News for 2010
Drilling of Pg-11 in Slovenia Commences
22 December, 2010Ascent yesterday commenced drilling the Pg-11 evaluation well in the Petişovci field, a part of the Petişovci-Lovaszi Project in Slovenia and Hungary. (Read More)
Acquisition of interest in the Petišovci Project
21 December, 2010· EnQuest to take equity stake in Ascent in return for its interest in the Petişovci Project (Read More)
Drilling Update
02 December, 2010Ascent has been advised by its drilling contractor, Crosco International, that the mobilisation of a rig has started for the Pg-11 evaluation well in the Petişovci-Lovaszi project area in Slovenia, and that they expect to commence drilling on or around 16 December 2010, subject to weather conditions. (Read More)
Issue of Equity
29 November, 2010Ascent has issued 3,118,276 ordinary shares of 0.1p each in the Company to YA Global Master SPV Ltd ('Yorkville'), an investment fund managed by Yorkville Advisors LLC. The shares have been issued in respect to the consideration due to Yorkville for the arrangement and provision of the Promissory Note and SEDA Facilities announced by the Company on 19 November 2010. (Read More)
Director's Dealings
19 November, 2010Ascent announces that on 19 November 2010, Cameron Davies, Non Executive Director of Ascent, purchased 150,000 ordinary shares of 0.1p in the Company at a price of 6.425p per share. Following this purchase, Mr. Davies is interested in 150,000 ordinary shares in the Company, representing 0.029 per cent. of the issued share capital of the Company. (Read More)
Grant of Options
19 November, 2010Ascent Resources plc, the AIM-traded oil and gas exploration and production company announces that it has issued options over a total of 13.5 million new ordinary shares in the Company. The options represent in aggregate 2.61% of the existing issued share capital and have been issued on the following basis: Directors 2.52%; and Management 0.10%. The options are exercisable from 17 November 2011 to 17 November 2015. (Read More)
Drilling & Financing
19 November, 2010Ascent has secured a one year loan facility of £2.1 million and has entered into a £7 million Standby Equity Distribution Agreement ('SEDA') with YA Global Master SPV Ltd ('Yorkville'), an investment fund managed by Yorkville Advisors LLC. The loan facility will be drawn to contribute to the financing of the Pg-11 evaluation well on the Petişovci-Lovaszi project area in which the Company recently announced an independently verified P50 estimate of gas-in-place of 412 Bcf (11.7 Bm3; 68.7 MMboe). (Read More)
Completes sale of Görbeháza-1 discovery in Hungary
04 November, 2010Ascent has completed the sale of its 20.167% interest in the western part of the Nyírség Szatmár permits in Hungary, known as the Panhandle, which contains the Görbeháza-1 ('GH-1') gas discovery. Ascent will initially receive a cash consideration of US$300,000 and additionally pro rata payments, net to Ascent, of US$300,000 per Bcf will be made once the cumulative production from GH-1 exceeds 1 Bcf (28.31 MMm3). The other minority partners in the licence, DualEx Nyírség Inc. and Swede Resources AB have also divested their interests on similar terms. (Read More)
Directorate Change
02 November, 2010Ascent Resources plc, the AIM-traded oil and gas exploration and production ('E&P') company, is pleased to announce the appointment of Mr. Scott Richardson Brown as a Non-executive Director with immediate effect. With effect from 4 January 2011, he will be appointed Executive Finance Director, replacing Mr. Simon Cunningham who is re-locating to Australia. Mr. Cunningham will continue to work for the Company in his existing role on a full time basis until the end of 2010 supporting a managed transition and thereafter, will be available on a consultancy basis to help maintain the momentum in the development of Ascent's European oil and gas portfolio. (Read More)
Replacement: 412 Bcf resource at Petisovci-Lovaszi
13 October, 2010The P50 estimate should be of 412 Bcf (11.7 Bm3; 68.7 MMboe) and not of 412 Bcf (11.7 Mm3; 68.7 MMboe) as previously stated. (Read More)
412 Bcf resource at Petisovci-Lovaszi Project
13 October, 2010· Independent corroboration of substantial gas in place resources in the project area - P50 estimate of 412 Bcf (11.7 Mm3; 68.7 MMboe) (Read More)
Holding(s) in Company
11 October, 2010Ascent Resources, the AIM-traded oil and gas production and exploration company, received notification on 11 October 2010, that following a disposal of shares in Ascent on 8 October 2010, Slater Investments Limited no longer has a notifiable holding in the Company's issued share capital. (Read More)
Directors Dealing
01 October, 2010Managing Director Jeremy Eng has purchased 699,815 ordinary shares of 0.1p each in the Company at a price of 4.38p per share. Following this purchase, Mr Eng is interested in 5,508,372 ordinary shares in the Company, representing 1.07 per cent. of the issued share capital of the Company. (Read More)
Interim Results
30 September, 2010Ascent announces its unaudited interim results for the six months ended 30 June 2010. (Read More)
Further €3m from Swiss Disposal
29 September, 2010Ascent is pleased to announce that, further to the announcement of the 22 April 2010, it has completed the commercial conditions required to receive the additional €3million of consideration from the disposal of its Swiss subsidiary PEOS AG. (Read More)
Acquires Further Concessions in Hungary
23 September, 2010Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has acquired a 60% interest in the 1,990 sq km Igal-II exploration permit in Central Hungary though its 60% equity interest in Hungarian company Pelsolaj kft ('Pelsolaj'). The exploration permit, to the south east of Lake Balaton, was acquired from Winstar Resources Limited in exchange for a 4% net profit interest derived from future production from the permit area. (Read More)
Change of Adviser
23 September, 2010Ascent is pleased to announce the appointment of finnCap Ltd ('finnCap') as the Company's Nominated Adviser and Broker with immediate effect. (Read More)
Holding(s) in Company
15 September, 20101. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: (Read More)
Directorate Change
14 September, 2010Ascent is pleased to announce the appointment of Cameron Davies to the Board as Non-executive Director with immediate effect. Dr. Davies is an international energy sector specialist and the former Chief Executive of Alkane Energy plc. He has an excellent track record of exploration success and growing profits in a quoted energy company. He brings with him the technical skills and broad network of international energy industry contacts which will be invaluable in progressing Ascent's extensive portfolio of European oil and gas development and exploration assets. At the same time, both Legal Director Malcolm Groom and Non-executive Director Jonathan Legg, who have been with the Company since 2005, have stepped down from the Board to focus on other commitments. (Read More)
Increase in Interest in North Sea Blocks M10/M11
15 July, 2010Ascent through its subsidiary Ascent Resources (Netherlands) BV ('ARN'), has increased its interest in the M10/11 block in the southern North Sea off the Netherlands' coast. Following the transfer of McLaren Resources Inc's ('McLaren') 27% interest in the block, ARN now holds a 54% interest in the project. McLaren will receive a 3% net profit interest from ARN on the 27% interest transferred and a one-off payment of $125,000 CDN if the licence extension for drilling is granted. Other partners in the project are EBN with 40% and GTO with 6%. (Read More)
Director's Dealing
02 July, 2010Jeremy Eng, Managing Director of Ascent, has transferred 2,000,000 ordinary shares of 0.1p each in the Company ('Shares') into his Self Invested Personal Pension ('SIPP'). This transfer was effected by the sale on 1 July 2010 of 2,000,000 Shares by Jeremy Eng at a price of 3.615p a Share and by the purchase on 1 July 2010 of 2,000,000 Shares by Jeremy's SIPP at a price of 3.635p. This does not change Jeremy Eng's beneficial ownership of 4,808,557 Shares, representing 0.93 per cent. of the issued share capital of the Company. (Read More)
Increase in Interest in Petisovci Project
01 July, 2010Ascent through its subsidiary Ascent Slovenia Limited ('ASL'), has increased its interest in the Petišovci project in Slovenia, following the transfer of Kulczyk Oil Ventures Inc's (formerly Loon Energy Inc) ('KOV') 30% stake in the Dolina shallow oil field, and 10.5% stake in the Globoki deep gas field. In addition to a small cash payment, a royalty will be paid by ASL to KOV of an additional 60,000 USD for each billion cubic feet of independently certified 2P gas reserves produced in the future, applicable to the acquired interest. Under the terms, Ascent will assume all development costs related to the acquired interest. (Read More)
Result of AGM
28 June, 2010Ascent held its Annual General Meeting today and all resolutions were duly passed. (Read More)
Notice of AGM and Posting of Report and Accounts
16 June, 2010Ascent confirms that its Annual Report for the year ended 31 December 2009 was posted to shareholders on 4 June 2010 and is also available on its website at www.ascentresources.co.uk. (Read More)
Peneszlek Production Update
07 June, 2010Ascent through its subsidiary PetroHungaria kft, has successfully acidized the PEN-101A well in the Penészlek area of the Nyírség exploration permits in eastern Hungary. Production is on-going from the PEN-105 well at an improved rate of 2.53 MMscfd with 37 barrels per day of condensate (71,700 m3/day; 459 boed) and PEN-101A will add to this production. (Read More)
New Presentation
21 May, 2010Ascent presented at an event hosted by 'Proactive Investors' yesterday evening and an electronic copy of the updated corporate presentation can be found on Ascent's website, www.ascentresources.co.uk. (Read More)
Final Results
18 May, 2010Ascent announces its final results for the year ended 31 December 2009. (Read More)
PEN-101 Completion
11 May, 2010Ascent through its subsidiary PetroHungaria kft, has successfully completed the PEN-101 sidetrack, part of the Penészlek Project, in the Nyírség exploration permits of eastern Hungary. (Read More)
New Presentation on Website
04 May, 2010Ascent has produced an updated corporate presentation. An electronic copy can be found on Ascent's website, www.ascentresources.co.uk. (Read More)
Partner Withdrawal from Po Valley Permit
28 April, 2010Ascent through its wholly owned subsidiary Ascent Resources Italia srl, has agreed terms with farm-in partner Otto Energy Limited ('Otto') for Otto's withdrawal from the Cento & Bastiglia exploration permit ('the Permit') in the Po Valley of northern Italy. Under the terms of the withdrawal, Ascent will retain 100% of the licence and Otto will immediately contribute funds towards potential restoration costs and forfeit its entitlement to the refund of any value added tax ('VAT') due on the project. (Read More)
Holding(s) in Company
23 April, 2010Ascent was informed on 23 April 2010 by Tiger Resource Finance Plc, that following the sale of 8 million shares in the Company on 22 April 2010, Tiger Resource Finance Plc is no longer a significant shareholder in the Company. (Read More)
Sale of Swiss Subsidiary for €8m with Rights
22 April, 2010Ascent has sold its 100% owned Swiss subsidiary, PEOS AG ('PEOS'), to eCORP Europe International Ltd. ('eCORP'), for a cash consideration of €8 million, together with various farm-in options on certain potentially successful discoveries ('the Transaction'). (Read More)
Operations Update for Italy and Hungary
19 April, 2010Ascent through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), has completed operations on the Fontana-1 well in Italy's Latina Valley. A core sample taken from the limestone of the target Carbonate Platform formations contained live oil, while deeper dolomite horizons have been shown to contain water from data acquired from logging tools. The Partners believe that the results are sufficiently encouraging to proceed with the permitting of a hydrocarbon appraisal well, the Anagni-2, located within 1 km of the Fontana-1 location, which will target a smaller adjacent structure. (Read More)
PEN-106 Drilling Update
01 April, 2010Ascent through its subsidiary PetroHungaria kft, announces that it is currently drilling the PEN-106 well, part of the Penészlek Project in the Penészlek area of the Nyírség exploration permits in eastern Hungary. (Read More)
Holding(s) in Company
26 March, 2010Ascent was informed on the 26 March 2010 by Tiger Resource Finance Plc ('Tiger Resource Finance'), that as at 16 March 2010, Tiger Resource Finance was interested in 17,642,857 ordinary shares, representing 3.4% of the issued share capital of the Company. (Read More)
Results of 3-D Seismic for the Petisovci Project
25 March, 2010Ascent through its wholly owned subsidiary Nemmoco Slovenia Corporation ('NSC'), has completed the 3-D seismic processing and the preliminary interpretation for the Petišovci project in Slovenia with positive results. (Read More)
Hungarian production and testing update
23 March, 2010Ascent through its subsidiary PetroHungaria kft, provides an update on production and testing in the Penészlek area of the Nyírség permits in Hungary. (Read More)
Holding(s) in Company
22 March, 2010Ascent was informed on 19 March 2010 by Malcolm Groom, that as at 19 March 2010, Malcolm Groom was interested in 17,527,686 ordinary shares of 0.1 pence each in the Company, representing 3.4% of the issued share capital of the Company. (Read More)
Director/PDMR Shareholding
18 March, 2010Ascent announces that on 17 March 2010, Jeremy Eng, Managing Director of Ascent, exercised options over 1,000,000 ordinary shares of 0.1p each in the Company at a price of 5.0p per share. Following this purchase, Mr. Eng is interested in 4,808,557 ordinary shares in the Company, representing 0.93 per cent. of the issued share capital of the Company. (Read More)
Issue of Equity
16 March, 2010Ascent announces that following the passing of the resolution at the Extraordinary General Meeting on 12 March it has issued 15,529,981 ordinary shares of 0.1 pence each in Ascent ('Ordinary Shares') to Director Malcolm Groom. Following admission, Mr Groom will be interested in 17,527,686 shares of Ascent representing 3.40% of the total issued shares. (Read More)
Result of EGM
12 March, 2010Ascent held an Extraordinary General Meeting today and the resolution was duly passed. (Read More)
Hungarian testing and production update
10 March, 2010Ascent through its subsidiary PetroHungaria kft, has successfully tested and completed the PEN-101 well, in the Penészlek area of the Nyírség exploration permits in eastern Hungary. Once the rig has departed the site, the PEN-105 well will commence production to sales. (Read More)
Disposes of interest in Perazzoli Drilling
22 February, 2010Ascent has agreed to sell a 45% interest in Italian drilling contractor Perazzoli Drilling srl ('Perazzoli') for a cash consideration of €1.85 million. The Company's original interest was purchased to provide priority access, and ensure optimal contract terms for drilling services. These advantages will be retained through a five year service alliance with Perazzoli, which provides for a 30% discount on €10 million of drilling services to Ascent and first call on uncommitted drilling units. Perazzoli owns three drilling units including a state-of-the-art HH-200 unit which provides low environmental impact drilling capability. (Read More)
PEN-101 Drilling Commences
09 February, 2010Ascent through its subsidiary PetroHungaria kft, has commenced the drilling of the PEN-101 well, part of the Penészlek Project, in the Penészlek area of the Nyírség exploration permits in eastern Hungary. (Read More)
Re-drilling of Fontana-1
02 February, 2010Ascent through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), will commence the re-drilling of the Fontana-1 well in the next few days. The drilling rig has arrived on location, drilling is expected to take a month and is designed to collect cores to appraise the shallow part of the Anagni structure in the Frosinone Exploration permit in the Latina Valley of Italy. Re-drilling of the well is necessary as the original well, while having demonstrated the presence of the target formations in a structurally high position, experienced mechanical problems which prevented the collection of core samples. (Read More)
Issue of Options
19 January, 2010Ascent has issued options, in relation to the recently announced placing to raise £6m, to Astaire Securities to subscribe for 5,700,000 ordinary shares, exercisable at 6.25p, and expiring on 15 December 2012. (Read More)
