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

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 ..............................

papal,

Yes a decent write up for holders to enjoy, here's the first paragraph;


20 oil projects for 15m
By Stuart Watson
Article Date: 12-08-2008

Additional: Information
Market: AIM
Sector: Aerospace & Defence
News: Latest
Market Data: Additional Charts
Web Site: ascentresources.com
Other Articles: 07-06-2007

12-08-2006

01-06-2006

09-01-2008

12-08-2008

























Unlike many junior oil companies on the AIM, where the value lies in one or a few prospects, Ascent has a wide variety of projects numbering around 20 at the last count.

Ascent Resources is an oil exploration outfit focused on Europe. Unlike many junior oil companies on the AIM, where the value lies in one or a few prospects, Ascent has a wide variety of projects numbering around 20 at the last count.
The possession of such a broad portfolio usually helps to insulate a companys share price from the inevitable failures that are part and parcel of oil exploration. Not so this year. Poor sentiment has hit the share price of many small companies and, despite the surging oil price, explorers such as Ascent have not been immune to these pressures.
There is still plenty to play for across Ascents portfolio with a

So we could be in line for Bajsca and Anagni-2 news in the coming months, thats nice, before we get into the real interest of the high impact transformational potential of the Gazzatta-1 well due to spud Nov.


http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1218592828&feed=oilbarrel_en

13.08.2008

Ascent Resources Achieves First Production From Hungary PEN-104 Well With The Promise of More To Come


After seeing its shares slide on a depressingly regular basis during the past
year or so, AIM-listed Ascent Resources is certainly in need of a lift.

The company boasts a wide portfolio of European assets, spread across half a dozen countries, with plenty of potential, mostly gas, but including a few oil prospects.

But squeezing production from these assets as is the case for any junior E&P firm was and still is a vital part of the deal as far as investors are concerned.

Ascent Resources sold a trickle of production last year in a transaction that ended its interests in one of these European countries, Spain. This helped fund what has been a fairly aggressive and expensive programme of seismic work and drilling since.

Crucially, this week, the company reached an important milestone in delivering its first natural gas production from one of its Hungarian projects.

The company said that its PEN-104 well, in the Penzlek area of the Nys permits, is now producing at 48,000 cubic metres of gas a day, a figure that will nearly double in the coming week to reach a target production of 85,000 cubic metres a day.

This equates to 3 million standard cubic feet of gas per day, or roughly 500 barrels of oil equivalent. Ascent Resources holds 45.23 per cent of the Penzlek project through its equity interest in PetroHungaria kft. The gas is transported to a MOL processing plant about 50 km away.

Jeremy Eng, Ascents managing director, called it an opportune moment to start Hungarian production in the light of strong gas prices and the possibility for sales on the domestic market where over 70 per cent of gas consumed is imported.

First production is significant in other ways. As well as providing vital revenues to fund further project work, it also marks a new maturity within the company.

From early seismic, the Ascent project team has progressed the 2006 discovery through construction on to actual gas sales. This builds confidence and suggests there is no reason why this cannot now be replicated.

Indeed, gas production is now imminent from the Bajsca field, in western Hungary, near the Croatian border, which has similar target flow rates. Here, Ascent is partnering Hungarian giant MOL itself with a 38.73 per cent stake.

News is keenly awaited on this development project.

As well as near-term cash flow, all these projects offer the potential to grow into something bigger.

Production from both will give Ascent the firepower to proceed with new plans including a tie-in to the PEN-4 and PEN-12 wells, which have both tested gas. The Penzlek field, which produced gas from 1983 to 1991, is also a candidate for redevelopment. More 3D seismic work is planned across the Nys permits to progress these and other projects.

With activity in Hungary advancing well, the company will again look at some of its other multiple upstream projects, including taking work programme decisions on Slovenia, which includes some shallow oil field redevelopment potential.

Italy, where the company got a sniff of oil last year with the intriguing but perplexing Agnani-1 well, will also come back into focus. This well, in the onshore Latina Valley, offered much promise but in the end proved little conclusively.

An appraisal location for a follow-up well, Anagni-2, is thought to be close to being finalised. This is something that will probably trigger a great deal of excitement and nerves among investors in equal measure.

Perhaps of more immediate interest is the drilling of the Gazzata-1 well targeting a large gas accumulation in the Po Valley area, which is planned this year. Reserve estimates are around 100 billion cubic feet. This well use the 200-tonne rig owned by Perazzoli Drilling in which Ascent holds a 22.5% interest.

Portfolio management remains important. Ascent has watered down its stake in Hungarys Szolnok gas project, to ease funding pressures. It now holds 12.5 per cent, with two wells lined up, despite two disappointing wells earlier this year.

Though share prices are still pretty dire compared to this time last year, first gas production from Hungary could be what the doctor ordered. More good news from Hungary will surely help as the company gets to grips with some higher impact work elsewhere.

Any idea whu Friday's Trades are shown as Sells...? Seems a bit daft to wait until the start of Good-News ( ie before the sp has been pushed up).
This stock has drifted down from c.50p-[[EDIT: No! spiked to c.30p, 20p high]]- so this is about time it moved up. I know there are some strong holders about and Execs hold Options abt 30p...so these Lows are undreampt of at Board level....but still nowt happens...

(This stock is similar to NOP, which is also going nowhere despits selling a big asset which they didn't need....made a bit on that, but not relected in the sp.)

I guess mad-punters expected the OIL-price to continue to $200 - and now they are getting out of Oilcos....probably the same mentality that bumped up food prices by investing in Bio-diesel....Arrgh!
I read the Gas from Hungary was flowing...you said so...so why isn't the sp riding higher...?

EDIT: Andy - yr post is messed-up, can you resubmit as it sounded interesting...thanks.

Any views on appointment of Simon Cunningham?

- sure AST needed a replacement FD....but is there some additional expertise there?...for the benefit of shareholders? - as this stock insists on sinking lower!

((I tried to search for Reverse Corp Ltd,- it's UK registered, but privately held.))

Large holder increases stake, click HERE

For anyone watching this, awaiting news on three fronts it seems :

VAT refund - from the Italian authorities, due any time.

Offshore Netherlands Divestment - now "under offer" on the Envoi site, which means a deal is near.

Onshore Switzerland Farm Out - now also "under offer" on the Envoi site, which means a deal is near.


So some news to come in the months ahead, prior to Gazzetta drill which appears delayed under January due to the farm in partner (who is paying 100% of costs of the well up to testing completion).