Ascent Resources (LON:AST) the AIM listed oil and gas exploration and production company is gearing up for an extremely active second half to 2010, in which it aims to generate shareholder value out of its multiple oil and gas production, exploration and appraisal assets across Europe.
Having recently announced a loss from its 2009 operating activities which was mainly due to impairment charges deriving from a lack of commercial oil reserves at the Anangi-1 in Italy and failed exploration costs from the Penészlek acreage in Hungary, Ascent are now looking to deliver value to its stakeholders through their 2010 programme, anticipating:
“an extensive work programme targeting a number of considerable prospects and funding in place as a result of our efforts to realise the value inherent within our portfolio.” [1]
Ascent Resources Managing Director Jeremy Eng
The core focus for Ascent will undoubtedly be the Petišovci-Lovsázi project in Slovenia and Hungary with Ascent initially permitting for 4 wells, with drilling planned to start in Q3. The company have recently acquired a 65 km2 of 3D seismic study in the Lovaszi field to add to its neighbouring Slovenian project which is estimated to contain 375 billion cubic feet (bcf), with favourable results to actual production estimated by the company at around 3 months, it is evident why they have made this high profile project their key 2010 focus. [2]
Commenting on the outlook for Ascent Resources (LON:AST), the Chairman, Mr John Kenny believes that Ascent “has a structure that can be utilised to generate substantial additional shareholder value” , and that,
“The Company has never been in a stronger position to move forward. We have a diverse portfolio of assets with a healthy balance of development, appraisal and exploration projects. We have a significant amount of work scheduled across the portfolio for 2010 with our priority being the Petišovci-Lovsázi project in Slovenia and Hungary. We believe this to be a potentially sizable onshore European project and we look forward to accelerating the development of this exciting opportunity in the coming period.” [3]
Also of interest to its investors will be developments later this year in Italy and Switzerland. Having found, good oil shows back in 2006 and subsequently live oil at the geographical appraisal well Fontana-1 in the Latina valley…
