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PetTrader - I don't think AST has the expertise to perform oil and gas operations, and that includes drilling, completing and equipping wells to produce.
I also don't believe they will ever be approved to perform high volume fracs in Slovenia. When AST entered the country, the Slovenian laws on fracking only allowed relatively low volume fracs. The best we can hope for is that we are allowed to frac as per regulations in place at the time agreements were signed. I really doubt that will happen though, as Slovenia didn't deny AST fracking, they requested an EIA be done before approval. AST directors chose not to do an EIA, therefore Slovenia could not issue a frac permit. Then AST started the threats, and the rest is history!
Pinguser5 - That has been going on here since CH left. Big pay and absolutely no progress!
A new board needs to be put in place, with a management team that has actual experience in the oil and gas industry.
They need to be be paid reasonable salaries but the majority of their income should be based on company performance. Bonuses based on production and share price.
The current board has no incentive to have AST do anything other than what it has for the past 4 years. Pay their salaries.
I have said since before CH left that there are ways to increase production from the current wells.
The BOD's lack of ambition shows when, even when a plan is set out of them, they do not proceed.
Cuba, Peru, all smoke and mirrors to keep the salaries rolling in.
With the proper management team, Petesovci would be an economically viable field.
The last 2 boards have sat on their hands without generating income and now need money to address some mechanical issues. Money they don't have.
I have never have, and still do not, think the Slovenians will ever pay AST a dime. They are not in the wrong, they simply asked that an EIA be done before they could approve the frac permits. AST elected not to do an EIA.
If AST ever was receive 50 million from the Slovenians, the effect on the share price would be dependent on what they did with the money. Paying bonuses, which I am sure they would do, will not increase the share price.
I would think anybody who believes that Slovenia is going to pay Ascent 150 million would be buying up the whole company as fast as possible. A 7 million investment could pay out handsomely, if you owned the company.
They did on April 6, 2022. Ascent has been ready to frack years before that happened.
The ban was probably good news to the BOD as they no longer had to come up with excuses as to why they were not conducted an EIA so the frac could proceed.
Milnrowmug - There are many different types of hydraulic fracturing operations. Some small - 120 m3 and some large 20,000 m3. It is the large, horizontal fracs that have been know to initiate seismic events. The smaller fracs have been done throughout the world, including Slovenia, for many years with good production results. The smaller fracs were what was done on PG-10 and PG-11A during completion. The problem with tight formations is that, once the frac has been drained, the rock cannot release gas fast enough to maintain production. Production drops, just as we have seen in PG-10. The theory is that a larger frac will take longer to drain and perhaps the formation face that feed the frac, could produce enough gas to maintain production.
Fracking is short for fracturing, which is what is done to the formation rock while performing hydraulic stimulation. The rock is split by pressure and usually a sand or other proppant, pumped with the fluid, it props the fracture open to allow production of gas or oil. The words hydraulic stimulation, hydraulic fracturing and frac are used interchangeably, as they all refer to the same process.
Kashdog - Yes, AST is done in Cuba, after paying a huge sum for the rights to a useless MOU. Like I said when it happened, there is no resource play in Cuba worth paying for. AST didn't even buy into a play, they paid big for the opportunity to maybe bid on a play. This BOD has taken a company with a chance to succeed and driven it into the ground!
Winnimandala - That AGM was the straw that broke the camel's back for me.
9,000,000 for to 600,000 against on every issues. Clearly this indicates that a person can look forward to more of the same over the next year. Time to take the loss and get out of AST.
Here are two misleading comments from this RNS:
"Slovenia guaranteed that the management, maintenance, use, enjoyment or disposal of the investments would not be impaired by arbitrary, unreasonable or discriminatory measures."
First off, AST was not in contract with Slovenia. The contract was / is with GeoEnergo. For a lawsuit to be successful, you must sue the party you have the contract with.
"it should be cautioned that in the event the Company is successful in its claim any amount actually received by the Company may be significantly lower."
Is this statement prepare shareholders for the truth? Why would AST be prepared to accept less that what they believe is owed?
The biggest fact is, Slovenia never told AST they could not perform sand fracture treatments. What they said was that an EIA had to be done before the fracking would be approved. AST refused to do an RIA, therefore it received no approval. No judge in the world is going to penalize a country for defending its environment and its citizens.
How can anyone believe this suit will be successful? Eno must be smarter than that. I find it strange that they would damage their reputation by pretending AST had a snowball's chance in hell of winning a suit against Slovenia.
Pinguser5 - It seems that the BOD are in no hurry to let shareholders see the accounting information.
Perhaps the financial information they have shared so far doesn't match the financial information on the books?