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

Information is the key barwoni, people can then form their own opinions, and no, no interest in Proactive.

Morning PP - Aurelian possibly worth a punt, especially with Poland drilling coming up. I've started a thread - opinions welcome!

Farm out Agreement and Update

RNS Number:0186I
Ascent Resources PLC
23 August 2006


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

23rd August 2006

Ascent Resources plc ("Ascent" or "the Company")
Farm out and Drilling Operations


Ascent Resources plc, the European focused oil and gas exploration and
production company, through its 90% owned Joint Venture PetroHungaria kft, has
entered into a farm-out agreement with DualEx Nyirseg Inc. ("DualEx"), a wholly
owned subsidiary of DualEx Energy International Inc. of Canada (TSX-V: "DXE").
The companies will jointly explore and develop the hydrocarbon resources of the
Nyirseg Del and Nyirseg Szatmar exploration permits in the Pannonian Basin in
North Eastern Hungary.

Under the terms of the Agreement, DualEx will reimburse some of the historical
exploration costs and fund 75% of the costs of drilling two wells to earn a
37.5% working interest in 45% of the area of the Exploration Permits. DualEx
also has the option to participate in two further wells to earn a 37.5% working
interest across the whole of the two permits.

The first well, Peneszlek-104 (PEN-104) is a re-appraisal well for the Peneszlek
field and has a secondary target in Pannonian sandstone formations. The second
well, Fehergymat-1 (FGY-1), targets a gas prospect also in the Pannonian
formations. The FGY-1 well with a planned depth of 1,100m is to be drilled
immediately after the PEN-104 well, scheduled to commence drilling in September
to a depth of 1,350m.

The Peneszlek field produced a total of 4.8 Bcf of gas from 1983 to1989 from six
wells. The gas reservoir is in Miocene tuff sediments. Following re-mapping
using the seismic data acquired in 2005 by PetroHungaria, it is anticipated that
the remaining reserves of this field are substantially more than previously
estimated and redevelopment studies are on-going. During the 1980's two
satellites of the Peneszlek field were discovered and tested gas but were not
put on production at that time.

The first optional well is planned as an appraisal of one of these Peneszlek
satellite discoveries; the second optional well targets a seismically defined
(AVO) prospect in the Pannonian sandstones in the south of the permits.

Ascent has also received a Letter of Intent from a Swedish Company PetroPequnia
AB which seeks to enter in to an agreement under the same terms to farm-in for a
5% working interest by funding a further 10% of the cost of the drilling.

Besides these operations in Hungary, Ascent has four other wells planned for
Italy and Spain. Despite delays caused both by permitting and the shortage of
equipment and services, the Company has, through its Italian subsidiary,
contracted a rig to drill the Anagni-1 and Arrone-1 wells in the Frosinone
permit of the Latina Valley and the Fiume Arrone Permit near Rome's Fiumicino
airport. Following the drilling of these two wells it is planned to move the
same rig to Spain for the drilling of the Hontomin 4 appraisal well. Subject to
receiving final authorization, the rig is expected on location to commence
drilling the Anagni-1 well in October 2006. The Tozo-1 re-entry will use
another rig which is currently working on wells in the Ayoluengo oilfield in
Spain.

Ascent Managing Director Jeremy Eng said: "The farm-out agreement in Hungary
allows us to fast-track the exploration and development of the Nyirseg Permits
and Peneszlek gasfield. DualEx is a great partner for PetroHungaria bringing
invaluable experience and a Canadian operating philosophy to the project. The
Hungarian farm-out generated considerable interest and served as a peer group
review to validate our seismic interpretation and geological model.

"I am also very pleased that we have the possibility of an additional two wells
to be added to our six well drilling campaign, and that two rigs are now
available to us to start drilling next month."



* * ENDS * *

"I am also very pleased that we have the possibility of an additional two wells
to be added to our six well drilling campaign, and that two rigs are now
available to us to start drilling next month."

Me too.

Well done.

Thanks pp.

http://tinyurl.com/nqrsb

24.08.2006

Ascent Resources Signals The Start Of An Aggressive European Drilling Programme With A Farm-Out Agreement in Hungary

We have remarked before that AIM-quoted Ascent Resources is a junior oil and gas explorer in a hurry. It retains a small but potentially lucrative interest in two PSCs offshore Gabon but, since listing in 2004, attention has focused on Europe, where it has assembled an extensive portfolio of over 20 oil and gas projects spanning six countries.

Ascents Managing Director Jeremy Eng favours Europe because it is home to established oil and gas provinces that in the present price climate are worth revisiting. Whats more, the cost of assembling assets is relatively modest, the exploration costs are low and an extensive infrastructure network services growing markets.

Ascent is keen to exploit the potential of its European portfolio: it has lined up six firm wells for 2006 (plus two optional wells) with at least a further three to five wells slated for 2007. If constant news flow on the drilling front is what investors following the junior market want, then Ascent will not disappoint.

The companys well count has been bolstered by a farm-out deal in Hungary. Ascents 90 per cent-owned joint venture PetroHungaria has agreed farm-out terms with DualEx Nirseg, a wholly-owned subsidiary of DualEx Energy International of Canada. The companies will jointly explore and develop the hydrocarbon resources of the Nyirseg Del and Nyirseg Szatmar exploration permits in the Pannonian Basin in north-eastern Hungary. These permits contain the established Peneszlek gas field, which could prove to be an interesting re-development project.

Under the terms of the agreement, DualEx will reimburse some of the historical exploration costs and fund 75 per cent of two new wells on the permits. In return, the Canadian firm will earn a 37.5 per cent working interest in 45 per cent of the area of the exploration permits. DualEx then has the option to participate in two further wells to earn a 37.5 per cent working interest across the whole of the two permits.

Ascent has also received a Letter of Intent from PetroPequnia AB, which wants to enter into an agreement on the same terms to farm-in for a 5 per cent working interest by funding a further 10 per cent of the drilling costs in the permits. Should this proposal be cemented, then Ascent would retain a 47.5 per cent working interest in the wells but would only have to pay 15 per cent of their drilling costs (expected to come in at around 1.4 million each).

The first well, Peneszlek-104 (PEN-104), will be a re-appraisal of the Peneszlek gas field and has a secondary Pannonian gas target. It is scheduled to start drilling in September and will be drilled to a depth of 1,350 metres. The second well, Fehergymat-1 (FGY-1), with a planned total depth of 1,100 metres, will target a gas prospect in Pannonian sandstone formations and will be drilled immediately after the PEN-104 well.

Between 1983 and 1989, the Peneszlek field produced a total of 4.8 billion cubic feet (bcf) of gas from Miocene tuff sediments. Re-mapping of the reservoir using seismic data acquired in 2005 by PetroHungaria has indicated larger-than-expected remaining reserves, which could form the basis for a re-development project.

There is additional upside. Two satellites of the Peneszlek field were discovered and tested in the 1980s but were not put on production. Under the terms of the farm-out agreement, the first optional well would appraise one of these satellite discoveries and the second optional well would target a seismically-defined (AVO) prospect in the Pannonian sandstones in the south of the permits.

Broker Hichens & Co has given the upcoming drilling project a one-in-three chance of success, with a chance of proven reserves up to 160 bcf in total. A 160 bcf accumulation would be a company-maker but something less than this would also be very welcome. Here is the point: Jeremy Eng reckons the company could achieve a price of US$9 per thousand cubic feet at which point a field with just 2 bcf of recoverable gas would be economic. This is, however, almost US-style pricing and a lot higher than we have become used to from other eastern European and former Soviet Union countries.

In addition to its Hungarian work programme, Ascent has four wells on the books for Italy and Spain this year. In Italy, there are two sets of assets. In the Po Valley, home to the second largest onshore gas reserves in Europe, Ascent holds 100 per cent of the Cento and Bastiglia permits. Ascent has identified twelve leads from reprocessed seismic data and is applying for permits to drill four high impact wells in 2007.

Ascents other Italian job, so to speak, is in the Rome region. Despite delays caused both by permitting and an industry-wide shortage of equipment, the company has contracted a rig to drill the Anagni-1 and the Arrone-1 wells in the Frosinone permit of the Latina Valley and the Fiume Arrone permit near Romes Fiumicino airport. Anagni-1 is due to spud in October.

Following the drilling of these two wells, it is planned to move the same rig to Spain where Ascent operates (with an 88 per cent interest) the Ayoleungo oilfield, the only producing oilfield onshore Spain. Ayoleungo produces around 100 barrels of oil per day. Ascent plans to use the rig from Italy to drill the Hontomin-4 appraisal well and will use the rig currently working on the Ayoluengo wells to re-enter the Tozo-1 well. Both these Spanish wells lie close to Ayoluengo and will target discoveries made by Chevron back in the 1970s.

Elsewhere, Ascent is set to participate in up to four exploration wells in the Aurelian-led project in Romania, where gas production and sales from the Bilca field development (5 per cent to Ascent) are to start shortly. In Switzerland the company has a 90 per cent interest in three exploration permits; there could be a well here in 2007. In the Netherlands, Ascent has applied for permits in four offshore blocks and two part blocks. Four of these six applications have no competing applications.

Article on OilVoice

http://tinyurl.com/lepda

Rig Contracted to Drill Arrone 1 Well on Fiume Arrone Permit, Italy

Thursday, August 24, 2006

Oracle Energy Corp. has been notified by Ascent Resources Plc that Ascents Italian subsidiary has contracted a rig to drill the Arrone 1 well on the Fiume Arrone Permit near Romes Fiumicino airport. Subject to Italian regulatory approval, the rig is expected on location to commence drilling on or about the end of October, 2006.

The 358 sq km onshore Fiume Arrone Permit, is along the coast of Italy to the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955 the latter of which was reported to have had shows of gas. The first well, planned to be 950m deep, will target a gas prospect identified from seismic.

Oracle Energy holds a 20% interest in the Fiume Arrone Exploration Permit. The other partners with an interest in the Permit are Ascent Resources plc (40%), Italmin Exploration (30%) and JKX Oil and Gas plc. (10%).

http://www.uk-analyst.com/

E-mail from them today (you can sign up for their emails at the link above if you so wish) :


Buy Ascent Resources at 12p

Says Stewart Dalby of Oilbarrel.com

Ascent Resources is a junior and oil and gas explorer in a hurry. It retains a small but potential lucrative interest in Gabon in Africa, but since listing in 2004 it has assembled an extensive portfolio of over 20 oil and gas projects across six countries in Europe.

Ascents Managing Director Jeremy Eng favours Europe, because there are known oil and gas provinces which are now worth revisiting because of good, firm oil and gas prices (even in eastern Europe), the cost of assembling assets and of re-entry is relatively modest. The exploration costs are low, there is extensive infrastructure servicing growing markets.

The company has not just assembled the acreage but has been aggressively pro-active in exploiting them with a six (possibly eight well programme) in 2006and at least a further three wells, possibly five slated for 2007. The drilling starts, well, just about right away. If constant news flow on the drilling front is what investors following the junior market want then, Ascent will not disappoint. The shares have more or less idled around 9p to 12p in recent weeks but now the drilling is about to start they should begin to move and are a definite buy.

The group has just announced that its 90 per cent Joint Venture, PetroHungaria has entered into a farm out agreement with DualEx Nirseg a wholly owned subsidiary of DualEx Energy International of Canada. The companies will jointly explore and develop the hydrocarbon resources of the Nyirseg Del and Nyirseg Szatmar exploration permits in the Pannonian Basin in North Eastern Hungary. These contain the established Peneszlek field.

Under the terms of the agreement, DualEx will reimburse some of the historical exploration costs and fund 75 per cent of the costs of drilling two wells to earn a 37.5 per cent working interest in 45 per cent of the area of the Exploration permits. DualEx has the option to participate in two further wells to earn a 37.5 per cent working interest across the whole of the two permits.

Ascent has also received a Letter of Intent from PetroPequnia AB which wants to enter into an agreement for the first part of this deal under the same terms to far-in for a 5 per cent working interest by funding a further 10 per cent of the costs in the permits.

What this all means is that is that Ascent should be left with a 50 per cent working interest in the wells whilst finding itself paying 15 per cent of the cost of the wells which are expected to come in at around 1.4 million pounds

The first well, Peneszlek-104 will be a re-appraisal well for Peneszlek gasfield and has a secondary Pannonian gas target. It is scheduled to start drilling in September. Fehergymat (FGY-1), will target a gas prospect in Pannonian sandstone formations and will be drilled to a depth of 1,350 metres. The second well FGY-1 with a planned total depth of 1,100 metres, will be drilled immediately after the PEN-104 well.

Between 1983 and 1989, the Peneszlek field produced a total of 4.8 bcf of gas from 1983 to 1989. The reservoir is in the Miocene tuff sediments and, following re-mapping using the seismic data acquired in 2005 by PetroHungaria, it is expected that the remaining reserves of this field are substantially more than previously estimated and re-development studies are on going.

Broker Hichens and Co has estimated that there could be a one in three chance of success on the field, with proven reserves of up to 160 bcf in total. A 160bcf would be company making. But something less than this would also be welcome. Here is the point: Jeremy Eng reckons the company could achieve a price of US$9 per thousand cubic feet. This is almost US style pricing and is a lot more than we have become used to from other east Europe and former Soviet Union countries. But if it is the case that this level is achievable then a field with just 2 bcf of gas recoverable would be economic.

During the 1980s, two further satellites of the Peneszlek field were discovered and tested but were not put on production. The first optional well is planned as an appraisal of one of these satellite discoveries; the second optional well targets a seismically defined (ASVO) prospect in the Pannonian sandstones in the south of the permits.

As if this were not enough to keep Ascent busy, it has four other wells planned for Italy and Spain this year. In Italy, there are two sets of assets. In the Po Valley in Northern Italy, which has the second largest onshore gas reserves in Europe, Ascent has 100 per cent of the Cento and Bastiglia permits. It has reprocessed seismic data and identified twelve leads. The company is applying for permits to drill four high impact wells in 2007.

Ascents other Italian job, so to speak, is around Rome. Despite delays caused both by permitting and the shortage of equipment and services, the company has contracted a rig to drill the Anagni-1 and the Arrone-1 wells in the Frosinone permit of the Latina Valley and the Fiume Arrone Permit near Romes Fiumicino airport.

Following the drilling of these two wells it is planned to move the same rig to Spain. Ascent holds a 88 per cent interest and operatorship of the Ayoleungo oilfield, the only onshore Spanish producing oilfield where output is 100 barrels of oil per day. The plan is to use the rig from Italy to drill the Hontomin 4 appraisal well. The Tozo-1 re-entry well will use another rig, which is currently working, on wells in the Ayoluengo oiflield. Both these Spanish wells are on fields close to Ayoluengo.

Elsewhere, Ascent will participate in up to four non-operated exploration wells in the Aurelian led project in Romania from which gas production and sales from the Bilca development (5 per cent Ascent) are to start shortly. In Switzerland Ascent has a 90 per cent interest in three exploration permits, and there could be a well in 2007. In the Netherlands, Ascent has applied for permits in four offshore blocks and two part blocks. Four of these six applications have no competing applications.

Given the expected newsflow in the short term, at 12p, these shares are one to buy.

Key Data

EPIC: AST
Mkt: AIM
Spread: 11.25 - 12.5p

Stewart Dalby edits the free and definitive resource for those interested in oil exploration stocks http://www.OilBarrel.com

.

Moving up well.

L2 now 4 v 4 @12.5/14

Here is the DualEx Press Release for last weeks news, a bit more info that the AST one :



" BC-DualEx-farm-in-update 08-23 0866
News release via Canada NewsWire, Calgary 403-269-7605 -MC-

Attention Business Editors:
^DualEx Announces Pannonian Basin Farm-in and Updates Other Projects@

CALGARY, Aug. 23 /CNW/ - DualEx Energy International Inc. (TSX-V: "DXE")
is pleased to announce it has reached an agreement with PetroHungaria kft of
Budapest, Hungary (a 90% owned subsidiary of Ascent Resources plc of London,
England) that will see DualEx fund 75% of the costs to drill and complete two
test wells to earn a 37.5% working interest in approximately 275,000 acres
within the Nyirseg North and Nyirseg South Exploration Permits in northeast
Hungary. DualEx will also earn an option to drill two additional wells under
the same terms to earn in the remaining 340,000 acres of the two Permits.
DualEx, as joint-operator of the earning phase of the project, will also earn
a 37.5% working interest in the Peneszlek natural gas field, which was
discovered in 1982 and produced until 1989. Redevelopment studies have
commenced in the aim of reestablishing production at Peneszlek, which the
parties believe may contain significant remaining reserves.
The Nyirseg North and South Exploration Permits, comprising 1,556 km(2)
(384,496 acres) and 927 km(2) (229,067 acres) respectively, are located in the
Pannonian Basin of northeastern Hungary, in a proven hydrocarbon province with
existing natural gas infrastructure. The initial test wells under the Farmout,
FGY-1 and Pen-104, will be drilled to depths of 1100 metres and 1350 metres
and will target natural gas in Pannonian clastics at FGY-1 and natural gas in
both Pannonian clastics and underlying Miocene tuffs at Pen-104 (within the
limits of the once-productive Peneszlek field). Once both test wells have been
drilled, DualEx will elect on whether or not to proceed with the drilling of
the two option wells.
In all, fourteen separate prospects have been mapped on the Nyirseg North
and South Permits utilizing available well log data and conventional 2D
seismic data, 270 kilometres of which was recorded in late 2005. Drilling of
the first well, Pen-104, is expected to commence prior to September 30, 2006
and will be followed immediately with the drilling of FGY-1.

Solid enough day, with the first drills starting in September we could see some pre-emptive buying as the month goes on.

The 2 Hungary drills are shallow targets, and so it will not take long to drill to TD, so first news on actual results will start in October all being well.

Nice start to the day as well.

L2 now 2 v 2 @12.5/13.5

Jumped well, now L2 is 2 v 1 @13.5/14.5

Aurelian, the partner in Romania has this information on their web site:

Bilca Development

Three of the seismic amplitude anomaly areas were drilled, creating the Bilca-1, Bilca-2 and Fratauti-1 wells during 2004 and 2005. All three wells found commercial gas within the Sarmatian sands at shallow depths. The Bilca-1 well flowed gas at rates of up to 6.3 MMscf/d and the Fratauti-1 well at a rate of 3.2 MMscf/d. The Bilca-2 well will be tested on production. The Bilca-1, Bilca-2 and Fratauti-1 wells have been connected to newly constructed production facilities and connected through a 15 km export pipeline to a pressure reduction station at Radauti. These are scheduled to be commissioned and handed over for operations by the end of August 2006.

More info : http://www.aurelianoil.com/index.php?v=romania

Settled nicely, buy are gradually getting nearer the full offer price.

Still remains one of the best, if not the best, junior oil plays in terms of lower risk and big upside potential :) IMO.

L2 two ticks up this morning.

Now 2 v 1 @13/13.5


Is anyone going to the ProactiveInvestors Forum with Ascent on this Friday ?


http://www.proactiveinvestors.co.uk/main.asp

100K buy at 13.25 (late reported) caused the move up.

L2 now 2 v 2 @13/14

I hear Mark Slater had lots of good words to say about Ascent Resources on the webcast on http://www.t1ps.com

Things like risk/reward "but the right way around" and "dramatic upside".

Any other comments anyone knows of ? :)

My earlier post should have said anyone going to the proactiveinvestors Forum with Ascent tonight (Wednesday) not Friday :)

?

Good work here and over the road PP.

I bought a while back on the strength of it and I am not unhappy.

Thanks