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| Date/Time | Headline | Source |
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| 11-11-09 | RNS |
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RNS Number : 3066C Ascent Resources PLC 11 November 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 11 November 2009 Ascent Resources plc ('Ascent' or 'the Company') Appointment of Broker and Nominated Adviser Ascent Resources plc, the AIM-traded oil and gas production and exploration company, has appointed Astaire Securities plc ('Astaire') as its broker and nominated adviser with immediate effect. Ascent Managing Director Jeremy Eng said, "We are pleased to appoint Astaire as broker and nominated adviser to the Company. Its specialist skills in the oil and gas sector, together with its wide-ranging relationships with resource investors in the UK and internationally, make it an ideal addition to our advisory team." Fox-Davies Capital continues to act as co-broker for Ascent.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 06-11-09 | RNS |
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RNS Number : 0849C Ascent Resources PLC 06 November 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 6 November 2009 Ascent Resources plc ('Ascent' or 'the Company') Grant of Options Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has granted Finance Director Simon Cunningham, on the first anniversary of his engagement, 1,000,000 options to subscribe for new ordinary shares of 0.1 pence each in the Company at 7.625p per share. The options to acquire new ordinary shares in the Company are exercisable from 1 October 2010 until 1 October 2014. Following the grant of these options, the total number of options over ordinary shares in the Company held by Mr Cunningham was 2,000,000, representing 0.53% of the issued share capital of the Company.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-11-09 | AFX UK Focus |
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LONDON, Nov 2 (Reuters) - Ascent Resources Plc:
substantial gas reservoir ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 02-11-09 | RNS |
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RNS Number : 7337B Ascent Resources PLC 02 November 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 2 November 2009 Ascent Resources plc ('Ascent' or 'the Company') PEN-104AA Completion and Fontana-1 Update Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its Hungarian subsidiary PetroHungaria Kft, has completed the drilling of the PEN-104 sidetracked gas well in the Ny??permits of Eastern Hungary. This well, drilled into the Miocene reservoir formation at the depth anticipated from the interpretation of the seismic data, is the second sidetrack well and the logs indicate the presence of a substantial gas reservoir. PEN-104AA required highly deviated drilling and inclinations of up to 66° were used. The well drilled through 65 m of Miocene reservoir formation, equivalent to a vertical thickness of 34 m. Drilling was stopped at 1,872 m MD (1,322m TVD), close to the anticipated depth of the gas-water contact determined from offset wells. The well, completed with a slotted liner and external casing packers, will be tested after the drilling rig, which is now being demobilised, has left the well site. Ascent has a 45.23% interest in the well; other partners in the project include DualEx Energy (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%). Further to the announcement of 28 October 28 2009 regarding the Fontana-1 well in Italy's Latina valley, drilling continues and is currently at a depth of 99 m. The well, being drilled by a 50 tonne geotechnical rig, is permitted as a 'geotechnical investigation well' with its primary objective being to determine the nature and characteristics of the strata of the Carbonate platform at the Fontana location. As operations are only in daylight hours and with a five day per week work schedule, Phase 1 is expected to take some three weeks and Phase 2, the coring and evaluation of the target strata, will take at least a further two weeks. The results of the well will assist in finalising a plan for further exploration in this area. The technical information contained in this release has been reviewed and approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of SPE has 28 years relevant experience in the evaluation of hydrocarbon resources.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Glossary:
Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-10-09 | AFX UK Focus |
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LONDON, Oct 28 (Reuters) - Ascent Resources Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 28-10-09 | RNS |
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RNS Number : 4733B Ascent Resources PLC 28 October 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 28 October 2009 Ascent Resources plc ('Ascent' or 'the Company') Fontana-1 Drilling Commences Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), has commenced the drilling of the Fontana-1 well which is designed to appraise the shallow part of the Anagni structure in the Frosinone Exploration permit in the Latina Valley. The drilling is planned in two phases; the first phase will drill an 8-1/2" hole and set 7" casing at approximately 300m, the second phase is designed to drill and recover cores (geological samples) from this depth to the total depth of the well.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 19-10-09 | RNS |
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RNS Number : 0151B Ascent Resources PLC 19 October 2009 Ascent Resources plc ("Ascent" or the "Company") Holdings in Company Ascent was informed on 16 October 2009 by Barclays plc, that as at 15 October 2009, Barclays plc was interested in 33,286,296 ordinary shares of 0.1 pence each in the Company, representing approximately 8.76% of the issued share capital of the Company. This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | RNS |
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RNS Number : 6000A Ascent Resources PLC 12 October 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 12 October 2009 Ascent Resources plc ('Ascent' or 'the Company') Issue of Equity and Facility Limit Increase Ascent Resources plc, the AIM traded oil and gas exploration and production company, further to its announcement of 14 May 2009, has issued 20,000,000 new ordinary shares of 0.1 pence each ('Ordinary Shares') to GEM Global Yield Fund Limited ('GEM') as part of a draw-down on the equity line of credit provided by GEM. The price of the subscription is 7.19 pence per Ordinary Share, a discount of 9% to the average closing price of Ascent shares over the past 15 trading days. The funds raised will be utilised to support the ongoing development of Ascent's European focussed portfolio, details of which were announced in the Company's pre AGM trading statement on 23 July 2009. Ascent's schedule for near term development work on its assets includes: 1. PEN gas development drilling in Hungary 2. Petisovci 3-D seismic acquisition in Slovenia 3. Anagni appraisal drilling in Italy 4. Filovci 3-D seismic acquisition in Slovenia The Company has also agreed with GEM to increase the limit on the existing facility from £5 million to £10 million; this facility can be called upon at any time until May 2012. Ascent Managing Director Jeremy Eng said, "The Company's high activity level is set to continue over the coming months, across our European portfolio. The extension of our equity line of credit with GEM is one additional funding option that can be utilised, if required, to maintain our high levels of activity. "Drilling is underway at our PEN-104AA well in Hungary, and work is due to commence shortly at the Anagni geological appraisal well in Italy. With favourable weather, excellent progress has also been made on the Petisovci 3-D seismic acquisition in Slovenia, and the Filovci 3-D acquisition is ahead of schedule and expected to commence this week. We already have a significant amount of activity planned for 2010 with further 3-D seismic to be acquired in the Lovaszi region of Hungary and more drilling expected in Peneszlek, Petisovci and Filovci." Application has been made for the Ordinary Shares to be admitted to trading on AIM on 15 October 2009. Following the issue of the Ordinary Shares, the Company's issued share capital will consist of 380,132,042 Ordinary Shares with voting rights.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and the Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focused primarily on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and appraisal or development stage oil and gas projects. Global Emerging Markets Limited was founded in 1991. The firm is a US$2.7 billion alternative investment group that manages a diverse set of investments vehicles across the world. GEM's funds include: CITIC/GEM Fund; VC Bank/GEM Mena Fund; Kinderhook; GEM India and Banco Pine/GEM Funds. For further information please visit www.gemny.com. This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-09-09 | RNS |
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RNS Number : 7282Z Ascent Resources PLC 28 September 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 28 September 2009 Ascent Resources plc ('Ascent' or 'the Company') Commences PEN-104AA Sidetrack Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its 45.23% owned subsidiary PetroHungaria Kft ('PetroHungaria'), announces the commencement of a further sidetrack of the PEN-104 well ('PEN-104AA'), to test a substantial Miocene volcani-clastic (tuffaceous) prospect in the Pen?lek field in the Ny??permits of north eastern Hungary. The target for the sidetrack, identified on the 3D seismic that was acquired last year, will be drilled from the existing PEN-104A wellbore on essentially the same trajectory to a depth anticipated to be equivalent to a vertical depth of approximately 1,360 metres. The rig that will used to drill the well is the same one that recently drilled and completed the nearby, successful, PEN-105 well. The Partners in PetroHungaria have decided that, due to the immediate availability of the drilling rig and associated services, along with the near complete depletion of the PEN-104A sand and the consequent increasing water production, that this is an ideal time to undertake these operations. PetroHungaria anticipates that, with the successful completion of drilling, production at the site will resume within a month. PEN-104A is a sidetrack of the original Pen?lek PEN-104 well and was drilled to recover gas from an undrained fault compartment in the Pannonian Sands identified on 3D seismic. The combined production from both PEN-104 and PEN-104A is approximately 1.0 Bcf, yielding a satisfactory recovery factor of over 70% of the originally estimated gas in place for these reservoirs. Ascent Managing Director Jeremy Eng said, "This is an excellent opportunity to explore this highly promising prospect, which we believe has the potential to add significant reserves to the PEN-104 well. Immediate availability of the drilling equipment has presented an ideal opportunity to allow us to complete the drilling swiftly and minimise disruption to gas production at the site. We look forward to providing further updates as the work nears its completion." In Italy's Latina Valley, site works are nearing completion to allow Ascent to commence drilling the Fontana 1 geological appraisal well. The drilling rig is now expected to mobilise to the location in the second week in October. The technical information contained in this release has been reviewed and approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of SPE has 28 years relevant experience in the evaluation of hydrocarbon resources.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is biased towards the development of gas assets and with the exception of the shallow water Netherlands project, all of the Company's projects are onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 17-09-09 | AFX UK Focus |
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LONDON, Sept 17 (Reuters) - Ascent Resources Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 17-09-09 | RNS |
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RNS Number : 2172Z Ascent Resources PLC 17 September 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 17 September 2009 Ascent Resources plc ('Ascent' or 'the Company') GH-1 Completion and Test Results Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces the successful completion and testing of the Grbehza-1 well ('GH-1') located in the western part of the Ny? Szatm permits in Hungary, known as the Panhandle. The first of two gas zones targeted for completion has achieved a gas flowrate of 3.74 MMscfd (106,000 Mm3/d). The GH-1 well was drilled vertically to a total depth of 1,300m and encountered two gas bearing zones within the Upper Pannonian formations between 970m and 1,025m. The deeper of these two zones between 1,018m and 1,021m has been tested and flowed gas with small amounts of condensate at a rate of 3.74 MMcfd (106,000 Mm3/d) with a flowing wellhead pressure of 1,191 psig (81 barg). The well has been completed as a gas producing well and 2.5km of pipeline will be laid to the Hajd?s Gas Production Facility, where condensate will be recovered and the gas processed and sold into the main Hungarian gas pipeline network. Ascent has a 20.167% interest in this project; other partners include JKX (33.333%), DualEx (12.5%) and Swede Resources AB (0.667%). Ascent's Managing Director Jeremy Eng said, "The GH-1 well has produced gas at over 3.5 MMscfd from the first of its two completion intervals. This discovery is particularly important as the drilling location was identified by utilising the same 3-D seismic technology that was used in the recent successful Pen?lek appraisal well. We are using the same seismic techniques to identify drilling targets in Slovenia, where one third of a 90 sq km survey has been acquired in the area of the Petisovci project." The technical information contained in this release has been reviewed and approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of SPE has 28 years relevant experience in the evaluation of hydrocarbon resources.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 15-09-09 | AFX UK Focus |
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LONDON, Sept 15 (Reuters) - Ascent Resources Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 15-09-09 | RNS |
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RNS Number : 0440Z Ascent Resources PLC 15 September 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 15 September 2009 Ascent Resources plc ('Ascent' or 'the Company') PEN-105 Test Completed Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its Hungarian subsidiary PetroHungaria Kft, has completed the testing of the PEN-105 gas well in the Ny??permits of Eastern Hungary. The gas rates achieved and the reserves associated with this appraisal well were substantially higher than pre-drill estimates. The PEN-105 well, an appraisal of the PEN-12 discovery, was drilled to a total depth of 1,487m and has now been completed in the tuffaceous Miocene reservoirs as a production well. Environmental permitting of the pipeline that will be used to bring the gas to market is complete and construction is planned so that gas sales from this well can commence early in 2010. The productive reservoir found at the PEN-105 location is substantially thicker than at the PEN-12 discovery well, which should translate into a significant increase in anticipated reserves for the structure. The higher than expected flow rates are attributed to the use of state-of-the-art drilling mud and perforation technology. The PEN-105 well is located some 6 kilometres west south west of the PEN-104A gas production well in which Ascent has a 45.23% interest. Other partners in the project include DualEx Energy (37.5%), Geomega (8%), Leni Gas & Oil (7.27%) and Swede Resources (2%). In Italy permitting has been completed to allow Ascent to commence drilling the Fontana 1 geological appraisal well located in the shallow part of the Anagni structure in the Frosinone Exploration permit in the Latina Valley. The minor civil works required to prepare the site for drilling are due to commence in the coming weeks with spudding expected to occur soon thereafter. The technical information contained in this release has been reviewed and approved Dr Clive Ninnes, Ascent's Engineering Manager. Dr Ninnes, a member of SPE has 28 years relevant experience in the evaluation of hydrocarbon resources
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 7389Y
Ascent Resources PLC
09 September 2009
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
9th September 2009
Ascent Resources plc ('Ascent' or 'the Company')
Interim Results
Ascent Resources plc ('Ascent', 'the Company' or 'the Group'), the AIM traded oil and gas exploration and production company announces its unaudited interim results for the six months ended 30 June 2009.
Highlights
* Significant progress in the development of the portfolio in Hungary, Slovenia and Italy
* Production continues in the Ny??permits Hungary
* Gas discoveries at the Gorbehaza-1('GH-1') and Pen?lek-105 ('PEN-105) wells are to be tested and completed as future production wells
* Joint operation agreement with MOL in the highly prospective Lovaszi area adjacent to Ascent's Slovenian Petisovci project. 3-D seismic acquisition on the Slovenian side of the project has commenced
* Active drilling and seismic programme currently underway to prove up the value of the Ascent portfolio
Strategy and Current Operations Review
This has been an eventful period for the Company as Ascent has continued to pursue its strategy of participating in low cost onshore oil and gas assets with high upside potential across mainland Europe. Ascent has maintained its focus on the development of reserves over production and it has been active in exploration and development programmes in order to prove up the value of its portfolio.
Ascent currently holds interests in some 20 development, appraisal and exploration projects in five countries across Europe: Hungary, Italy, Slovenia, Switzerland and the Netherlands. Participation in such a diverse range of projects demands a plurality of funding methods and as such we have centred our business model on the acquisition of debt/equity funding for development projects and, in order to minimise the Company's exposure to risk, farm-outs for exploration projects.
Additional funds have been accessed during the period by utilising the equity line of credit established by agreement with the GEM Global Yield Fund ('GEM'). This agreement provides Ascent with capital of up to £5 million to assist in funding the Company's exploration projects not covered by production revenue. Ascent has issued 55m shares to GEM in two separate issues of equity since the agreement was announced in May, raising a total of £2.6m in equity funding.
Ascent's strategy has been illustrated in practice throughout the period, with the Company seeking to achieve a balance between low risk and high returns by trading equity stakes in projects such as the Gazzata-1 well in Italy and the Hungarian Ny??panhandle in return for reducing the costs of drilling and seismic. In May of this year the Company, through its wholly owned subsidiary Nemmoco Slovenia Corporation ('NSC'), farmed out one half of its 80% participation in the Eastern Slovenian Exploration Project to Aspect Energy International ('AEI'). Under the farm-out agreement NSC and AEI will share the costs of acquiring a 3D seismic survey as well as appraisal and exploration drilling. However, AEI will pay the first EUR1m of costs and a disproportional payment mechanism will apply until a cumulative EUR3m has been spent. The Company has worked alongside AEI successfully in the Gorbehaza discovery in neighbouring Hungary and the Board of Directors looks forward to continuing this success in Slovenia.
Ascent continues to actively seek partners to undertake joint operations in high potential projects. In July, the Company announced an agreement with MOL RT ('MOL'), Hungary's leading oil and gas company, to conduct joint operations in an area covering 88 sq kms in south western Hungary, including the Lovaszi and Ujifalu oil and gas fields. The area is adjacent to the Company's Petisovci redevelopment area and the finalisation of this agreement creates a combined project of potentially significant size. Under the terms of this agreement, Ascent will be assigned a 50% interest for joint exploration and production in the area and will acquire 3-D seismic data over the area and fund the drilling of two exploration wells, recovering MOL's share of the drilling costs from 80% of any resultant production revenues. Most recently, the Company announced that it had entered into an agreement with Schuepbach Energy, a Texas based exploration company, to investigate the possibility of shale gas production at its Canton of Vaud project in Switzerland.
The Company is currently active with a number of drilling projects underway or due to begin in the near future. Drilling of the PEN-105 well in the Pen?lek area of the Ny??permits in Hungary was completed at the end of August having reached and logged its primary target. The preparations required for production testing and completion at the well are now in progress, and further updates are expected in the coming weeks. The Company, in conjunction with its partners, expect to drill at Pen?lek a further three development wells: PEN-104AA, PEN-101 and PEN-106. Additionally, it continues to carry out evaluations on a number of other potential locations in this highly prospective region.
Ascent is currently awaiting the commencement of production testing at the GH-1 well in the Panhandle region of the Ny??Permit in northeast Hungary. Drilling was completed on 28 August 2009 and drilling logs indicate that gas was encountered in two of the three target zones. It is anticipated that testing will commence this month and the well will be completed as a future gas producer.
Later this month Ascent expects to commence drilling a geological appraisal well called Fontana-1 which targets the shallow part of the Anagni structure in the Frosinone Exploration Permit in Italy's Latina Valley. The civil works required to prepare the site for drilling are due to commence shortly. The Anagni-1 well, drilled in 2008, confirmed the presence of good reservoir characteristics and recovered small quantities of 'live' oil. The geological appraisal well, Fontana-1, using the interpretation of last year's seismic data, is expected to find the reservoir interval over 400m shallower than at the Anagni-1 location.
Permitting for the acquisition of 3D data over an area of 90 sq km at the previously producing Petisovci oilfield in Slovenia has been completed and the survey is currently underway. In July 2009 Ascent Hungary Limited announced plans to conduct a follow up acquisition in the neighbouring Lovaszi area in Hungary. The existing infrastructure at the site makes the area ideal for rapid redevelopment and estimates of up to 300bcf of tight gas reserves in addition to a number of shallow oil targets make Petisovci a potentially significant project for the Company.
Permitting has advanced well to allow the Company to conduct an acquisition of 3D data over 200 sq km from the Filovci development area in eastern Slovenia in Q4 2009. Previous wells at the site have produced both oil and gas.
The Company continues to assess a number of potential transactions through its previously announced asset management joint venture agreement with San Severina Holdings ('San Severina'). The agreement allows for the acquisition of minority interests to be managed by Ascent and provides the potential for investment funding for producing and development or appraisal stage oil and gas projects worldwide. This will give Ascent shareholders the opportunity to benefit from participation in projects that are beyond the remit of the Company's stated core strategy of focusing on European based ventures.
Additionally, Ascent maintains its 22.5% interest in Italian drilling contractor Perazzoli Drilling srl. Perazzoli currently owns three rigs: a 40 tonne Ballerini, 100 tonne Corsair 300 and 200 tonne Drillmec HH200 low environmental impact hydraulic rig. Ascent's stake in Perazzoli enables it to secure preferential access to rigs in the European market.
Financial Review
Results for the period
The results for the period reflect continued development of the Group's exploration assets, principally in Hungary, Italy and Slovenia. As set out in the Operations Review there has been a wide range of testing, geological and geophysical activity in the period. Given the capital spend in the period and the timing of revenue, the loss of £720,809 for the period was as expected.
Liquidity and Capital Resources
The Company continues to be an emerging business with limited production cash flows; consequently, it has to manage its working capital and liquidity position by balancing the timing of critical expenditure with income from joint venture arrangements and, where appropriate, profits from strategic divestments. Further information on future funding arrangements and the Directors' assessment of the Group's going concern position is set out in note 1 of these Interim Financial Statements.
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the business activities of the Group remain those detailed on page 18 of the Annual Review 2008, a copy of which is available on the Company's website at www.ascentresources.co.uk.
The interim financial information to 30 June 2009 and 30 June 2008 is unaudited and does not constitute statutory financial information. The information given for the year ended 31 December 2008 does not constitute statutory accounts within the meaning of Section 19 of the Companies (Amendment) Act 1986. The statutory accounts for the year ended 31 December 2008 have been filed with the Registrar and are available on the Company's web site www.ascentresources.co.uk.
On behalf of the Board of Directors
Jeremy Eng
Managing Director
8 September 2009
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 JUNE 2009
Six months ended Six months ended 30 Year ended
Notes 30 June 2009 June 2008 31 December 2008
Unaudited Unaudited Audited
Continuing operations £'000 £'000 £'000
Revenue 504 - 1,475
Cost of sales (575) (2,304) (4,328)
Gross loss (71) (2,304) (2,853)
Other operating income - - -
Administrative expenses (686) (832) (1,372)
Results from operating (757) (3,136) (4,225)
activities
Finance income 22 59 160
Finance expense (210) (157) (374)
Net finance costs (188) (98) (214)
Share of profit of equity 260 - 88
accounted investees (net of
income tax)
Loss before tax (685) (3,234) (4,351)
Taxation - - -
Loss for the financial period (685) (3,234) (4,351)
Other comprehensive income
Foreign currency translation (80) (179) (100)
differences
Net change in fair value of
available-for-sale financial 52 220 (355)
assets
Profit on sale of investments 127 424 1,985
Other comprehensive income for
the period 99 465 1,530
Total comprehensive (loss) for (586) (2,769) (2,821)
the period
(Loss)/Profit attributable to:
Equity holders of the Company (819) (3,234) (4,395)
Non-controlling interest 134 - 44
Loss for the period (685) (3,234) (4,351)
Total comprehensive (loss)/
income attributable to:
Equity holders of the Company (720) (2,769) (2,861)
Non-controlling interest 134 - 40
(586) (2,769) (2,821)
Loss per share
Basic and fully diluted loss 3 (0.23)p (0.91)p (0.94)p
per share
CONDENSED BALANCE SHEET
for the six months ended 30 JUNE 2009
Notes Six months ended Six months ended 30 Six months ended 31
30 June 2009 June 2008 December 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Assets
Non-current assets
Property, Plant and Equipment 333 288 266
Exploration assets including
decommissioning costs 4 11,941 10,552 13,146
Investments in 1,423 990 1,300
equity-accounted investees
Total non-current assets 13,697 11,830 14,712
Current assets
Inventories 325 714 609
Trading investments 80 720 145
Trade and other receivables 2,820 5,953 3,582
Cash and cash equivalents 511 1,042 1,236
Total current assets 3,736 8,429 5,572
Total assets 17,433 20,259 20,284
Equity
Attributable to equity holders
of the parent
Share capital 5 322 304 305
Equity reserve 6 84 84 84
Share premium account 6 14,271 13,067 13,067
Share based payment reserve 6 1,085 1,244 1,042
Translation reserves 6 2,130 1,427 3,928
Retained earnings 6 (8,536) (7,725) (7,816)
Total equity attributable to 9,356 8,401 10,610
shareholders of the Company
Minority interest 174 - 40
Total equity 9,530 8,401 10,650
Non-current liabilities
Borrowings 7 4,033 4,220 4,525
Provisions 29 324 32
4,062 4,544 4,557
Current liabilities
Trade and other payables 3,324 5,830 4,515
Borrowings 7 517 1,484 562
3,841 7,314 5,077
Total liabilities 7,903 11,858 9,634
Total equity and liabilities 17,433 20,259 20,284
CONDENSED CASH FLOW STATEMENT
for the six months ended 30 JUNE 2009
Six months ended 30 Six months ended 30 Year ended
Notes June 2009 June 2008 31 December 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash used in operations
Loss before tax (721) (2,769) (2,860)
Depreciation charge 61 7 560
Increase in receivables 762 (2,812) (369)
(Decrease)/increase in (1,192) 3,698 103
payables
Profit on sale of intangible - 424 -
fixed assets
Profit on sale of subsidiary - - (1,363)
Profit on sale of current - - (621)
asset investments
Revaluation of quoted (179) (220) 454
securities
Impairment of exploration - 2,005 3,240
expenditure
Amortisation of - 53 336
decommissioning costs
(Increase)/decrease in (214)
decommissioning provision (3) -
Share based payment charge 43 52 (149)
Exchange differences 416 492 611
Share of profit of associate (260) - (88)
undertakings
Cash used in operations (1,073) 930 (360)
Financial income (22) (59) (160)
Financial expense 210 156 374
Net cash used in operating (885) 1,027 (146)
activities
Cash flows from investing
activities
Finance income 22 59 160
Payments for investing in (879) (2,418) (4,602)
exploration
Increase in payables - - 2,282
Acquisition of property, plant (80) (282) (813)
and equipment
Proceeds from disposal of - - 1,582
subsidiary
Proceeds from disposal of 659
current asset investment 245 -
Acquisition of subsidiaries - - (20)
Net cash received from a 40
minority shareholder of a 133 -
subsidiary undertaking
Net cash flows used in (559) (2,641) (712)
investing activities
Six months ended 30 Six months ended 30 Year ended
June 2009 June 2008 31 December 2008
Cash flows from Financing
activities
Finance expense (210) (155) (374)
Proceeds from loans - 1,937 2,104
Loans repaid (423) (296) (1,070)
Proceeds from issue of shares 1,221 - -
588 660
Net cash flows from financing 1,486
activities
Net (decrease)/increase in (856) (128) (198)
cash and cash equivalents for
the year
Net foreign exchange 131 (154) 110
differences
Cash and cash equivalents at 1,324
beginning of year 1,236 1,324
1,236
Cash and cash equivalents at
end of period
511 1,042
Notes to the Interim Financial Statements
* Accounting policies for the six months ended 30 June 2009
Reporting entity
Ascent Resources plc ('the Company') is a company domiciled in England. The address of the Company's registered office is One America Square, Crosswall, London EC3N 2SG. The consolidated interim financial statements of the Company as at 30 June 2009 comprise the Company and its subsidiaries (together referred to as the 'Group') and the Group's interest in associates.
Basis of preparation
The unaudited interim set of financial statements included in this half-yearly report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU. The interim set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Company's published consolidated financial statements for the year ended 31 December 2008 that are available upon request form the Company's registered office or from the website at www.ascentresources.co.uk. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2008.
The prior year comparatives are derived from audited financial information for Ascent Resources plc as set in the annual report for the year ended 31 December 2008 and the unaudited information in the interim financial statements for the period ended 30 June 2008. The comparative figures for the year ended 31 December 2008 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The auditors' report on these accounts was not qualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. The auditors' report included a reference in respect of the existence of a material uncertainty which may cast significant doubt on the Company's and the Group's ability to continue as a going concern. The auditors drew attention to this matter by way of emphasis without qualifying their report.
The following standards, amendments and interpretations to published standards were mandatory for the financial year beginning 1 January 2009.
IAS 1 (revised), 'Presentation of financial statements'. The revised standard prohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement. The interim financial statements have been prepared under the revised disclosure requirements.
IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. It requires a 'management approach' under which segment information is presented on the same basis as that used for internal reporting purposes. This has not resulted in a change in the number of reportable segments presented. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.
The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January 2009, but are not currently relevant for the Group.
* IAS 23 (amendment)
* IFRIC 13, 'Customer loyalty programmes'
* IFRIC 14, 'The limit on a defined benefit asset, minimum funding requirements and their interaction'
* IFRIC 15, 'Agreements for the construction of real estate'
* IFRIC 16, 'Hedges of a net investment in a foreign operation'
* IAS 39 (amendment), 'Financial instruments: Recognition and measurement'
The following new standards, amendments to standards and interpretations have been issued, but are not
effective for the financial year beginning 1 January 2009 and have not been adopted early.
* IFRS 3 (revised), 'Business combinations' and consequential amendments to IAS 27, 'Consolidated and separate financial statements', IAS 28, 'Investments in associates' and IAS 31, 'Interests in joint ventures' * IFRIC 17, 'Distributions of non-cash assets to owners' * IFRIC 18, 'Transfers of assets from customers'
Going concern
The financial statements of the Group and Company are prepared on a going concern basis.
In common with many similar companies, the Group and Company raise finance for their exploration and appraisal activities in discrete tranches. Ultimately, the Group and Company must either raise additional tranches of funding and/or generate sufficient net cash flows from operations.
The Directors are of the opinion that the Group and Company will have sufficient cash to fund its activities based on current assumptions and forecast cash flow information for a period in excess of twelve months from the date of these financial statements. Management continues to monitor all working capital commitments and balances on a weekly basis and believe that they have secured appropriate levels of financing for the Group and Company to continue to meet their liabilities as they fall due for at least the next twelve months.
In preparing base and sensitised cash flow forecasts the Directors have identified a number of cash receipts and cash payments where they have had to use their best judgement to make certain estimates.
The most significant of these judgements and estimates relates to the ability of the Company to raise funds, when needed, under the terms of the £5m Equity Credit Facility signed 13 May 2009. The facility allows the Company, at its sole discretion (but subject to certain conditions), to issue capital for payment in accordance with the terms of the agreement. To date the Company has issued shares and received £2.6m under this Facility. The number of shares that can be issued and their issue price (and therefore the total amount of funding receivable) is determined based on a formula utilising the price and trading volumes of the Company's shares in the period leading up to the issue of the requested capital draw down. In this respect there is uncertainty as to the amount of additional funding that the Company can draw down.
For the purposes of assessing going concern the Directors have considered long term historic trading volumes and a share price significantly less than that applicable at the date of approving the accounts as this basis of assumptions for the usage of the facility. However, a significant reduction in trading volumes or a significant fall in share price below the discounted price assumed in the forecast could adversely affect the timing or availability of additional funding under this facility.
Whilst the Directors consider the assumptions to be suitably prudent and that it is unlikely that movement in volumes or share price will adversely affect the timing or availability of additional funding, there can be no certainty in this matter. If the Company is unable to draw down funds under this facility in the amounts and at the times forecast it will be necessary to raise additional funds and / or achieve asset disposals, and therefore the Group and Company may not be able to meet its liabilities as they fall due.
The base forecasts are based upon estimates of planned production from existing producing fields, future gas prices and estimates of costs for planned exploration activities. Additionally the Company is in discussions with a number of third parties regarding farming in to the Company's Slovenian acreage; it is assumed that funding will be secured to contribute to the cost of the initial seismic acquisition. On a number of projects certain assumptions have also been made with regard to working capital management and matching cash inflows from cash calls to cash outflows.
Accordingly, the Directors have also prepared sensitised forecasts to reflect the risk that production volumes and gas prices may be lower than estimated and exploration costs may be higher. These forecasts indicate that the Group and Company can continue to operate within existing facilities (including the Equity Credit Facility) for the foreseeable future, though, in the absence of asset divestments, additional farm-in agreements and exploration success, the headroom is limited. If the amount or timing of forecast inflows and outflows were to change adversely the Group and Company may be required to reconsider discretionary exploration activity and/or seek additional bridging finance to meet any shortfall.
These matters indicate the existence of a material uncertainty which may cast significant doubt on the Group's and Company's ability to continue as a going concern. However, at the date of approving these financial statements the Group's and Company's cash position is positive, the Company has in place facilities to raise additional funds and it is trading as a going concern.
Estimates and Judgements
The preparation of the condensed financial statements requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The application of the Group's accounting policies may require Management to make judgements, apart from those involving estimates, which can have a significant effect on the amounts recognised in the financial statements.
Management judgement is particularly required when assessing the substance of transactions that have a complicated structure or legal form.
A key area where management judgement will need to be applied will be in the area of:
Oil and gas assets - exploration and evaluation costs are initially classified and held as intangible fixed assets rather than being expensed. The carrying value of intangible exploration and evaluation assets are then determined. Management reviews these assets for impairment at least annually based on an estimation of the recoverability of the cost pool from future revenues of the related oil and gas reserves (see Note 4). The carrying of value of the Anagni site in Italy is £7.7m at 30 June 2009. The Anagni II geological appraisal well is scheduled for drilling in late September 2009. If hydrocarbons are not discovered then the decision may be taken to abandon the area. If that occurs and the assets were to be fully impaired the impact of this on the Group financial statements would be significant.
Additional significant judgements made by management in applying the Group's accounting policies and the key sources of uncertainty in estimation were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2008.
2. Segmental reporting
The chief operating decision-maker has been identified as the Board of Directors. The Board reviews the Group's internal reporting in order to assess performance and allocate resources. The Board has determined the operating segments based on these reports.
After review of the segments identified by the previous standard, IAS 14 Segment Reporting, the Board believe that the current segments still apply under IFRS 8. The Group is organised around geographic segments on a country basis.
The Group uses operating profit for internal performance analysis and therefore the Group's measure of segment profit is operating profit.
Segment results
Group
Italy Hungary Other locations Unallocated Total
Corporate
£'000 £'000 £'000 £'000 £'000
Period ending 30
June 2009
Revenues - 504 - - 504
Impairment of assets - - - -
Operating (25) (317) (218) (14) (574)
expenditure
Administration (154) - (32) (500) (686)
expenses
Operating (179) 187 (250) (514) (757)
profit/(loss)
Year ending 31 December 2008
Revenues - 1,475 - - 1,475
Impairment of assets (1,574) (1,666) - - (3,240)
Operating (257) (748) (69) (14) (1,088)
expenditure
Administration (301) (115) (6) (950) (1,372)
expenses
Operating (2,132) (1,054) (75) (964) (4,225)
profit/(loss)
Period ending 30
June 2008
Revenues - ----- - - -
Impairment of assets (1,327) (678) - - (2,005)
Operating (179) (34) (53) (34) (300)
expenditure
Administration (119) (31) (77) (605) (832)
expenses
Operating (1,625) (743) (130) (639) (3,137)
profit/(loss)
3. Loss per share
Six months ended 30 Six months ended 30 12 months ended
June 2009 June 2008 31 December 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Losses attributable 2,860
to equity holders of 720 2,768
the Company
Weighted average
number of ordinary
shares for the
purposes of basic 305,827,895 304,782,042 304,782,042
earnings per share
Basic (0.23)p (0.94)p (0.94)p
earnings/(loss) per
share
Weighted average
number of ordinary
shares for the
purposes of diluted 305,827,895 304,782,042 312,970,277
earnings per share
Diluted (0.23)p (0.94)p (0.91)p
earnings/(loss) per
share
The calculation of diluted earnings/(loss) per share assumes conversion of all
potentially dilutive ordinary shares, all of which arise from share options. A
calculation is performed to determine the number of shares that could have been
acquired at fair value, based upon the monetary value of the subscription rights
attached to outstanding share options.
4. Exploration costs
Group Other locations
Italy Hungary Total
£'000 £'000 £'000 £'000
Cost
At 1 July 2008 9,436 2,998 1,770 14,204
Additions 1,642 283 72 1,997
Disposals - - (1,028) (1,028)
Additions to
decommissioning 54 32 - 86
asset
Net exchange 1,337 360 154 1,851
differences
At 1 January 2009 12,469 3,674 967 17,110
Additions 109 371 508 988
Net exchange (1,845) (616) (123) (2,366)
differences
At 30 June 2009 10,733 3,429 1,352 15,514
Impairment and
amortisation
At 1 July 2008 1,380 1,245 1,028 3,653
Charge for the 248 809 - 1,057
period
Disposals - - (1,028) (1,028)
Decommissioning
charge for the year 261 22 - 283
At 1 January 2009 1,889 2,076 - 3,965
Charge for the - 15 - 15
period
Net exchange (242) (165) - (407)
differences
Impairment - - - -
At 30 June 2009 1,647 1,926 - 3,573
Net book value
At 30 June 2009 9,086 1,503 1,352 11,941
At 31 December 2008 10,851 1,598 967 13,146
At 1 July 2008 8,056 1,754 742 10,552
'Other locations' include: the Netherlands, Slovenia, Spain and Switzerland.
5. Called up share capital
30 June 2009 30 June 2008 31 December 2008
Unaudited Unaudited Audited
£'000 £'000 £'000
Authorised
10,000,000,000 10,000 10,000 10,000
ordinary shares of
0.10p each
Allotted, called up
and fully paid
Ordinary shares of
0.10p each
322,132,042 at 30 322,132,042 - -
June 2009
304,782,042 at 30 - 304,782,042 -
June 2008
304,782,042 at 31 - - 304,782,042
December 2008
Movements in called Number of shares
up share capital
As at 1 July 2008 304,782,042
Movement in period -
At 31 December 2008 304,782,042
Shares issued on 17,350,000
part of a draw down
on the line of
equity provided by
GEM Global Yield
Fund Limited
At 30 June 2009 322,132,042
6. Reconciliation of movements in Group equity
Share Share Share based payment Retained Total parent equity Minority Total
capital premium reserve earnings interest equity
Equity reserve Translation
reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 July 2008 304 84 13,067 1,244 1,427 (7,725) 8,401 - 8,401
Profit/Loss for the period - - - - - (91) (91) 40 51
Assets available for sale - - - - - -
Issue of shares during the - - - - - - - - -
period
Share issue costs - - - - - - - - -
Issue of convertible loan - - - - - - - - -
notes
Exchange differences on
translation of foreign - - - - 2,501 - 2,501 - 2,501
operations
Share based payment - - (202) - - (202) - (202)
Balance at 1 January 2009 304 84 13,067 1,042 3,928 (7,816) 10,610 40 10,650
Loss for the period - - - - - (720) (720) 134 (586)
Issue of shares during 17 - 1,204 - - - 1,221 - 1,221
the period
Exchange differences on
translation of foreign - - - - (1,798) - (1,798) - (1,798)
operations
Share based payment - - - 43 - - 43 - 43
Balance at 30 June 2009 322 84 14,271 1,085 2,130 (8,536) 9,356 174 9,530
7. Borrowings and bank loans
On 6 May 2008 the Company, through its Italian subsidiary Ascent Resources Italia srl, negotiated a new debt facility of EUR2.5m (£1.98m) for the further development of the Italian assets. As security for the loan a cash deposit has been invested in a bank bond with a value of EUR1m (£791,000). The interest is calculated by reference to the three month Euribor rate plus a margin of 1%.
8. Related party transactions
(a) Group companies
Transactions and inter-company balances between the Company and its subsidiaries have
been eliminated on consolidation.
(b) Directors
There have been no material related party transactions in respect of directors during the period under review.
9. Post balance sheet events
On 6 July 2009 Ascent announced its wholly-owned subsidiary Ascent Hungary Limited ('AHL'), has agreed terms with MOL RT ('MOL'), Hungary's leading oil and gas company, for joint operations in an area covering 88 square kilometres in south western Hungary, which includes both the Lov?i and Ujfalu oil and gas fields.
Under the terms of the agreement, MOL will transfer to AHL a 50% interest for joint exploration and production in 88 square kilometres of licences in Hungary, but will retain an option to increase its interest to 60%. AHL will acquire 3-D seismic data over this area and will fund the drilling of two wells. It will recover MOL's share of the cost of these wells from 80% of any resultant production revenues. Ascent will also acquire 3-D seismic data over an additional 90 square kilometres in the adjoining part of Slovenia that includes the Petisovci redevelopment project.
On 29 July 2009 Ascent announced it had issued 38,000,000 shares to GEM Global Yield Fund Limited ('GEM') under the terms of the Equity Credit Line facility announced on 14 May. The price of the subscription was 3.54 pence per Ordinary Share.
On 28 August 2009 Ascent announced that drilling operations at the Company's G?h?-1 well ('GH-1') in the Panhandle region of the Ny??North Permit in northeast Hungary has concluded and that 7" casing has been run in advance of production testing operations.
The GH-1 well was drilled to a total depth of 1,300 metres and log data indicates that the well encountered gas in two of the three zones targeted. The drilling rig will be moved off location and a service rig brought in to conduct the completion and testing operations.
On 2 September 2009 Ascent announced the PEN-105 well in the Pen?lek area of the Ny??permits in Hungary was being prepared for completion and testing having drilled and logged the primary gas target. The PEN-105 well is an appraisal of the PEN-12 discovery well and the Miocene reservoir formations were present, as anticipated, some 20m shallower than at the PEN-12 location.
On 2 September 2009 Ascent announced has signed an agreement with Schuepbach Energy LLC ('Schuepbach') of Dallas, Texas, for an option to participate in the exploration of the Jurassic shales in Ascent's exploration and appraisal project in the Canton of Vaud in Switzerland. The option is exercisable in the event that Schuepbach drills a well to evaluate the potential for gas production from the shales.
Schuepbach have an exploration concession in the Canton of Fribourg which adjoins Ascent's exploration concession in the Canton of Vaud where Ascent hold a 90% beneficial interest with the balance held by SEAG of Switzerland. Under the terms of the option agreement, Schuepbach will earn a 75% interest in the shales if the first well is drilled in Vaud and a 25% interest if the first well is drilled in Fribourg. Ascent and SEAG will retain the rights to the deeper conventional reservoirs from which the Essertines well, drilled in 1962, tested over 1,000 barrels of oil.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 02-09-09 | AFX UK Focus |
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LONDON, Sept 2 (Reuters) - Ascent Resources Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 02-09-09 | RNS |
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RNS Number : 3676Y Ascent Resources PLC 02 September 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 2nd September 2009 Ascent Resources plc ('Ascent' or 'the Company') Agrees Swiss Exploration Option Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has signed an agreement with Schuepbach Energy LLC ('Schuepbach') of Dallas, Texas, for an option to participate in the exploration of the Jurassic shales in Ascent's exploration and appraisal project in the Canton of Vaud in Switzerland. The option is exercisable in the event that Schuepbach drills a well to evaluate the potential for gas production from the shales. Schuepbach have an exploration concession in the Canton of Fribourg which adjoins Ascent's exploration concession in the Canton of Vaud where Ascent hold a 90% beneficial interest with the balance held by SEAG of Switzerland. Under the terms of the option agreement, Schuepbach will earn a 75% interest in the shales if the first well is drilled in Vaud and a 25% interest if the first well is drilled in Fribourg. Ascent and SEAG will retain the rights to the deeper conventional reservoirs from which the Essertines well, drilled in 1962, tested over 1,000 barrels of oil. Ascent Managing Director Jeremy Eng said, "Shale gas has become a major contributor to gas production in the United States of America but has not been widely investigated in Europe. Schuepbach Energy's technical expertise in this sector of the industry will be invaluable in assessing the shale gas potential of this part of Switzerland." Further to the announcements of 18th and 28th August 2009, the PEN-105 well in the Pen?lek area of the Ny? permits in Hungary is being prepared for completion and testing having drilled and logged the primary gas target. The PEN-105 well is an appraisal of the PEN-12 discovery well and the Miocene reservoir formations were present, as anticipated, some 20m shallower than at the PEN-12 location. Test results will be announced in due course.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-08-09 | RNS |
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RNS Number : 1692Y Ascent Resources PLC 28 August 2009 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas Ascent Resources plc ('Ascent' or 'the Company') Grbehza-1 Drilling Concluded Ascent Resources plc, the AIM-traded oil and gas exploration and production company, announces that drilling operations at the Company's G?h?-1 well ("GH-1") in the Panhandle region of the Nyrsg North Permit in northeast Hungary have concluded and that 7" casing has been run in advance of production testing operations. The GH-1 well was drilled to a total depth of 1,300 metres and log data indicates that the well encountered gas in two of the three zones targeted. The drilling rig will be moved off location and a service rig brought in to conduct the completion and testing operations, scheduled for commencement in approximately six weeks time. The G?h?-1 well (GH-1) is located a few kilometres south of the Hajd?s-1 gas discovery drilled by Hungarian Horizon Energy ('HHE') and JKX Oil and Gas plc ('JKX') and is some 70 kilometres north-west-of PetroHungaria's PEN-104A gas production well in which Ascent has a 45.23% interest. Ascent has a 20.167% in the GH-1 well, the other partners in the project include HHE (33.333% and operator), JKX (33.333%), DualEx Energy International Inc. (12.5%) and Swede Resources AB (0.667%). Further to the announcement of 18th August 2009, drilling of the PEN-105 well in the Pen?lek area of the Ny? permits in Hungary is in progress and is currently drilling ahead at 1,345 metres in 12-1/4" hole. It is expected it will reach the primary target this weekend, a gas prospect in the Miocene aged formation that is estimated to be at a depth of 1,500 metres.
For further information visit www.ascentresources.co.uk or contact:
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects. This information is provided by RNS The company news service from the London Stock Exchange END
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