Member Info for HawaiifiveO

The last webcast was in July 2017, I believe there should be another one to inform shareholders exactly what they can look forward to moving into 2019.

http://webcasting.brrmedia.co.uk/broadcast/5979ef969ff3a6521c9fdf16

Yes saw that but I guess it will be Leon presenting, but who knows. It was a presentation like this that started the re-rate of JLP from 1p to an eventual 5p, I did well on that one.

Over recent weeks presentations from GLR and now JLP, both of whom Bird has an interest. Will the next one be XTR??

I see they are presenting tomorrow in London, a fund raise cannot be far off, the last placing was in early January. They must be in need of cash.

There seems to be a trend for many of these AIM juniors, present at Proactive or Shares Mag etc and then dilute around 1 month later.

Over 200m warrants at 1p, the last placing at .55p, IF the price ever gets traction there will be many who will want to recover their cash, quite a wall of selling ahead IF any decent news is delivered.

I see the Minister (Mr Leben) has been busy on Twitter concerning himself about plastic in Lake Bled, looking at his Twitter feed it is clear he is an environmentalist of the highest order. Nothing wrong with that at all of course.

I am not sure where this leaves Ascent but you have to ask yourself why such a strong green campaigner mysteriously appeared on the scene at the same time when AST were supposed to be awarded the permits.

I still believe there are outside entities, with significant commercial interests, pulling the strings behind the scenes, now where does Slovenia import the majority of it's gas from again. Not rocket science is it.

https://audioboom.com/posts/7099472-horizonte-minerals-hzm-strategic-minerals-sml-and-nuformix-nfx

https://t.co/SdnLcEKe0d

Near term news-flow ahead

I see Kibo Energy are not listed as attending UK Investor Show show in March.

The last time LC appeared in front of shareholders/prospective investors in London was April 2017, that is quite incredible and disappointing, it surely must be infuriating for shareholders who surely have so many questions to ask.

Nothing more to add.

It is hard to know what to say about Hutchinson attending this event, it seems Carver suggested it would give them the chance to meet Slovenian officers so they could push their case but surely depending on such an event is not the way forward.

According to an attendee at the GM (strange there has been so little comment about the said meeting) the person implied there was more going on behind the scenes than many think. Well that may or may not be the case.

My view is that the BOD should have a determined plan and stick to it, that plan has to include legal action and, at some point, an ultimatum needs to be given. If the main man does not offer a meeting shortly with Hutchinson then surely that tells us all we need to know about the situation.

As a shareholder I would prefer the legal action route than sitting around another 6-12 months in limbo, at least with a legal route (which AST has a great chance of success) everyone knows what the timelines would be. The ultimate pursuit of £100m+ has to be a real number.

Appears on Vox today but of course discussing Galileo, using the same words as ever 'what a joy' 'what a nice situation' etc and painting a rosy picture, reckons the sector will recover in March.

What about Xtract Colin?

https://audioboom.com/posts/7095383-golden-saint-technologies-gst-united-oil-gas-uog-onthemarket-otmp-and-galileo-resources

Cannot buy anything on-line without going to 'at best' around current levels.

I wonder if there is something going on behind the scenes which was a comment made from a person who attended the GM, it was made via a tweet.

At current levels this looks a decent punt, it has often bounced significantly from around the .45p -.50p level before.

Perhaps some news will come before next weeks presentation where the Slovenian's will look rather stupid asking a very aggrieved and agitated CEO to present about energy at a major event.

Anything is possible but the market seems to be a tad more bullish post the meeting for some reason.

Link http://www.bscc.si/energy-industry-smart-cities-delegation/

At the British-Slovenian Chamber of Commerce Energy Industry & Smart Cities
 London, 29-30 November 2018

"The future of energy in the light of global changes” Colin Hutchinson, Chief Executive at Ascent Resources @ 11am

I would hope something material news comes Ascent before such a bun fight, hob nobbing with the very people that seem intent on destroying this company - totally farcical

Price spiking, good news indeed for AST

I am exceptionally annoyed I could not attend the meeting today and I do wonder when AST management will next be available for scrutiny from shareholders.

I believe it is essential for the Co to be aggressive in their quest for permits and offer an ultimatum to the Slovenian authorities, they should also try to put right via every means possible the blatant attempts of various media outlets to discredit their right to receive these permits.

My concern is Hutchinson is simply 'too nice' to be forceful and aggressive and would prefer his softly softly approach which has led to this mess in the first instance, many have already suggested the court route should have been pursued years ago.

All things AST there is usually a left field event, if nothing else today's vote ensures the company will survive, perhaps it is time to buy in size on the thesis of another strong rally in anticipation of unexpected news.

With much regret I will be unable to attend the meeting tomorrow due to business commitments, the timing is hardly conductive to shareholders, almost designed to keep attendance low one could suggest.

I would like the company to offer the Slovenians a ultimatum - namely issue our permits within X months or we will pursue damages in the courts. There can be no more pussy footing around by Hutchinson & Co, my view is the permits are being obstructed by outside entities with vested interests.

Had I been present I would have voted no to the resolutions unless there was a clearly identified process specifying where the funds would be spent. I would have voted no to resolution 2 which gives the BOD permission to dilute without referring to shareholders.

Anyway let us see what happens, I totally despise this BOD, especially the fellow who has links to the city, spivs the lot of them.

‘As it stands, we do not have the option to develop Petišovci independently, weakening our stance among Slovenian authorities and potential partners. Getting this vote is crucial as it gives us a credible alternative to walk away from the strategic review and initiate actions against the authorities around the permit. It is also just a sensible thing for public companies to have this right in case something unexpected happens. We have cash, but it won’t last forever, so it is prudent to have these rights.

‘If the resolutions do not get passed, then I think we will become entirely hostage to our strategic review, which is very opportunistic. For the time being, however, I think we still have a way through. If we can get the authority to issue shares and come to an agreement with the environmental minister, then we could continue to develop Petišovci either by signing on a partner or by raising money and continuing as an independent.’

https://total-market-solutions.com/2018/11/09/ascent-resources/

Following months of talks, Hutchinson tells us that the review faced a significant setback in June when frustrated shareholders denied Ascent’s board the right to issue equity securities at its AGM. Without the potential to raise cash and develop Petišovci itself, Hutchinson says Ascent has lost a great deal of its negotiating strength when it comes to securing a deal around the project:

‘We have talked to more than 20 companies about the project and are still in the process of talking to a couple of parties, but no one has put an offer down on the table yet. We were hoping to get a few companies involved and to create a bidding war, but because the permits have not come through and people know we cannot raise cash, any parties interested in the project are just sitting, waiting and watching. They know that they will probably be able to get it more cheaply in a few months’ time. It also reduces our ability to pursue the necessary permits in Slovenia given the need to conserve cash resources. We are still in the process, but there is unlikely to be any completion any time soon because there is no catalyst.’

To reverse this dynamic, Ascent called for the reinstatement of its right to issue shares without recourse to shareholders in a circular issued last week. Investors will be able to vote on the proposal in person at a meeting in London on 20 November or by post before this date.

In the circular, Ascent stressed its belief in the importance of passing the vote, claiming it will be essential in ensuring it can challenge the blocks to its permits and credibly fund itself outside of its strategic review. It added that if the resolutions do not passed, the board’s ability to fund the company will be ‘severely compromised’.

Hutchinson reiterated these points to us, adding that he believes the passing of the resolutions will be essential in preventing the company from being cornered by Slovenian authorities or participants of the strategic review:

‘When it became clear that the strategic review was not going to complete any time soon because of the permitting delay, we decided that we could not continue to limp along and would have to take matters into own hands, asking for the right to raise cash to be given back to us.

Later this month, Ascent Resources will hold a meeting that will see shareholders vote on whether to reinstate its’ board’s ability to issue shares to raise cash. Here, chief executive Colin Hutchinson explains why he believes the passing of the proposal will be crucial to the company’s ongoing efforts to develop its much-troubled Petišovci tight gas project in Eastern Slovenia.

Ascent is the 75%-owner of Petišovci and had spent almost €50m on the project as at the end of 2017. It delivered first export gas production from the site in November last year from two operational wells – called Pg-10 and Pg-11A. Over the first six months of 2018, the wells generated revenues of c£1.3m.

This year has seen Ascent continue to be held back by ongoing difficulties associated with a licence called the IPPC permit, which it first applied for in 2014. This will allow the firm to build a processing plant at Petišovci that will enable it to enter the second phase of the project’s development and increase production.

Since getting initial approval from the Slovenian Environmental Agency (ARSO), Ascent’s permit has been held back by bureaucratic sluggishness, court appeals by an NGO, and requests for additional information.

Fast forward to August 2018, and the business looked to have finally made progress, reporting that the permit should be awarded by September following positive discussions with ARSO. However, this did not occur. Shortly afterwards, the business suffered yet another major blow after revealing that Slovenia’s new environment minister had decided to make further enquiries into the permit.



To make matters worse, the firm said a week later that it had been unable to contact the minister or get any meaningful comment from ARSO on the status of the permit. In response, it said it had been in regular contact with and officials from the British Chamber of Commerce and the British Embassy to understand the reasons for the intervention and its effect on its permit. It has also begun to look at commencing proceedings against the Environment Agency, the Environmental Minister, and the state of Slovenia directly in the EU courts.

Speaking to Total Market Solutions, Hutchinson said: Ascent hopes to talk to the new minister shortly to get some more clarity around his planned review: ‘Giving the extensive historical delays Ascent has already suffered on this permit, this latest setback has obviously been a disaster. We are hoping that the minister will be back at his desk next week to sit down and meet us. Hopefully, we can find what he needs to do for his internal review, assist him, and get the permit back on track. However, we are not going to know until next week at the earliest how long this process will take.

Against this challenging backdrop, Ascent launched a strategic review in April after concluding that the planned development of Petišovci was not an option without ‘significant dilution’ for shareholders. After receiving i

Both these recent publications seem exceptionally biased if you ask me, not one word of coverage concerning the excessive delays, monies spent to date, local employment, significant tax revenues if the project progresses, increasing employment + well paid engineering jobs in the future, all excellent for the local economy.

It strikes me the 'greens' are fighting the last fight with all their might.

Surely it is necessary for Ascent to put their side of the story to the Slovenian press, already spent £45m on the project, it does look like some entity is out to get the company.

The only option, in my view, is to take the court route, I simply cannot see progress being made otherwise, the company could seek significant damages (in excess of £100m??)

A meeting is needed ASAP with all the participants, the 'problem' which has been conveniently forgotten by the Slovenian media is the minister decided to drop a bombshell on the company and then proceed to go on holiday for two weeks.

Another point, does the country want the gas resource or not, nothing has been said in this respect. I find that strange.