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

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.

July 2008 Presentation (PDF file) :

http://www.ascentresources.co.uk/investor_information/Ascent_Corporate_Presentation_July_2008.pdf


.

This from an AGM attendee, posting at AFN :


bobobob5 - 22 Jul'08 - 15:17 - 22230 of 22231

The auditors got a bl**dy good kicking at the AGM, because of the size of their fees. And so did the house brokers, because of (a) having such a wide spread, (b) carrying no stock, and (c) issuing no broker notes on the Company. A couple of substantial investors made it clear that this was, to be blunt, totally unacceptable.

As far as operations etc are concerened, my view is that the informed posters on this thread have their finger on the pulse. There's a new Corporate Presentation, which should be read together with today's Portfolio Update RNS. Buta few key points to perhaps expand a few items:

1. delivery dates for a couple of key gas production components were failed by suppliers, but Pen-104 production is imminent. A valve actuator is being flown in from Canada, and a pop-off valve is being sent in from France. The gas is worth c. 6 euros per 1000 cu.ft and initial output is expected to be 3 million cu.ft per day (45% of this to AST). So this will be nice cashflow. Capital spend on the gas project was only c. 1 million euros, which is very low so it's highly profitable;

2. once the gas is flowing, 3D seismic will be shot, and the plan is to tie-in Pen-9 and Pen-12;

3. the high oil price makes it "absolutely worthwhile" to pursue the shallow Slovenian oil. 3D seismic will help target the unrecovered oil: only 10% or less was recovered in the 40s and 50s. Some 136 old vertical wells were drilled here; no pumps were used; some old wells might be re-entered, but new wells might be cheaper;

4. the costs of offshore work in the Netherlands are too high for AST's business model, so the intention is to capitalise on the work that's already been done and sell it to offshore specialists;

5. Agnani 3D analysis will be done in about one month. A-1 showed live oil, it's on the flank of the structure, a "very strong prospect", cost of drilling A-2 less than 2 million euros, A-2 will probably need a new well location because too far from A-1 for directional drilling. The plan is to go up-dip to a thicker part of the reservoir and avoid the fractures/water problem;

6. Po Valley success rate for ENI on old seismic was 1 in 3 to 1 in 4, which was very low risk; Ascent believe that using the latest seismic methods, current exploration work in the Po Valley is ging a success rate of 70% to 80%;

7. "many of the projects in the portfolio cover the current AST market capitalisation on their own";

8. Perazzoli have access to economic drilling labour, and this investment is clearly a significant and profitable one. The new 200T rig is due out of the factory next week, and will be drilling a well for a 3rd party in Southern Italy;

9. the new Perazzoli rig is environmentally friendly, which means that it's (a) quiet and (b) doesn't discharge diesel fumes into the atmosphere. This is vitally important when drilling in the Swiss valleys where smog can accumulate;

10. Ascent have a "defence strategy" to deal with any unwelcome bids for the Company. This would include publishing their (confidential) internal 'risked' valuation (exactly as I said would be the case);

11. although AST's 'risked' valuation is confidential, the Chairman said that if the market cap. were at that level it would put them into the FTSE 250.

but imho DYOR etc as always

pp you must feel pretty lonely punting this one?

PP,
you are not alone in this stock[I assume you are holding given your time and input into this thread]

I am back in again after selling out last year[or earlier, I forget] when it was up around the 15p mark I think. I got lucky last time with a small profit. Hope I can do it again.

onwards and upwards
Alex

Alex, it is often the quietest threads lead to the biggest gains, and AST has already done it once for me too, from 8p to 30p.

This time I am hoping for more, a lot more, and looking for 5p to 50p plus within 18 months.

Buy Oil up to $200

A tip from Bill Adlard's Chart Guide ( http://www.chart-guide.com )

The Elliott wave principle is basically very simple: moves with the trend go in fives, those against go in threes. So let's look at a long term chart of Brent Crude and see if we can observe this in the chart. See how the 8 year falling price trend in Brent from 1990 to 1998 made a clear three wave move. So if the three wave moves are going down, that means the five wave moves must be going UP. That means we should see five waves up from the 1998 low, which I am labelling with numbers in circles: this means they are primary degree trends - major trends in other words.

The five waves will probably make a regular trend channel, and we can see that starting to emerge as well. I think it's pretty plain to see that the up trend has only reached, or actually nearly reached, the top of wave 3 (circled). Note how wave 3 (circled) subdivides into its own five waves - that's how it works. The horizontal lines are Gann levels: fractional moves or multiples of the absolute value at any given time. Where these cluster together tend to be targets and support and resistance levels. You can see a major cluster at $150 - this has been my target on Chart-Guide.com for some time. But look above - there's another cluster at $200. The price hasn't actually hit the top line of the trend channel yet, and I would expect a third wave to do this. So eventually, those who call for a $200 target for crude are right, I believe.

Moving in closer with a weekly chart shows more of the subdivisions of the up trend. As you get down to the nitty gritty, it gets more complex, but the same simple rules apply. Just looking at the advance from the wave (4) low, one can see that it is subdividing into waves which I've numbered 1,2,3 etc. And we haven't reached the wave 3 top yet. We need one more upwards move, back to $150, and maybe a bit further, to get there. I suspect, though, that the $150 level will prove to be resistance, and that will set off a wave 4 correction. Once wave 4 bottoms, though, wave 5 up should start. That is likely to be a panic stricken rush for oil while there's enough to go round: that's how commodities tend to finish their up trends. So we'll probably see a near vertical rise in the price of crude, rather like the huge blow-off we've seen in gold. You don't have to be a genius to work out what effect that is likely to have on stock prices and interest rates. As I've said before - the bull market in stocks is over. The bull market in crude has yet to top out. The target is $200 or more.

pp what does this have to do with AST they aren't producing any oil, keep ramping it's that time of the year apparently.

oil is bound to bounce at some point but looks to me as if it's heading sub $100.
As for AST pp, you're pretty close to your 'sell when 20% down and admit you were wrong to buy the stock'

remember not to fall in love with it ;-)

Unbelievable amount of potential here - so its ones to just keep on buying imo.

Lets see where AST is come December :).

Oil is unlikely to reach $200, soon, but that doesn't say it wont in a few years.
However, I understand all OilCo's use a figure of $80 to do their calculations, only then if it appears profitable would they put in more money/effort.
AST appears to be waiting for permissions, which environmentalists have made much more difficult to process. . . . but it looks a fair bet - I'm note sure of a Multi-bagger, but it looks good enough to be worth the investment.

Anyone see parallels with Northern Petrol?

Gas flowing now, and Snozzle farm down - all very nice.

http://www.investegate.co.uk/Article.aspx?id=200808120700081112B

RNS Number : 1112B
Ascent Resources PLC
12 August 2008

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

Gas Production Commences in Hungary

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has commenced gas production at the PEN-104 well in the Penzlek area of the Nys permits in Hungary. The production rate of the well is currently 48,000 cu.m of gas with a wellhead pressure of 92 bar. The rate will gradually be increased over the next few days to a target of 85,000 cu.m per day (3 MMscfd; 500 boepd).

The PEN-104 discovery well was originally drilled in 2006 by PetroHungaria kft. Gas production, following metering at the newly constructed PEN-104 facility, is transported by pipeline to the MOL gas processing facility at Hajdzoboszl 50 km from the well.

Ascent holds a 45.23% interest in the Penzlek Project through its equity interest in PetroHungaria kft. Other partners are DualEx (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%).

Future plans for the Nys exploration permits include the acquisition of a 3-D seismic survey with the objective of delineating other gas reservoirs within the vicinity. Two wells in the survey area have previously tested gas but to date, have not been put into production. Additionally, the Penzlek field, which produced gas between 1983 and 1991, is a candidate for redevelopment.

Ascent Managing Director Jeremy Eng said, 'The commencement of production at the Pen-104 well is a positive step forward both for our Hungarian assets and for the Company. With Ascent's involvement, the PEN-104 project has characterised the full cycle of the exploration and production business; starting with the acquisition of seismic, through the drilling of the discovery well, the construction of the production facility and finally, gas sales and producing a revenue stream.

'This is an opportune moment to start production in Hungary considering the current strong gas prices and possibility for the sale of production on the domestic market where over 70% of gas consumed is imported. Going forward, the Company will look to increase cashflow by bringing further wells on stream in the area.'

Also in Hungary at the Szolnok Gas Exploration Project, Roh-Aufsuchungs Aktiengesellschaft, an existing partner in the project, has increased its participation to 59.5% by purchasing interests from other partners including Ascent. Ascents interest in the Szolnok Project has now been reduced by 15% from 27.5% to 12.5%. The future work programme envisages the drilling of two exploration wells in the Kunstmarten 3-D seismic acquisition area as well as further 3-D seismic acquisition nearby.

A nice write up out today :

http://www.proactiveinvestors.co.uk/articles/art.php?AST5

20 oil projects for 15m

By Stuart Watson

Article Date: 12-08-2008


Unlike many junior oil companies on the AIM, where the ..............................