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

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).

Pretty massive news, transformational it is.

What you really love about this is, with fresh capital of 100m Euro (initial to invest) and with the current downturn in prices, this new venture is going to pick up some real sweet assets and real cut down prices.

Wonderful news going forward, well done the AST team !!



RNS Number : 9648F
Ascent Resources PLC
16 October 2008


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


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

To Provide Oil and Gas Asset Management Services for Swiss Investment Fund


Ascent Resources plc, the AIM-traded oil and gas production and exploration company, has agreed with San Severina Holdings SA ('San Severina'), a Swiss based investment company, to establish an oil and gas asset management joint venture. The joint venture will acquire minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. Under the terms of the agreement, Ascent will provide management services for these oil and gas properties in return for a carried equity participation in the projects. Ascent's current production and development activities in central and eastern Europe continue unaffected and the investment assets will be primarily outside of these areas of operations.


San Severina, a Swiss based investment fund active since 1972, plans to commit an initial 100 million to the establishment of an oil and gas investment division to manage its existing investors' oil and gas assets and pursue other opportunities in the sector. San Severina views the agreement with Ascent as the cornerstone of a new, dedicated, open-ended oil and gas fund. In the short-term, a range of investment opportunities are under evaluation and bespoke equity and financing plans will be prepared for each.


Ascent Managing Director Jeremy Eng said, 'This is a potentially transformational partnership for Ascent. The oil and gas asset management agreement with San Severina will provide us with long term capital benefits; a deal flow to complement our existing portfolio and funding capabilities to expand outside our core geographical area. In essence, it will allow us to leverage the expertise of our team and generate value for our shareholders through the participation in additional projects with San Severina.'


* * ENDS * *

PP,

Haven't seen you around for a while, good to see you back!

proactive is back up now.

Andy, been away, went to cash back in January (mostly), and when markets collapse its best to take a long long holiday, stops you getting sucked into "bargains" that are not bargains as they continue down.

Will have a look at Proactive again.

Ascent Managing Director Jeremy Eng said, "This is a potentially transformational
partnership for Ascent. The oil and gas asset management agreement with San Severina will provide us with long term capital benefits; a deal flow to complement our existing portfolio and funding capabilities to expand outside our core geographical area.

From AFN - looks like EK has gone long. I am considering posting there again, AFN that is.


aporime - 17 Oct'08 - 16:40 - 24162 of 24171

EK's diaries excerpt:

"I have been passed a review of Ascent (AST). This company is now clear of insolvency fears and is staggeringly cheap at 3.5p to buy. (Just one of its prospects, Gazatta, might be worth 100p.) I sense that quite a lot of potential oil punters have got it into their heads that, in the light of the decline in the oil price, junior oils should be chucked at any price. This is simply silly."

I might be doing a name change this weekend, the "Papal" part might upset the religious extremists, and it is a little "funny".

So a new name with a "P" might be on its way.

New Thread : http://www.moneyam.com/InvestorsRoom/posts.php?tid=13405#lastread

I'M IN!!

StockMarketWire.com
Ascent Resources posts a pre-tax loss of £1.3m for the six months to the end of June - down from £2.7m last time.

The group said highlights in the period of the end of June include:

Highlights:
- Raised £1.5million in new equity through three placings.

- Loan note conversions have reduced the cash owed on convertible loan notes by £2.8 million in six months.

- Administrative expenses reduced by (33%) to £676k compared with the same period in 2015.

- Preliminary approach from Cadogan Petroleum plc highlighting the potential value of the asset.

- Colin Hutchinson appointed as permanent CEO.

Has it reached another bottom? is bouncing from 1.125p
Directors Talk Interview with CEO Colin Hutchinson Q&A with Colin Hutchinson Chief Executive Officer at Ascent Resources Plc

Ascent Resources Plc (LON:AST) Chief Executive Officer Colin Hutchinson caught up with ************* to discuss their interim results, things to do before first route to gas in 2017, the IPPC permit and his optimism for the rest of the year

Q1: Now Colin, 2016 has been a year of progress, can you talk us through the highlights?

A1: The main highlight of 2016 so far has been signing of the gas sales agreement with INA, we did that at the beginning of August and that has given Ascent Resources a route through to market. For a long time we had wells we’d produced, we’ve a lot of gas in the ground but we haven’t had a route through to market so that deal with INA gives us that route through to market now, we can start plans to deliver gas in the first part of 2017.

Q2: Operationally, you’re on track pursuing the alternative route to first gas without the IPPC permit, what else have you got to do before the beginning of next year?

A2: To get through to first gas we need to recomplete the 2 wells, Pg-10 and Pg-11, they were first drilled in 2011 and recompleted again in 2013, so they just really need to be made ready for production and plugs need to be removed. There’s an existing processing facility which we’ll use to strip out some of the water and condensate from the gas before we put it into the export pipeline, that’s currently owned and managed by our partners in Slovenia, Geoterm, so we’ll spend a bit of money refurbishing that to make sure it can cope with the additional volumes of gas that we expect to produce. Lastly, there some work on pipelines, we’ve already tested the export pipeline that runs from the land up by Trameta, the company we purchased in Slovenia, to the Croatian/Slovenian border and we’ve tested that at the highest operating pressure and that’s been successful. We’re waiting for recertification documents to come back from government officials and then we’ll connect that pipeline to the processing facility and that’ll be us ready to produce gas.

Q3: Can you shed a little bit more light on the status of the IPPC permit?

A3: Yes, obviously we got the decision back in May that our permitting, even though it had been approved twice by 2 different government bodies, first by the Environment Agency and then by the Ministry, that despite it being approved twice and despite the Court finding that there was no substantive issue with the permit, that they revoked it on a procedural technicality. We’ve been in discussions with various officials and government agencies about how we can rectify this because obviously it’s something our long term plan for the gas is to build our own processing plant in Slovenia so we can process the gas there and put it into the Slovenian National Grid. We feel that is by far the most economic solution for Slovenia as well as being the best solution for Ascent Resources and its partners in the country and hopefully, through dialogue and through addressing any concerns that people have, we can overcome the issues and get that permit awarded. I think the important thing for the company is that that permit is no longer crucial to our development of the field, we can produce the gas and sell it into Croatia for as long as we need.

Q4: Are you optimistic for the rest of the year?

A4: Yes, I’m very optimistic. I think 2016 has been a hugely significant for Ascent Resources, we’ve got the deal with INA and we’ve completed the Trameta transaction as well which enabled the alternative route to be viable. So I think that we’ve done the legal bits and the procedural bits and now we’re really on to the operational work programme where we can recomplete our wells, connect the pipeline and refurbish the processing plant to allow us to begin production by early 2017.

Interview on brrmedia

https://www.brrmedia.co.uk/broadcasts/57dfe63364f830e1509f53d4/ascent-resources-company-update

ascent expected to multibag later this week on INA update and gas sales

well its been a truely horrendous ride punting this company..started off great with a 6 bagger but now testing all time lows...but i will give it one last chance and have started buying around 0.45p..there is a massive amount of gas in those fields...just need to sort out the slovenian bureaucrats and get them to play ball