovci Globoki gas field. Originally discovered in 1942, the fields currently produce minor amounts of oil and gas but there are thought to be substantial additional reserves waiting to be tapped. Remaining 2P oil reserves in the P-D reservoirs are put at 10.7 million barrels with the gas-in-place resource in the deeper P-G reservoirs estimated to be around 579 bcf.

Ascent also plans to spud the Hermrigen exploration/appraisal well in Switzerland later this year. A well location has been agreed with the local town council, close to the original well, Hermrigen-1, drilled by Elf in 1982. It tested gas at an initial rate of 1.5 million cubic feet per day from reservoirs at 2,250 metres but failed to reach the primary target at 3,000 metres due to drilling complications. According to a competent persons report commissioned by Ascents farm-in partner Leni, the discovery is reckoned to hold between 10.7 and 21.2 billion cubic feet of gas. Six other prospects have been identified on the permit, which the CPR estimates to hold prospective resources of between 347.7 bcf and 676.5 bcf. Ascents MD Jeremy Eng last year said he believed the Swiss project had the potential to be a major central European gas play.

It could add up to a busy year for Ascent. With some good news from its Hungarian projects, bringing some very welcome cash flows onto the books, plus a firm spud date for a follow-up to the enigmatic Anagni-1, and investors could start to see the share price regain some strength.

Oh... and it looks like Pen-104 should be on production by end July according to DualEx.


http://www.newswire.ca/en/releases/archive/May2008/29/c5901.html

Hungary
-------
First production from the Penzlek field is targeted for late second
quarter / early third quarter of 2008. The PEN-104 well has been completed;
the short tie-in line has been installed; and the location is waiting for
delivery of the gas processing facility. In addition, the already drilled
PEN-9 and PEN-12 wells are planned to be re-entered once the required wellbore
permits have been obtained from the Hungarian government. The acquisition of
approximately 100 square km of 3D seismic in the Penzlek area is
contemplated for the 2nd half of 2008. Upon completion, it is anticipated that
several follow-up drilling locations may be identified. DualEx has a 37.5%
working interest in the 614,000 acre Nyirseg North and South Permits.

I see Paul Curtis has just taken over 3%........as he did recently in IPL too.

If Gazzata-1 strikes in the Po Valley, Paul and the rest of us will be making shed loads of money thats for sure.

If you take just Gazzata-1 then note this, and this was way back when gas prices were much lower :


Fiscal System - The taxation system in Italy compares very favourably with other politically stable oil producing countries. It is based on a simple Royalty/Tax model, a royalty of only 7% and total taxes, comprising Corporation Tax and a Regional Tax, of 37.5%. Importantly for small fields there is a tax exemption for the first 20 million cubic metres (700 mmcf) produced.

Transportation & Marketing By law, the Italian gas transportation system is open to all producers of Italian gas. Strict rules also apply to the transportation costs. Within the Bastiglia-Cento permits gas pipelines lie within a few kms of the identified prospect, thus affording easy access to any market (Ref: Montage). Gas prices in Italy currently work out at over 7.5 (US$ 10) per Mcf.

Economics Based on average flow rates in the area of 5 mmcfd per well, the minimum size needed to give a positive return on investment is only 2 Bcf. The most likely size for the Gazzata prospect alone is 130 Bcf which could generate an after tax NPV10% in excess of 250 million (US$ 340 million) and a rate of return of over 100%. The upside potential in both the Gazzata and Rubiera prospects, excluding any closures as yet undefined is, therefore, substantial. Selling the gas in the ground, which is possible in the region, would generate a similar return and without the investment of development!


So, work in current gas prices, and sale of it in the ground, and you get nigh on potential cash sale net to Ascent of 100m sterling.

A little bit of one asset worth in the ground around about 100m sterling to Ascent.........for a market cap of today - well, peanuts.

Buying AST at these prices is a gamble yes, but the odds are stacked in your favour, and the potential prize.....well........multiple multiple bagger from 5p levels.

(and then there is Anagni, and Switzerland, and Rubiera in the Po Valley, and and and and and...... :) )

Just looking through the latest Otto Energy presentation.

They assign to the Po Valley Cento License 2 main area's :


Mid reserve case (100Bcf recoverable) NPV10 of (in AST terms) circa 29p a share for Gazzata, and circa 20p a share for Rubiera. (for Otto (518m shares and options) its 0.35$ for Gazzata and 0.25$ for Rubiera).

You can listen to the presentation and see the new slides at the following link :

http://www.brr.com.au/event/46342


+++++++++

Now :

Gazzata to spud in early October.

Rubiera would be significantly derisked by Gazzata success.

Top case for Gazzata is 3 times the mid reserve case (so the math says up to 87p upside for AST for top size recoverable commercial find).

If you take it that Gazzata seriously dresisks Rubiera, the not only do you get the Gazzata upside kick in, but also the risk level reduces on Rubiera and that higher risked value also kicks in.

Quite a potential company maker for little old Ascent Resources.

RNS Number : 7321W
Ascent Resources PLC
16 June 2008




Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

16th June 2008

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

Commences Seismic Acquisition on Frosinone permit


Ascent Resources plc, the AIM-traded oil and gas exploration and production company, is starting a 2-D seismic acquisition programme of approximately 30 km on its Frosinone Exploration Permit in the Latina Valley, onshore Italy. The new seismic acquisition will focus on the area up dip from the Anagni-1 well with an objective of establishing the presence of the key sealing faults. Depending on the results of the seismic interpretation an appraisal well location may be chosen.


This seismic acquisition programme follows the drilling of the Anagni-1 well, which penetrated a porous, reservoir quality, carbonate formation. The new seismic programme will be integrated with the Anagni well data to assist Ascent's technical team in evaluating the potential of the Anagni structure.


Ascent Managing Director Jeremy Eng said, 'The Anagni-1 results underpin the hydrocarbon potential of the region and represent the first stage of exploration for a new reservoir system in the Frosinone permit area. Seismic recorded at the time of drilling indicate that the well was drilled in a less than optimal subsurface location on the flank of the Anagni structure. However, traces of live oil were recovered both in core samples and during testing, which have provided enough encouragement for further exploration and evaluation of the permit's potential and hence the commencement of this seismic survey.'


The information contained in this announcement has been reviewed and approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) and has 19 years relevant experience in the oil industry.

New Presentation :

http://www.ascentresources.co.uk/investor_information/Ascent_Corporate_Presentation_27062008.pdf



.

pp another one of your favourite duds.

Hardly a dud is it ?

I was first in at 9p, it rose all the way to over 32p, and has come back down to now 6p.

I have sold and purchased and sold numerous times in that period.

Its made me tonnes of money, and with a big position now at 6p levels, its going to make me loads of money again in the coming 12 months. Wait and see......


Trade shares..........not love them.

Watch the price of AST come December.............would you like to make a prediction and stick with it and be judged on it ????????

I will say certainly over 15p. Might even be over 30p.

Your predictions, that I can quote you on later this year ?????????

I find the new work programme interesting. It is an admission of the fact they need more cash to speed up the programme, but also an admission they will delay the programme so as not to raise money at crazy low prices. Likely to upset anyone with a large short.

Hermrigen is a high cost (being Swiss), higher side risk, high impact well. Not really what you should be concentrating on if cash is running tight, and so rightly, if disappointingly, its moved in 2009.

This could open the door for Anagni-2 now in late 2008, Anagni- being on a proven oil bearing structure, much lower cost, and still with potential high impact, it makes sense imv to move A-2 ahead of Hermrigen.

All in all very sensible decisions being made, but still with the high impact Gazzata well due to spud October. That well remains mean estimate gas in ground basis 33p a share to AST, or top side 99p a share to AST, its the kind of exploration needed to excite investors as they get their production side sorted out.

OILBARREL 17 July 2008

Ascent Resources Adds To Its Portfolio As Investors Await News Of Hungarian Gas Production And A Possible Appraisal Of Anagni-1...

Ascent Resources has expanded its project base, building on its existing footprint in two of the countries in which it already operates. The new additions come as the AIM-quoted company exits Spain, where last year it sold off its producing interests and has now let an application for the Rocamundo exploration permit lapse. This makes sense: Ascent is increasingly focused on central and eastern Europe and it seems sensible to divert limited resources to areas where it can leverage existing assets and add most value.

Ascent has now signed up to take on 80 per cent of the East Slovenia exploration permit, which lies to the north of Ascents Petisovci oil and gas field redevelopment project, and 35 per cent interest in the Concordat exploration project in Switzerland, where it also holds the Hermrigen appraisal project.

The East Slovenian project covers 864 sq km in an area that saw a number of wells drilled in the 1950s, of which six had good oil or gas shows. This is a pretty typical history for this part of the world, where proven producing areas suffered under-investment during the Soviet era and have seen little application of modern exploration and development techniques: even seismic is a rarity in some areas. This creates opportunities for incoming investors, enabling them to use modern technology to tap low-lying exploration fruit, a strategy Ascent has already deployed to good effect elsewhere, notably in Hungary and (prior to its disposal last year) Romania.

In Switzerland, Ascent has acquired a 35 per cent interest in 7,238 sq km of the 7,495 sq km Concordat exploration permit, where initial plans will focus on the reprocessing of existing seismic data. In the meantime, investors are keen to see one of the companys part-owned rigs it has a 22.5 per cent interest in Italian drilling company Perazzoli appraise the Hermrigen-1 has discovery drilled by Elf in 1982. The well tested gas at an initial rate of 1.5 million cubic feet per day from reservoirs at 2,250 metres but failed to reach the primary target at 3,000 metres due to drilling complications.

According to a competent persons report commissioned by Ascents farm-in partner Leni Gas & Oil, the discovery is reckoned to hold between 10.7 and 21.2 billion cubic feet of gas. Six other prospects have been identified on the permit, which the CPR estimates to hold prospective resources of between 347.7 bcf and 676.5 bcf. This is a promising resource to chase and investors are keen for news of a firm spud date.

Ascent has certainly been very successful at assembling a portfolio of more than 20 projects across Europe but this potential remains theoretical until tested by the cold hard reality of the drillbit. There are plans for up to ten wells in 2008-2009 and investors will be keen this timetable doesnt slip. (And they will certainly be hoping for a better result than the two wells drilled in April and May of this year when the TIK-1 and Nko Ny-1 exploration wells on the Szolnok permit in Hungary were P&A.)

Investors are also still awaiting news of first gas from the Penzlek gas development in eastern Hungary, with the PEN-104 well due onstream at a rate of 4.7 million cubic feet per day shortly. 2008 should also see first production from the Bajcsa redevelopment project in western Hungary near the Croatian border, where horizontal recompletions of existing wells should drain gas from these undepleted tight gas reservoirs. Both projects offer the potential for near-term cash flows and both have the potential to grow into bigger projects: there is additional re-development potential at Penzlek and a number of Bajcsa look-alikes for redevelopment.

The companys followers are also keen for news from Italy, where a 30 km 2D shoot across the Frosinone permit in the Latina Valley, home to the perplexing Anagni-1 well, is now complete. Initially there were hopes this well, drilled as a shallow geological assessment well, had, by chance, made a commercial oil strike. But when the well was later deepened and tested the results were, at best, enigmatic.

The well lost over 3,000 tonnes of drilling fluids during the complicated and over-budget drill through this high permeability and fractured reservoir and, when it was finally tested, produced mainly water. Encouragingly the well did penetrate a porous, reservoir quality, carbonate formation and recovered traces of live oil in core samples and during testing. One theory is the well may have tapped into one of the many underground river systems in this part of Italy. Seismic recorded at the time of drilling indicates the well was drilled in a less than optimal subsurface location on the flank of the structure.

The new 2D survey was designed to focus on an area updip from Anagni-1 well to establish the presence of key sealing faults and pinpoint a location for a possible appraisal well. An oil strike onshore Italy would be a material gain for Ascent and it is little wonder investors are so keen to learn if and when an appraisal well will sink.

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1216260031&feed=oilbarrel_en

http://www.investegate.co.uk/Article.aspx?id=200807170700062576Z


News from LGO, which covers some AST assets.

Looks like PEN-104 producing from circa end July as expected.

New news that Bajsca looks like it will go into production in Q3, with the horizontal recompletions now planned for Q4.

RNS Number : 5811Z
Ascent Resources PLC
22 July 2008

Portfolio Update for AGM

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, releases this announcement to coincide with the Company's Annual General Meeting scheduled for today at 10am. An updated Corporate Presentation will also be available on the Company's


Strategy

The Company is focusing its efforts on Central and Eastern Europe, particularly Italy, Switzerland, Hungary and Slovenia. Production is due to commence in Hungary by early August and the recently announced involvement in new projects in Switzerland and Slovenia strengthens the Company's portfolio of development, appraisal and exploration projects in the region.


Hungary

Penzlek Gasfield Development - 45.2% interest

Following the issue of the relevant permits, gas sales from the PEN-104 well are scheduled to commence shortly once the final components of the production facility are delivered and installed. The acquisition of 3-D seismic in the immediate area is planned; this will assist in evaluating other gas prospects which may be developed, including the partially depleted Penzlek field and the PEN-9 and PEN-12 wells, all of which have proven gas production.


Bajcsa Gasfield Redevelopment - 38.7% interest

Studies have confirmed reserves of unproduced gas in a number of the multiple reservoirs of the Bajcsa field. The work programme is being finalised and will include the re-entry and workover of old wells and the drilling of new horizontal production wells.


Szolnok Exploration Project - 27.5% interest

On the results of the 3-D seismic shot in April, a further two exploration wells and additional 3-D seismic are planned. Ascent has been approached with the view to farming down its interest in this project which could provide funding for the further exploration programme.


Nys Exploration Project - 52.5% interest

A farm-out in the western part of the Nyirs permits is under discussion.



Slovenia

Petisovci Shallow Reservoirs - 45% interest

Following extensive study and a completely revised subsurface model, the technical recommendation is to acquire a new 3-D seismic survey across the field area. At the same time, some of the existing wells will be worked over to restart production. Previous third party independent estimates indicate the remaining proven plus probable ('2P') oil reserves to be 10.7 million barrels.


Petisovci Globoki Deep Reservoirs - 15.75% interest

The deep gas reservoirs will benefit from the 3-D seismic survey and further testing of the D-14 well has been recommended to determine the E-1 reservoir productivity at this location. A rig to undertake this work is available in Q4.


East Slovenian Exploration Project - 80% interest

Recently acquired, the current work programme envisages a regional exploration study followed by seismic and exploration or appraisal drilling in 2009. The East Slovenian Project adjoins the Petisovci Redevelopment Project and a number of wells drilled in the 1950's had indications of the presence of oil and gas.


Switzerland

Seeland Exploration and Appraisal - 90% interest

Seismic reprocessing and geological modelling is now complete. Drilling of the Hermrigen-2 appraisal well to re-test the productive gas reservoir is now scheduled for 2009, subject to the issue of a construction permit. Ascent is currently in discussions with a number of third parties for the farm-out of this opportunity.


Concordat Exploration Permit - 35% interest

The current work programme for the remainder of 2008 considers the reprocessing of existing seismic data in this newly acquired licence area.


Vaud Exploration and Appraisal - 90% interest

While the Company is considering an appraisal of the Essertines oil discovery, the exploration of nearby Triassic gas prospects is also under consideration.


Linden Exploration and Appraisal - 90% interest

An appraisal well for the Linden gas discovery but will require a large drilling unit capable of reaching a depth of 5,000m.



Netherlands

Offshore blocks M8, M10, M11 and P4 - 27% interest

The preliminary work programme to establish the hydrocarbon potential of this exploration and appraisal project has been completed and a divestment of these assets is under consideration.


Italy

Frosinone Exploration - 80% interest

The 2-D seismic acquisition programme in the vicinity of the Anagni-1 well was completed this month and processing and interpretation of this data to assess the potential of the Anagni structure is commencing.


Cento and Bastiglia permits, Po Valley Exploration - 50% interest

The Gazzata-1 well is 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 - 56% interest

An application has been submitted to extend the exploration permit for a further three years.


Strangolagalli Exploration - 50% interest

In the Strangolagalli concession which contains the Ripi oilfield seismic tests have been run. In addition to the deep exploration below the oilfield in which Ascent has a 50% interest, participating in a redevelopment of the Ripi oilfield is a possibility.


Perazzoli Drilling - 22.5% interest

The third Perazzoli Drilling rig is due to leave the factory in the next few weeks. This 200T unit will supplement the 100T and 40T units which are already active in Italy. The new rig will commence drilling for a third party and later in the year will be available to drill the Gazzata-1 well in the Cento and Bastiglia permits of northern Italy.


Finance

In addition to cash reserves, the recent completion of the sale of a 7.27% interest in Ascent's Hungarian development project provides a further 1m. Also, after establishing an initial debt facility in 2006 of 500,000 through Italian banks, the Company, through its Italian subsidiary, has negotiated another debt facility of up to 1.5m for the development of the Italian assets. The Company continues to assess divestment and farm-out opportunities which would provide the Company with further capital to maintain its aggressive exploration and development programme.