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Desciple13 - You are probably right. The Slovenian authorities were insulted with Ascent believing they wouldn't be able to understand that stimulation, fracking and hydraulic fracturing were all the same thing. Some even now, still believe there is a difference. There is no difference! And if you want your negotiations to fall apart, insult your opposition's intelligence. It works every time.
Kashdog - You are correct, compression is not the answer to long term viability, but it would have allowed Ascent to put money in the bank to be ready for the approval of fracking or some sort of acceptable stimulation to the existing PG wells.
There are a lot of PT wells that are capable of low gas production, but they cannot make line pressure due to low formation pressures. Flow rates for those wells is documented by Petrol and a decent analysis could evaluate the economics of compressing that volume and combining it with production from the PG wells. Many of these PT are still capable of oil production with the proper equipment installed. Most have never had pumps run into them. They have only been blown down on a regular interval to recover small amounts of gas and oil. Shut in for a couple weeks and then blown down for a couple of days. Instead of spending the raised funds on a years salary for the BOD, it should have been used to bring this extra production on stream.
A successful company finds ways to keep increasing production while waiting on approvals, they don't just sit and wait while paying fixed costs.
Kashdog - We may have met somewhere over the years, but it would have had to have been onshore. I have never worked offshore. I get so frustrated watching the BOD stumbling around with Ascent with the answer to making a viable company so obvious. Compression and proper separation is the answer to the Petisovci field. With compression , not only on the PG wells but also on the PT wells, could go on to produce for years. I would bet that you see that too.
I think it may be too late now as Geoenergo has probably abandoned the JV contract with Ascent. Ascent has broken the terms of the contract many times in the past few years since Clive and Colin left.
The sad things is, both the previous board and the current board have been aware of the fact that Ascent could continue to make money off of the Slovenian properties with compression. Many of the existing wells could produce, perhaps for years, if a compressor were installed. It is an absolute no-brainer to anyone with a basic knowledge of oil and gas production.
From the Sept 2021 RNS:
Gas sales to INA remain suspended as wellhead pressure is below the export pipeline pressure. The sales contract remains valid and should the Company increase production gas sales may be able to be resumed. The Company produced gas in the year to date which was sold locally to an industrial buyer through a low-pressure pipeline, however the revenue from this is less than the fixed costs of the field and pursuant to a deal agreed in Q4 2019 the Company is not currently receiving any revenue from this declining production, with the proceeds being retained by the operating service provider to pay towards their fixed costs.
oldblue1973 - As an investor, 90 days with no news does not make me interested. Just the opposite, it makes me lose faith in the company directors.
As for no real trades, what do you do with shares that you have lost on and are now worth virtually nothing? I leave them in my portfolio in the hopes of a miracle.
The world will not end once Ascent folds.
All I said was a company with no assets, 1.2 million a year in liabilities and no direction, is not a very viable company to invest in.
oldblue1973 - I don't do any research on any message board. I attempt to post information on this board from trusted sources, close to the company, to try to save my fellow investors from making non-informed decisions. Anyone can take or leave the information I pass on here.
My suggestion to everyone here is to investigate the statements I make and check their accuracy.
IMHO / DYOR
oldblue1973 - Yes, there is a lot of recoverable gas in the Petisovci field. But none of it belongs to Ascent. There is probably oil in the Cuban play as well. But none of it belongs to Ascent either. You are quoting assets that Ascent doesn't even have.
Ascent has zero assets!! Ascent has no employees in either Slovenia or Cuba.
Do you own research!
Kashdog - I agree. The losses were pretty close to the administrative expenses. Maybe a little going to consulting firms.
Ascent is not producing the Slovenian property, Petrol is on behalf of Geoenergo.
The contract with Ina was for Ascent to deliver 3 mmcf/day into the pipeline. They did that for a very short time because they stopped focusing on production and operations and began focusing on the BOD getting wealthy on the backs of shareholders.
Ascent is dead in Slovenia, no talk of the Cuban oil play (which cost a lot of money to obtain a vague promise of perhaps signing an agreement) and now some pie in the sky mine tailings project.
This board has done nothing to better the company and its future. Greed has replaced business sense with the current BOD, as with the previous board.
Zoggs - I agree completely! The only ones who actually did any work to better Ascent was Colin and Clive. Every one since then has just raised funds and then ate those funds up paying themselves, and dragging things on endlessly. Promising the moon and delivering diddly squat! There should be a law against shenanigans like that!
FYI / IMHO / DYOR / ect.
https://www.marketscreener.com/business-leaders/James-Parsons-0C24K7-E/biography/
Kashdog - I agree with you. The contract with Geoenergo is expiring in 2022, but Ascent has broken the terms of the contract many times in the past few years and I would think Geoenergo has already torn it up and tossed it in the garbage. IMHO / DYOR