Ascent Resources - All change for 2010 ?

Thursday, Feb 18 2010 by
10

......or will it be same same again.

EPIC : AST

Web site : http://www.ascentresources.co.uk

Dec 2009 Presentation :  http://tiny.cc/Kx2xk

Dec 2009 Broker Note : http://www.mediafire.com/?tmnnkzmmznm

 Jan 2010 Interview with the MD :  http://tiny.cc/FAmYe

 

Funded with the most cash they have ever had, following the placing of last year, 2010 could be a year of significant performance, or will it be same same again from Ascent ?

Hopefully it shall be an exciting year and it should kick off soon with news from the PEN-101 drill before the end of Feb.

Fontana-1 completion of drilling and coring news should be due early March.

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Spudding of PEN-106 should follow in early March along with PEN-105 and then PEN-101 going on line production.

And of course, Slovenia, lots of oil and gas potential, can Ascent deliver some of it in 2010 ?

 

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Ascent Resources plc is a United kingdom-based independent oil and gas exploration and production (E&P) company. Its portfolio has consisted of European onshore projects. The Company operates the Petisovci tight gas project in Slovenia. more »

Share Price (AIM)
0.397p
Change
0.0  0.0%
P/E (fwd)
n/a
Yield (fwd)
n/a
Mkt Cap (£m)
5.8



  Is Ascent Resources fundamentally strong or weak? Find out More »


71 Posts on this Thread show/hide all

Proselenes 2nd Dec '10 52 of 71
3

Thanks to smarty over at III, here is a link to the Broker Note on AST, you can download and read at your leisure :

http://www.mediafire.com/?vcogo6g2j8x2612

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tony9i9i9i 7th Dec '10 53 of 71

Starting to move up nicely, market waking up or is there news due Pro?

Tony.

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Proselenes 8th Dec '10 54 of 71
3

I would guess institutional buying now.

AST has been seriously undervalued due to II selling. Now if that reverses and II's start to buy and build holdings again, then there is no reason why this cannot be in the 10p to 15p range pending news on PG-11 and also Hermrigen 2.

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Proselenes 11th Dec '10 55 of 71
1

Excellent end to the week, strong demand for shares taking out the top slicers and stale bulls who probably hoped their selling would weaken the price and make it fall back.

Wrong they were, the buyers are more than the sellers and so the share price rises upwards...... into a nice strong close.

Perhaps a break though 10p next week.

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Proselenes 12th Dec '10 56 of 71
1

Thanks to a poster on III for the info.


AST gets a speculative buy rating in Shares this week, summary as follows:

"Speculative investors should 'snap' up as AST prepares to drill a well on 412bcf Petisovci-Lovasi prospect."

Mentions can be bought into production quickly off the back of existing infrastructure

6 wells to be drilled over next 12 months across 3 core developments with a potential rereating to 58p quotes FinnCap.

Drilling expected to start q1 on Hermrigen gas field targeting a 120bcf prospect.

Also mentions Anagni-2 likely to be spudded mid 2011 targeting approx 5mmbo.

Highlights risk of potential requirement for additional funds, up to £15million, through a dilutive placing for contingent wells and upgrade of production infrastructure at Petisovci"

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Proselenes 14th Dec '10 57 of 71
2

Nice to see some more "initial coverage".

http://www.iii.co.uk/articles/13532/hybridans-small-cap-wrap


I think more and more are waking up to the fact AST is going to have some very exciting times in the coming 6 months. Those exciting times will be made vastly more exciting if they can come to a deal with the European Development bank for debt-finance for Slovenia, as has been suggested already.

If you look at the projects they are all pretty much appraisal.

Slovenia - gas is there, proven, produced some years ago and now looking for sweet spots to tap the main resource.

Anagni/Ripi - proven oil, again, looking for sweet spots.

Swiss - proven gas, appraisal well.

Netherlands - proven gas awaiting farm out to appraise.

Hungary - proven gas, producing now and might look at deeper potential later.

Slovenia starts now, Swiss in Q1 2011, and Anagni maybe Q2 2011. Thats three high impact projects all happening in the coming 6 months.

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Proselenes 21st Dec '10 58 of 71
1

Ascent has acquired :)


http://www.investegate.co.uk/Article.aspx?id=201012211107583573Y


And so has Enquest. Most interesting !!! And value enhancing......

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jonnyt 22nd Dec '10 59 of 71
1

Sorry, but I see this potentially as value destroying and certainly makes failure a PG-11 a near wipe out for shareholders.

I see this akin to a coin toss. 12-15p on succes less than 3p on failure

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Proselenes 23rd Dec '10 60 of 71

One of the leading O&G analysts disagrees with you Jonny, now is that surprising ?? ;)

The finncap update on the link below :



http://www.moneyam.com/InvestorsRoom/posts.php?tid=13405&from=577


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jonnyt 23rd Dec '10 61 of 71
2

Not surprising given they are house brokers....

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Proselenes 23rd Dec '10 62 of 71

http://www.proactiveinvestors.co.uk/companies/news/24249/ascent-resources-fox-davies-says-petiovci-deal-with-enquest-adds-value-24249.html


Ascent Resources: Fox-Davies says Petişovci deal with EnQuest adds value

Thursday, December 23, 2010 by Jamie Ashcroft

Lionel Therond, oil and gas analyst at Fox-Davies, looked at................

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jonnyt 23rd Dec '10 63 of 71
2

Haven't increased their target price though have they....

Again until PG-11 is completed there is no way anyone can say this deal adds value.
If PG-11 fails to flow then I'd say it's value destroying.
If PG-11 flows substantially then it's likely value creating.

Lets see what March brings shall we, the jury's still out.

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Proselenes 4th Jan '11 64 of 71
1

Have a listen to Jeremy Eng talk about AST :

http://www.proactiveinvestors.co.uk/companies/ceo_focus/630/jeremy-eng-md-of-ascent-resources-talks-about-shallow-oil-reserves-in-italy-630.html


Jeremy Eng MD of Ascent Resources, talks about shallow oil reserves in Italy

Tuesday, January 04, 2011

Jeremy Eng, MD of Ascent Resources, talks about shallow oil reserves in Italy, three discoveries in Switzerland, FTSE 250 EnQuest PLC disposing of its 48.75% stake in the Petişovci Project in Slovenia - for an initial 22.5% equity stake in Ascent, and Hungarian assets generating €600,000 gross a month.

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Proselenes 6th Jan '11 65 of 71
1

Appears AST was rated a buy in todays Shares Magazine.

http://www.sharesmagazine.com/

Good, that should see more buyers today, tomorrow and also Monday.

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Proselenes 7th Jan '11 66 of 71
1

Shares Mag, http://www.sharesmagazine.com/ has AST as a buy at 9.5p, confirmed info below :

http://img713.imageshack.us/img713/1636/aste.png

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Proselenes 1st Feb '11 67 of 71

News should be this week or next on the PG-11 Slovenia well.

Fingers crossed its good news !

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Proselenes 2nd Feb '11 68 of 71
2

So PG-11 is looking good so far.

http://www.investegate.co.uk/Article.aspx?id=201102020700075107A

Good news and very encouraging.

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jonnyt 2nd Feb '11 69 of 71
1

What!

Disappointing is my take and the markets!

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Proselenes 3rd Feb '11 70 of 71
3

It is an interesting situation.

The PG-11 well has so far gone though 4 zones. This will be A, B, C, D1.

Still to drill are D2, E1, E2, E3, E4, F.


Of interest is that zone A has never produced in this location, so recovering gas to surface from zone A on a quick test without cleaning up etc.. is most encouraging that the A zone might be able to produce in commercial quantities once the well gets to TD and a proper clean up and full test is done, with associated flow rates etc..

They have not tested B and C so far, but D1 the tooling was blocked not allowing for a test at present.

Very encouraging that all 4 zones so far have had strong gas shows, fingers crossed the remaining 6 also are the same.


The Enquest deal is where it is however it has the potential to swing very much into AST's favour IF the Gas In Place is much larger than the RPS CPR. This is why, IMO, AST wanted the deal done before drilling because now they have 75% should the GIP be much higher then the deal starts to swing very much into AST's favour and it might make it look like they got a very cheap acquisition of additional gas.

RPS excluded E2, E3, E4 and F sands from their CPR as these have not flowed in any other location, so should any of these flow there is immediate upside to the RPS reported GIP figure.

Also, should the other zones be better than pre-drill prognosis again the GIP figure goes upwards.


The preliminary results due later this month, and the final results of testing after this could have a major impact on AST should the findings be that the GIP is higher and therefore the recoverable figure is much higher, based on the 75% ownership.

Interesting times. Even though the price fell you could sell large volume easily late yesterday but to buy in large volume there was a big premium, which indicates strong demand is there for stock.

I would guess someone is accumulating and you honestly cannot blame them, it is exciting times ahead for AST with this PG-11 well and what it means for Slovenia.

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Proselenes 7th Feb '11 71 of 71
1

http://www.oilbarrel.com/nc/news/display_news/article/ascent-resources-closes-enquest-deal-as-key-slovenian-well-nears-target-depth/860.html


February 07, 2011

Ascent Resources Closes EnQuest Deal As Key Slovenian Well Nears Target Depth


Shares in Ascent Resources have doubled since September as the AIM-quoted E&P has re-geared to focus its efforts on its flagship project, the Petişovci/Lovaszi tight gas project that straddles the Hungarian/Slovenian border. In December................

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