Member Info for EmeraldCarrots

the fact the IPPC permit has still not been granted is a total and utter disgrace. I hope the Slovenian Government realise that this sort of thing stops investment in their Country but maybe they simply don't have the brains to realise this, or are corrupt.
All IMHO.

new Company called Petrol Geo as the article suggests, and moved their oil/gas staff to it leaving the rest behind this can only be positive for Ascent. They are hardly going to create another Company and do that just to sack them all are they? I mean the staff are not daft. They must have been told something.
This move means either petrol could use the new company as a vehicle to bid for Ascent,or they could sell it as a going concern to another Company. INA spring to mind.
Tghings are getting interesting at last.
All IMHO.

We were told no Slovenian Co's came forward to sign up and view the data room information.
But Petrol are ALREADY our partner so presumably have access to all the information already (they have 12.5% of the existing deal).
Thus what we were told was true...............................
Are Petrol going to use the newly formed Compoany Petrol Geo to bid for Ascent..............??
Keep an eye on the sp!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
All IMHO.

I think this is very significant.
Petrol seem to have created another Company called Petrol Geo which will take over the gas/oil extraction part of Petrol Geoterm (they look after our gas field). Petrol Geoterm will continue with the retail and district heating side
So there is a possibility that the main holding Company Petrol could give Petrol Geo enough cash to buy Ascent and develop the gas field alongside the other partner Geoenergo. Then the whole lot would be Slovenian owned.
Obviously there are several possibilities, but you don't create another Company like Petrol have done for nothing. Possibilities:-
1. Petrol use the new Company to buy out Ascent making the gas field entirely Slovenian owned.
2. Petrol could sell this new Petrol Geo Company to others who will develop the gas field (INA/Ascent?).
3. INA, Petrol and Ascent signe new deal for the whole gas field. INA and Petrol proviide some finance in return for a bigger slice of the profits in the future.
So the bottom line is Petrol think the gas field is going to at least carry on if not get developed.
Clearly things are falling into place for some sort of deal.
I've always thought Petrol (having 12.5% at the moment) might want to get more involved now the field has partly proved itself.
All IMHO.

our partner, Geoenergo replied to the queries raised regarding our IPPC application and the two applications to re-work the existing wells 10 and 11a.
Personally I think we will get the IPPC permit first, follwed a few weeks later by the well permits.
Once we have the well permits we will find out what the result of the strategic review is.
Assuming we get the well permits I'm sufre some sort of deal with INA is going to happen.
If we get the well permits and the IPPC permit (don't see why not) then the possibility of Companies other than INA bidding for Ascent or doing a jv deal is far more likely.
I believe we get 3 or 4 weeks to reply to the Government queries. I wonder if they try to keep to that time scale too?
All incredibly frustrating.
I hope we are still banking more money than we are spending.
With the wholesale price of gas still 25% higher then in the winter (for some strange reason!) I think there is a very good chance the bank balance is going up all be it slowly.
If we're frustrated let's spare a thought for Colin as he's probably more frustrated than anyone about the permit time scales.
All IMHO.

parkeg1:-
Yes I know what they planned but, the one they are trying to build is not going to well, it's now 2 years overdue and they are now not expecting it to be running until second half of 2019. The reason given is not something which would take a year to fix and I have felling they may lose interest in moving another, which they still don't have a permit to build.
KKCG also owns the gas storage facilities which were once part of the Nafta company in Lendava. It has good links with the area.
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Hi. Yes moving an entire methanol plant from Rio De Janeiro to Virginia, USA seems quite a challenge. They have obviously had major, major problems resulting in severe delays. Maybe the reason they did not start with the Slovenian on was they are waiting for the permit?? LOL! It is interesting. Fact is the Slovenian methanol plant was closed down around the time of the credit crunch recession. At that time they paid I presume INA for the gas that was coming FROM Croatia TO the methenol plant. Our gas field had no flowing gas then. I suppose there is a small possibility this massive KKCG Compoany might change their mind. What about they buy Ascent, refurbish the methanol plant then use the gas from the gas field to power it. Note the plant would take the so called raw gas so no CO2 scrubbing plant needed. Then if the next wells deliver more than the methanol plant could consume they could re-start the gas sales to INA. All sounds good but no hint that is going to happen yet. Just about possible I think. Just.
All IMHO.

parkeg1:-
KKCG
Have a look at the company subsiduries list,
They own the methenol plant which has it's own pipe line and some other companies in Lendava.
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Hello. Yes they own the methanol plant but they are dismanling it to take it to the USA and re-build it.
The pipe that used to supply the gas from Croatia (INA) to the methanol plant is the very one we now use to send our gas back the other way so they won't be using that.
I have checked this out. They were to move two methanol plants to the USA. One from Slovenia and one from Brazil. The Slovenian one was suppposed to be first but for some reason the Brazilian one has been done first. They are re-assembling it at the moment. They say thay have started to dismantle the Slovenian one. It's unfortunate as I had hoped they might leave the Slovenian one there and re-start it. If they had then Ascent's gas would have been needed. See:-

www.usmeoh.com/news/

All IMHO.

parkeg1:-
EC.
INA are not the only company who might be interested in dirty gas and have the funds & facilities to capitalise on what Ascent has, there is a Czech based company who also fit that bill and have a ditect pipe line in place to help things along.
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Hello. Can you advise who this other Company is please.
Thanks.

strategic review started on 17th April 2018. Next Tuesday marks 14 weeks, 3 months and 2 weeks.
Anyone care to guess why it's not concluded yet?
Call me mad but I think the permits might have something to do with it.
It has to be said that Geoenergo, one of our partners who deal with the permit applications responded to the Governmant queries about the IPPC permit and the ones to re-work the existing two wells on Thursday 5th July so only about 2 and a half weeks ago. Having said that I think they only got the queries about 4 weeks before. Now we once again wait for the Government Depts to come back to us. Good that it is likely the IPPC permit will be dealt with by different people to the ones look at the well permits. I expect the permits to be RNS's separately. I expect the IPPC permit application to be granted first so the sp should liven up at long last. I think once we have all three permits we will find out INA are partnering us going forward, or buying us out.
All IMHO.

parkeg1:-
If INA buys the Slovinian subsidiary company it will need approval from Geonegro & Petrol, only if those two Slovinian companies decide there is no hope of the IPPC will they agree. It would then be INAs responsibility to gain the rework permits and fund that work. Ascent would use the money to seek other opportunities elsewhere as a cash shell.
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Hello. Interesting idea. I see if the IPPC permit for some sort of corrupt reason is withheld then INA will be in a much stronger position as they hold the cards as to getting the gas cleaned of CO2 and selling it on. However I'm sure Ascent could appeal the decision! LOL!
No. The most likely outcome I think is Ascent get the IPPC license AND do a deal with INA to finance the re-working on the existing and next two wells. The new gas processing plant may never be built. The pipe going from the gas field in Slovenia to INA's plant in Croatia can handle 28 MMscfd according to the RNS's. No new plant is going to be built unless re-working the 4 wells gives something like 5 mmscfd per well (unlikely IMHO).
I think the only question is do INA buy Ascent, or do they have a jv with them.
The safe way for INA is to do a deal with Ascent and see how the re-workings go.
Of course if they go very well INA would have to pay double what they could get Ascent for at the moment.
Frankly if I were INA I would do a deal as there is the risk of the wells not performing and the ridiculous situation regarding permits in Slovenia.
All IMHO.

higher than in the winter for some strange reason. V good for Ascent!

http://cegh.at/day-ahead-contracts

Correction:-
earthling:-
Total sense for INA to make a move at this price
ADVERTISEMENT
, does it not ?
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Hello. Market cap is £17.5 million with the sp @ 0.78p.
Although Petrol and Geoenergo have 12.5% each of future profits if INA take us out it would be better if Slovenian Companies are more involved I think. So one wonders if INA have been talking to Petrol and Geoenergo with a view to re-negotiate the existing agreement AFTER they have taken Ascent out? I'm thinking both Petrol and Geoenergo put money in with INA (once Ascent are gone) to develop the gas field, giving them a bigger share of profits?
Frankly the money needed for the existing wells to be re-worked is something like £4m. Then another £4m for the next two wells. So let's say £10 million is really what is needed here which in the Gas/oil world is chicken feed.
An offer of 2p a share would cost INA £49,913,820.
An offer of 1.6p a share would cost INA £36,300,960.
An offer of 1.8p a share would cost INA £40,838,580.
Note 1.6p is DOUBLE the current sp. Food for thought.
I'm thinking the most likely result of the review will be INA doing a deal with Ascent to help finance the re-working of wells 10 and 11a plus the re-working of the next two wells. Of course we are not privy to the data room information and so that is a huge disadvantage for us.
So a deal with INA to me seems most likely unless the data room information lends enough weight to convince them the field will be a big winner in which case a bid of around 1.8p a share is likely as a start point. I can't see a bid coming in over 2.8p unless the data room information makes the full development of the field a no-brainer. Of course we just don't know that information.
Whatever happens the current 0.8p share price seems ridiculous.
All IMHO

earthling:-
Total sense for INA to make a move at this price, does it not ?
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Hello. Market cap is £17.5 million with the sp @ 0.78p.
Although Petrol and Geoenergo have 12.5% each of future profits if INA take us out it would be better if Slovenian Companies are more involved I think. So one wonders if INA have been talking to Petrol and Geoenergo with a view to re-negotiate the existing agreement AFTER they have taken Ascent out? I'm thinking both Petrol and Geoenergo put money in with INA (once Ascent are gone) to develop the gas field, giving them a bigger share of profits?
Frankly the money needed for the existing wells to be re-worked is something like £4m. Then another £4m for the next two wells. So let's say £10 million is really what is needed here which in the Gas/oil world is chicken feed.
An offer of 2p a share would cost INA £49,913,820.
An offer of 1.6p a share would cost INA £36,300,960.
An offer of 1.8p a share would cost INA £40,838,580.
Note 1.8p is DOUBLE the current sp.
Food for thought.
I'm thinking the most likely result of the review will be INA doing a deal with Ascent to help finance the re-working of wells 10 and 11a plus the re-working of the next two wells. Of course we are not privy to the data room information and so that is a huge disadvantage for us.
So a deal with INA to me seems most likely unless the data room information lends enough weight to convince them the field will be a big winner in which case a bid of around 1.8p a share is likely as a start point. I can't see a bid coming in over 2.8p unless the data room information makes the full development of the field a no-brainer. Of course we just don't know that information.
Whatever happens the current 0.8p share price seems ridiculous.
All IMHO

westie50:-
EC - i don't disagree with you possible sequence of events but I really think you're being too optimistic with your sp predictions. We've gone totally under the radar and daily trades seem to want to push us lower rather than higher. it's been months now since any real good news so Colin really needs to pull something out of the fire. Just like Brexit, i feel a No Deal on the SR could set us back years. It'll mean Colin having to look at more debt/another placing to move the company on. So i really hope an offer comes in for us, and soon.
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Hello,
I don't believe 4p is out of the question. If things pan out the way I have guessed the market will be seeing the potential of the whole gas field being developed. The 4p would be 18 months away minimum I would guess and I am assuming the re-working on the existing and next two wells gives what, at least 2 mmscfd per well. IF this happens then the wells will have shown they can turn in a profit. Let's not forget re-working the wells costs a lot of money. Remember Ascents sp was 2.8p on just potential with hardly any gas flowing (just the "local" gas). If we can get 4 wells @ just 2 mmscfd the market will see the potential and I'm sure the 4p would be attainable. Of course maybe the wells won't each give 2 mmscfd?? Then again what if each well gives 3 mmscfd, or 4 mmscfd, or dare I say 5 mmscfd?? We just don't know but I have a suspicion INA intend to help us find out...........
All IMHO.

1. RNS to say permit received for IPPC permit.
- sp moves up to 1.5p as permit adds value to Ascent.
2. RNS to say permit received to re-work existing two wells.
- sp moves up to 2p as effectively paves the way for all future well permits.
3. RNS to say JV with INA. INA to pay for re-working existing wells plus 50% of next two wells in exchange for ???
- sp moves to 3p plus.
4. Interest in Ascent restored. Bigger players now start to buy in.
- sp slowly moves up as bigger players build stakes. sp 3.5 to 4p.

I wish!!!!!
However I really believe the above is possible. From 0.8p to 4p is a 5 bagger.

All IMHO.

Correction:-
joshua767:-
You're right. No reason to refuse ippc as it was already issued previously.
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Hello. Exactly. The IPPC permit was issued then revoked siting a procedural issue. As it has been applied for in the same way I do not see how it could not be issued unless there is corruption in the Government. Obviously we will find out in due course. Colin thinks they are understaffed. I think they are either understaffed or corrupt.
We will find out.---------------------------------------------------------------------

joshua767:-
Emerald you haven't mentioned the Sr increasing the sp through a rns.
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Hello. Exactly. The IPPC permit was issued then revoked siting a procedural issue. As it has been applied for in the same way I do not see how it could not be issued unless there is corruption in the Government. Obviously we will find out in due course. Colin thinks they are understaffed. I think they are either understaffed or corrupt.
We will find out.

replied to by us.
Here's hoping as they were answers to Government dept queries raised about the applications things are moving faster now.
I think we should expect three separate RNS's.
One about the application to re-work the two existing wells.
One about the application to re-work the next two wells.
One for the IPPC permit which surely will be granted as it was previously if it were not for a procedural issue.
If the IPPC permit is not granted I will be assuming corruption is involved.
Any one of the above should see the sp vastly improove.
All IMHO.

bradis:-
Summer holidays likely to delays things further at ARSO. News in September?
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Hello. Who knows. Maybe the person dealing with our application will go on holiday.
We really don't want them to rush things and make a mistake do we.

LOL!

It's totally obvious.
They have gas field in croatia bordering ours in Slovenia.
They process all our raw gas and sell it on.
They probaly have spare capacity at their plant in Croatia.
If they don't it's highly likley they could upgrade the plant so it could take a lot more.
Any jv partner other than INA would mean Ascent and them would still have to sell the gas to INA until the new processing plant is built.
I think the most likley outcome is INA help finance the next 2 wells in return for ??
Maybe they will agree to fully finance the next two wells in return for x in the future.
My best guess is Ascent are waiting for the next 2 well workover permits.
Within a few weeks of receiving them them (to allow any other Co's the chance to submit a proposal) the deal will be announced IMHO.
I think we would be looking at the sp going back to around the 2.4p mark.
All IMHO.