Executive Summary
Ascent Resources PLC (LON:AST) is a European oil and gas exploration and production company with an objective firstly to prove and upgrade reserves through an active drilling programme, and then to develop. Its focus currently is on the development of reserves over production and it has been concentrating on exploration and development programmes in order to prove up the value of its gas and oil portfolio. Since commencing operations in 2005, it has built a portfolio of some twenty exploration, appraisal and development projects across Europe in Hungary, Switzerland, Spain, Italy, Slovenia and the Netherlands. With the exception of the Netherlands, the company’s projects are onshore. The company is yet to make a profit, although it has reported encouraging reserve test results.
Company History
The company is listed on AIM at the London stock exchange. The Group’s HQ is in London and has six management and technical staff. The company was first listed in November 2004.
Current Events
- In September 2009 the company announced that they had signed an agreement with Schuepbach Energy LLC of Dallas, Texas for an option to participate in the exploration of the Jurassic shales in the company’s Swiss Canton of Vaud.
- On 8 September the company announced its half year results to 30 June 2009 – see financials.
- On 15 September 2009 the company reported [1] that the gas rates achieved and the reserves associated with its PEN-105 appraisal gas well in Hungary were “substantially higher” than projected by pre-drill estimates.
- On 17 September 2009 the company announced the successful completion and testing of the Görbeháza-1 well ('GH-1') located in the western part of the Nyírség Szatmár permits in Hungary, known as the Panhandle. [2]
Business Model
The company has a diverse European portfolio :
- DEVELOPMENT - Penészlek PEN-104 gas field in Hungary.
- REDEVELOPMENT- Italy’s Lavina Valley, (the Strangolagalli Ripi Redevelopment) , South west Hungary ( Bajcsa Gasfield), South east Slovenia (Peti?ovci Redevelopment)
- APPRAISAL - Switzerland at Frienisberg-Seeland Permit, Italy, Latina Valley Frosinone Exploration Permit, etherlands Blocks M10/M11.
- EXPLORATION Italy, Po Valley, Cento and Bastiglia Exploration Permit ,Hungary, Nyìrség Panhandle Slovenia, East Slovenian Exploration project Switzerland, Bern Canton Linden Exploration Permit Switzerland, Vaud Canton, Gros de Vaud Exploration Permit Italy, Latium Coast, Fiume Arrone Exploration Permit Netherlands, Blocks P4, M8
Ascent Resources' business model is to operate in each country with in-country management…
