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No idea how many of you guys think the company is doing but the fact of the matter is unfortunately, that the combined production is now around 11% of what was being produced at first gas, it is wet gas (that is, rich in condensate which hasn't been knocked out), water saturated and is being sold to INA at a discount of at least 40% - something which no-one seems to have remembered.
60,607 MCF produced in November 2018 with "Average monthly production from July to November 2019 for our two existing wells was 7,136 Mcf." That 11% is being generous, as over those 5 months the gas will not have increased in production rates, but fallen.
This sales achievement brought much justified euphoria at the time but it was strictly a short-term arrangement. All this time in production at this discounted rate has cost the whole field dearly (the gas cannot be sold again) and INA couldn't give a monkey's if this amount is sneezed to them month by month. So, AST have no real clout with this arrangement, something the Slovenian authorities will be well aware of.
It seems that AST have been a victim of a deliberate attempt to force them out of Slovenia for whatever reason but naturally it will all boil down to money and more than likely, greed.
In order to attampt to rectify the situation the all wells will need some severe workovers - in all likelihood PG11 has long since been shut in with PG10 being the struggling sole producer. The workovers will require money of course and it seems..........permits.
The compressor and knock-out skid were probably cancelled because the falling daily production simply didn't justify the cost. Without a workover the wells simply could not cope with any type of enhanced recovery techniques.
Without a knockout skid there was no means of cleaning the gas up enough to allow the revision of the contract with INA to annul the heavy discount structure and increase the income.
By the time any judicial decision materialises there will be so much money required to recover these grossly neglected wells and subsequently maintain and enhance the production and required scrubbing that AST will be left open and vulnerable to all sorts of dirty tricks being played to prise the licenses from their hands. At best a takeover at a nominal price, at worst a financial strangulation perhaps.
Some may choose to blame the BoD. Certainly CH should have handed over to a coal-facer much, much sooner than he did. Personally I now believe that AST were never going to be allowed to produce Petišovci and were up against people with power and ability to stop them.
LC81-your constant negative posts indicate you have lost ALL faith in Ascent. I really do not understand why people continue when in this position. There are plenty of other shares or other ways of making your money back.
Stop you moaning please.
Happy to sell up same offer to you I’m 90k down and happy to sell it to you for 60k how can I contact you ?
Agreed Bradis. A load of repetitive posts. Same old broken record. This is not a therapy board and is on public view. Sell up if you are bot happy guys.
I keep asking them but they don’t like challenging questions however FCA is still taking an interest I’ll keep everyone posted
What’s the point of moaning on here and ****ing everyone off in the process. We don’t know if the BoD even reads these messages? Better to voice any concerns directly to the company via email. If they don’t respond then try again every week until they do?
Fact is they held a shareholder event last February where John Buggenhagen give a very bullish and upbeat presentation, there were around 25 shareholders present and the consensus was we were in safe hands with everyone pleased we finally had an O&G 'expert' on-board, a few said they would be buying more shares.
The disappointment is that nearly 12 months on Buggenhagen has delivered nothing, in fact he has turned turtle on many aspects of that presentation...….
The compressor (supposed to significantly increase production) was cancelled without explanation
No low cost shallow drill targets have been actioned
No Croatia movement on licence or operations
No legal action - compensation claim
No seismic data outcome
No corporate activity
All of the above were reviewed by John Buggenhagen in that presentation, as you can imagine, even if just one or two had come to fruition we would be in a far better place right now - shareholders have every right to hold the BOD to account over inaction.
The Riverfort death spiral funding was the final poke in the eye for shareholders.
Too many whingers and moaners on here, who are absolutely desperate to avoid admitting that they made a mistake investing here and take a loss. I would simply say to them, leave if you don’t like it. It’s madness to remain invested in a company if you hate the management and don’t see any future prospects for the company! There are plenty on here who are still happy to wait for developments on several fronts that can dramatically improve the SP. We all knew the risks when we invested, but there is still a lot of potential here. Ask yourself are you happy with the risk versus reward here. I can’t believe that those moaning are still happy to remain invested. Are they a sucker for self-punishment maybe? Move on for your own mental health and invest in a company you believe in! Lololol
Really the agreement for gas sales is with INA not Geo, the license for Geo runs out in a year and a half, you would hope Slovenia give it back to Geo, and Geo keep up the agreement with AST, a ridiculous funding arrangement with River, why where gas the compressor money gone, more and more dilution for Shareholders, a half million pounds loan with 10% interest to pay back nexyt year, oh and to top it all gas prices are falling NOT rising. Stick by my theory the Riverfort agreement pays the BoD salaries for the next year, Riverfort want their loan repaid, oops no money for that, tell you what you take the Company instead, Riverfort happily sell it on to whoever, BoD happy with their pay offs, SHAREHOLDERS US SHAFTED. Ohs BD a 320% rise us SP wow nearly .4 of a penny, can't wait
Careful Walters the 10% crew don’t like to talk about real risks only the positives lolol ..... I remember a few us challenging cowboy Colin on the field extension .... never got discussed keep that one quiet like the stuck tool
Really? I cannot disagree strongly enough.
Does the fact the concession licence expires next year not concern you?
How about the fact we are producing Gas yet still need to fundraise and dilute to keep the lights on?
As for other opportunities, we have none. We can look but have no cash reserves to buy or develop any asset.
Board are busy? Doing what? John has been on board over 12 months now and not delivered a single thing. He’s buying shares just as soon as he can......
More gas, please
Recently AST and Geornergo have signed an agreement for a two-year extension of a gas sales agreement. What this shows for the next two years AST will have a steady money flow and an increasing income as gas increases in price.
In regards to the court situation
The court situation transpired due to the loud voices of environmentalists, across the western world, we always see environmentalists shouting “how dare you” and successfully taking companies like AST to court. What happens with the vast majority of court cases relating to fracking is that the fracking company wins. Due to lobbying etc. we will most likely see AST winning the court appeal and continuing its operation. A victory in the court is a victory for us as AST will be compensated, and so will the lobbied political figures across the country. If we are victorious, we will see a 320% rise in the share price over the coming days/weeks after winning the appeal.
Petisovci is rich in gas
As AST explore more opportunities to increase revenue, a recent survey done has shown several drilling opportunities within the area. Due to this, we can expect to see a massive increase in revenue over the course of the year.
The average monthly production on only just two wells is 7136 Mcf! Imagine the profit on several wells with that number.
What if Slovenia bins us?
Currently, the company has found several different and potentially revenue multiplying opportunities outside Slovenia. So if they do bin us (which given how the country has been historically they won’t), then we can fall back on the several other opportunities that face us. If they keep us, then we are looking at a significant expansion of the company!
Remember it’s better to be patient in the market and now is the best time to buy!
Side note: we shouldn't expect much communication from the BOD, with the company potentially facing a several times it self expansion they will be incredibly busy for the next few months.