Ascent Resources Share Discussion Threads

[coldspring] 15/5/2018 11:48

You are flogging a dead horse here my friend. Colin's goose is cooked with his flaky updates. Only the permit or a t/o or both will solve this malaise.

[chinese investor] 15/5/2018 11:47

So what is going wrong ?

We only have one well, PG-10, currently producing.
It is producing 1.4 million cubic feet of gas per day.
It has the ability of producing 8.8 million cubic feet of gas per day.
So why doesn't it ?

Also the directors are paying themselves an obscene amount of money !

Finally the PIs no longer believe Colin.

[chinese investor] 15/5/2018 11:16

Central European Day Ahead Price is now well over 22 euros per MWh.
It was 17 last November.

As we are producing 200,000 MHh of gas annually.....every extra euro becomes 200,000 euros extra revenue annually !

[stonefold] 14/5/2018 18:00

Not the only typo

".. Ascent Energy Investors group membership...."



= Denver-based oil and gas exploration and production company focused on unconventional development in the Permian Basin. Delaware Basin,

Try
".. Ascent Resources Investors group membership...."

[chinese investor] 14/5/2018 12:18

28 June 2017
"The final downhole portion of the operations to prepare Pg-11A to produce and sell gas has taken slightly longer than initially anticipated.
In order to remove the bottom plug it has been necessary to procure a coiled tubing unit, from outside of Slovenia, which is expected to be on site in the next week.
This work is then expected to take a few additional days.
As the well was fully cleaned up following the extended flow test in 2012, once the work-over is complete an additional clean-up and flow test is not required.
Therefore, once ready we will immediately connect the well to the infrastructure, enabling gas to be produced for sale."

17 July 2017
"Hendersons convert the final CLNs"

18 July 2017
"Work to bring Pg-11A into production continues.
As previously announced we engaged a coiled tubing unit to assist with the part of the final downhole portion of the recompletion.
This part of the operation has been completed and the coiled tubing equipment has now left the site.
Additional work is required to prepare the well for production, which is expected to take approximately two weeks.
Once the work-over is complete we will immediately connect the well to the infrastructure, enabling gas to be produced for sale."

[chinese investor] 14/5/2018 12:10

I was really angry Hendersons converted every CLN - I think AST could have bought some of them "at par" (i.e 1p).
We were diluted around 40 fold as a result !

[dandadandan] 14/5/2018 11:54

Well done the Monarch.

I will be at the meeting to tell the BoD what I think of this situation and voting accordingly.

IMO Shambolic. The BoD may have got caught 'red handed' helping themselves.

What will the AIM Regulator and the FCA make of this next.
Watch this space.

CH better examine that audit trail on those Hendo's CLNs etc.
(Accountants must know how to count).

GLA.

[markettimer] 12/5/2018 11:42

Things have clearly not turned out as the Board had predicted.

What is very annoying from a share holders perspective is the fact that the Directors of all Companies are rewarded very well whether they successful or not.

Even though Ascent has achieved some important mile stones the Company has yet to even break even in terms of profitability.

No one expects Directors to work for free but what they do expect is that the Directors pay is going to be related to the financial performance of the Company.

Directors remuneration
2017 Salary/fees Bonus * Pension Total £

Executive Directors C Hutchinson 164,471 51,750 760 216,981

Non-executive Directors

C Carver 73,874 30,000 - 103,874

C Davies 37,192 15,000 - 52,192

N Moore 37,192 15,000 - 52,192

Total 312,729 111,750 760 425,239

* Bonuses were payable on achieving first gas sale

Collectively share holders have failed to exercise our voting power to vote against Directors being awarded bonuses just because the Company has sold some gas.

Colin Hutchinson was paid £216,981 in the year ended 31 December 2017 for running a small gas Company which is more than Theresa May who was paid £150,402 for running the Country and yet shareholders have yet to see a penny in profits never mind any dividends.

"The Prime Minister is paid £150,402 a year. This includes the basic salary for a member of parliament which is currently £74,962. It doesn't factor in the value of the Prime Minister's flat in Downing Street, or her other official residences.

Since April 2016 the Prime Minister has been entitled to a slightly higher amount, £152,532. But the government is freezing the pay of Cabinet ministers until 2020. This means that ministers, including Mrs May, dont take the increases in the salary they are technically entitled to".

An action group needs to exert pressure on the Board and the Remuneration Committee to ensure that Directors pay is reasonable and that bonuses and free shares are given for reaching demanding targets and not for reaching first gas sales.

mt

[dandadandan] 12/5/2018 08:58

AGM 18th June with questions to answer..

Spent £40m+ and an Mcap of just £20m.

£200m worth of Gas in the ground and some oil thrown in.

Under stregic review?
It looks like an ACCOUNTANTS exercise in how to get rich quick, IMO.

Talk about help yourself to the honey pot. More like a raid.
Do not forget those OPTIONS that have also been awarded.

Look at the figures


c2017
Salary/fees (£) Bonus (£)
C Hutchinson 164,471 51,750
C Carver 73,874 30,000
C Davies 37,192 15,000
N Moore 37,192 15,000
------------ -------- ------------------------
Total 312,729 111,750

2016
Salary/fees (£) Bonus (£)
C Hutchinson 137,500 17,000
C Carver 60,000 -
C Davies 30,000 -
N Moore 30,000 -
------------ -------------------------------
Total 257,500 17,000


All pals together, after clearing those Hendo's CLNs with a likely nice profit.

So what will the FCA make of this, when they check the books.

Just how much Gas is going to INA each month?

Not long to wait for that AGM, with many questions to answer.

It must be time to rescind those Options and any Bonus payments.
Then remove any deadwood from the BoD.

What have they done to earn their keep?

Now take shares instead of that salary cheque BoD, if you dare...

Where is plan B, C or D for PG11a and do not forget that IPPC.

It looks like CH gets more money that the Prime Minister of the UK.

GLA.

[dave19w] 11/5/2018 11:50

Nice info CI, where is it from? I assume this is the case as it was the pipeline water not the well being sorted?

[chinese investor] 11/5/2018 11:11

PETROL are sorting out the PG-11A problem and they advise the AST board on PG-10's gas flow rate.
It would be interesting if PETROL make a bid !

[chinese investor] 10/5/2018 11:03

Colin gets more than the Prime Minister !

[waynz] 10/5/2018 10:45

Yep nice job if you can get , depending on you morals

[chinese investor] 10/5/2018 09:55

2017
Salary/fees (£) Bonus (£)
C Hutchinson 164,471 51,750
C Carver 73,874 30,000
C Davies 37,192 15,000
N Moore 37,192 15,000
------------ --------
Total 312,729 111,750

2016
Salary/fees (£) Bonus (£)
C Hutchinson 137,500 17,000
C Carver 60,000 -
C Davies 30,000 -
N Moore 30,000 -
------------ --------
Total 257,500 17,000

[dandadandan] 10/5/2018 09:48

Helping themselves to the honey pot.

The BoD have a lot to answer for at the next shareholders meeting (AGM).
Not long to wait.

They are laughing all the way to the Bank, IMO.

So prove us wrong BoD and take shares instead of the monthly salary cheque.

That is my view.

I bet that they still expect to receive those option share bonuses that were self awarded. Come on shareholders reverse the decision until they sort this mess out.

Methinks they are 'all pals together', Hendos and the BoD.

Laid out on a plate and ready for the cheap sell off???

GLA.

[chinese investor] 10/5/2018 09:09

So we are selling around 2 million cubic feet of gas to INA per day.
I, like a lot of investors, thought we would be selling 11 (8.8 for PG-10 and 2.2 for PG-11A).
The optimistic news lasted along enough for Hendersons to convert their 1p CLNs for a huge profit (conversions were around 2p).

I don't think the directors have been acting in the investor's interest for sometime.

[chinese investor] 09/5/2018 20:00

Annual Report

"Two new appraisal wells, Pg-10 and Pg-11, drilled in 2010/2011 to a total vertical depth of 3,497 m and 3,500 m respectively, confirmed gas in all six Middle Miocene Badenian reservoirs ('A' to 'F' Pg sands).

Gas flowed for the first time from the shallowest 'A' sands and, in addition, gas and condensate were sampled from the Lower Badenian 'L' to 'Q' sands.

Pg-10 proved productive from the 'F' sands and Pg-11A (Pg-11 was side-tracked for technical reasons to Pg-11A) from the deeper 'L' to 'Q' sands.

Both wells were successfully fracture stimulated resulting in flow rates of 8 MMscfd from the 'F' sands and 2 MMscfd from the 'L, M and N' sands, proving the commercial potential of both wells."

[chinese investor] 09/5/2018 12:47

Annual Report

"While the focus of the development plan is to produce the significant quantities of gas in the Pg reservoirs, the Company is also undertaking further studies of the Pontian Upper Miocene ('Pt') reservoirs where around 6 MMbls of oil has been produced in the past. These studies will be looking to identify any untapped potential in these reservoirs, either through additional drilling or enhanced recovery techniques.

In addition to the further potential upside in the shallow oil there exists the possibility of further hydrocarbons below the discovered Pg reservoirs. The feasibility of drilling past 4,000 metres when carrying out future re-entries is another potential upside being assessed by our technical experts."

[chinese investor] 09/5/2018 12:34

IPPC

We have, in the past, had to wait between 3 and 6 months for IRSOs decision.

One month down and a minimum of 2 to go !

[chinese investor] 09/5/2018 12:28

How would I pitch the sale ?
Forget the minor glitch 2,000 metres under the ground with PG-11A...
...think of the big picture !

£200 million of gas and a bit of oil thrown in !

Do I hear £50 million to get us started ?

[j8grc] 09/5/2018 12:25

CI, to ship the maximum, you first need to be in a position to produce it. With the backup well all but gone, looks like the pipedream has stalled and is against the wall again.
An amateurish comedy of errors, from chapter one!