Transcript Slide 1

Ascent Resources plc
European Oil and Gas Production and
Exploration Company
December 2010
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Directors.
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Contents
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Company Profile/Business Model
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Achievements/Activity
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Focused Development:
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Petisovci-Lovaszi
Peneszlek
Latina Valley/Anagni
Switzerland
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Valuation and Share Price
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Summary and Conclusions
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Profile/Business Model
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Profile:
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European oil and gas exploration and production company
Balanced portfolio with large near term projects
Onshore focus
Stable fiscal and legislative regimes
Industry specialist management
Proven business model
Business Model:
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Operates through local entity in each country
Uses state-of-the-art technology
Cost effective operations
Disciplined capital management
Cash flow from production allows for debt servicing – non dilutive financing
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Achievements/Activity
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Recent History:
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Petisovci-Lovaszi seismic complete, first well PG-11 expected drilling mid Dec
Penészlek production ongoing from two wells
€8 million for Swiss asset sale – includes back-in rights
Anagni-2 permit expected shortly
Near Term Activity:
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Four Petisovci wells planned for 2010/2011
Independent experts report on Petisovci/Lovaszi – P50 412 Bcf / 68.7 Mmboe
2-D seismic for Ripi field redevelopment
Anagni-2 drilling plan in progress
Permitting underway for Hermrigen-2 well in Switzerland, awaiting confirmation
of firm drilling date
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Focused Development
Ascent
Resources
Petisovci-Lovaszi
Penészlek
Latina Valley/
Anagni-2
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Four primary target areas
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Simple development models being initiated
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Targeting know formations in productive areas
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Proven business model
Switzerland
Petisovci-Lovaszi, Slovenia
75%
50%
75%/26.25%
75%
50%
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Petisovci-Lovaszi
D-14
Tested gas
Pg-9
Tested gas
Slovenia
L-309
Tested gas
L-II
Tested gas
Pg-8
0.2 bcf
L-I
Tested gas
Hungary
Pg-3 & 6
0.3 bcf
Croatia
Pg-1
3.35 bcf
Pg-7
0.41 bcf
Pg-5
3.77 bcf
Petisovci-Lovaszi Gas
Net Reserve (MMboe)
16.7
Risked Value ($ million)
117.3 (25%)
Risked Value per Share
12.8p
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Penészlek, Hungary - Production
PENESZLEK
Net Reserve
(MMboe)
Risked Value ($
million)
Risked Value per
Share
Project Revenue
0.35
4.7 (100%)
0.5p
€600,000/Month (Gross)
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Anagni-2, Italy
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Anagni-2
Anagni
Net Reserve (MMboe)
4.0
Risked Value ($ million)
10.4 (20%)
Risked Value per Share
1.1p
Anagni-2
Anagni-1
Fontana-1
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Switzerland
Surface oil seeps
Flowed gas from
Muschelkalk
Surface gas seeps
Flowed gas
from U.
Jurassic
Bunter and Malm
gas shows
Traces of oil and
gas in Tertiary
Tertiary-Mesozoic
oil & gas shows
Flowed oil from
Rhaetian
Traces of oil in
Cretaceous
Oil & water from
Rhaetian; Oil & gas shows
from L. Jurassic
U. Jurassic
gas shows
Traces of oil and gas in
Lower Cretaceous
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Switzerland
Hermrigen
Net Reserve
(MMboe)
Risked Value ($
million)
Risked Value
per Share
9.3
16.6 (15%)
1.8p
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Summary and Conclusion
• European oil & gas business – onshore focus
• Generating cash from Hungarian production
• Rapidly maturing portfolio – short term value generative
• High profile, high impact work programme for 2010/2011
• Low share price relative to risked Net Asset Value
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Appendix
1 - Ascent Licences
2 - Ascent Corporate data
3 - Ascent Board of Directors
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Ascent Licences
Working
Interests
(%)
Permit Area
Gross
(sq km)
Net
(sq km)
Nyírség
49
2,483
1,217
Nyírség Szatmar
Lovaszi
Igal II
20
2
50
60
12
88
1,990
44
1,194
100
100
357
471
357
471
Gas Exploration
Gas Exploration
80
858
358
686
200
Oil Appraisal
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Gas Exploration
Oil Redevelopment
Permit
Status
Hungary
Italy
Cento
Bastiglia
Frosinone
Fiume Arrone
Gas Exploration & Production
Gas Discovery
Gas Exploration & Development
Oil Exploration & Development
Strangolagalli
56
50
Slovenia
Petisovci Dolina
75
90
68
Oil & Gas Redevelopment
Petisovci Globoki
26
90
26
Gas Redevelopment
Eastern Exploration
40
864
346
45
45
45
364
330
*
*
736
*
54
211
114
Switzerland
Seeland-Freinisburg
Linden
Gros de Vaud
Gas Exploration
Gas Appraisal
Gas Appraisal
Oil & Gas Exploration
* Ground floor back in rights
The Netherlands
M10/M11
Gas Exploration & Appraisal
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Ascent Corporate data
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Listing/market
Ticker
Share Price
Market Cap
Entry on AIM
Shares in issue
Nominated Advisor
Nominated Broker
Company No.
SEDOL
ISIN number
AIM
AST
7.0p
36.3 million
10 November 2004
516.662 million
finnCap Limited
finnCap Limited
05239285
B03W6Y8ISIN
GB00B03W6Y84
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Ascent Board of Directors
John Kenny - Non-Executive Chairman
John has enjoyed an extensive career in the oil and gas sector where he has an excellent record of creating shareholder value. He co-founded
the JP Kenny Group of Companies, which traded internationally in oil and gas engineering, sub-sea survey and inspection, and shipping. He
was a founder of JP Kenny Exploration & Production Ltd; the forerunner of LSE listed JKX Oil & Gas plc. He holds a degree in chemical
engineering from University College London and is an Honorary Fellow of the College.
Jeremy Eng - Managing Director
Jeremy has extensive experience in the independent oil and gas sector and a wide network of contacts within the sector. In his 26-year career in
the industry he has specialised in operations and technical management for the independent sector. Prior to joining Ascent Resources, Jeremy
was CEO of a private upstream gas company and Technical Director of WPN Resources Ltd, a Canadian junior-listed oil & gas company.
Previously he worked for a successful petroleum engineering consultancy business. He started his career with Schlumberger and after earning
a Masters degree in petroleum engineering worked for Premier, Tullow, Lundin and other independent operators.
Simon Cunningham - Finance Director
Simon, a certified accountant, has extensive energy and resources experience having held senior corporate finance roles with diversified
engineering services group Ausenco Limited, international renewable energy provider Energy Developments Limited and independent power
producer NRG Energy Inc. Prior to joining Ascent Resources he served as the Chief Financial Officer of Reverse Corp Limited, a
telecommunications provider with operations in the United Kingdom and Australia where he was responsible for all aspects of the finance,
treasury, investor relations, investment analysis and company secretarial functions.
Cameron Davies - Non-Executive Director
Dr. Davies is an international energy sector specialist and the former Chief Executive of Alkane Energy plc. He has an excellent track record of
exploration success and growing profits in a quoted energy company. Beginning his career as a geologist, Dr. Davies has over 35 years
experience in the oil and gas sectors. He founded AIM listed Alkane Energy plc in 1994 and managed the business from original concept
through venture capital funding and an IPO, to become a profitable operator of gas to power generation plants using Coal Mine Methane as fuel.
He has a PhD from Imperial College, is a Fellow of the Geological Society of London and a member of the European Petroleum Negotiators
Group, the London Energy Group and the PESGB.
Nigel Moore - Non-Executive Director, Chairman of the Audit Committee
Nigel is a Chartered Accountant and was a former partner at Ernst & Young for 30 years until 2003. For the last ten years at Ernst & Young he
specialised in the oil and gas sector, advising large international companies, providing significant input to strategic options, new opportunities
and delivering shareholder value. Nigel is also on the Boards of Hochschild Mining plc, JKX Oil and Gas plc, Vitec Group plc, TEG Group plc as
well as Production Services Network Ltd, a major Aberdeen-based Oilfields Services company.
Scott Richardson Brown - Non-Executive Director
Scott is a qualified Chartered Accountant with wide experience working with AIM, FTSE 250 and FTSE 100 companies. Beginning his career at
Coopers & Lybrand’s (later PricewaterhouseCoopers) in the Banking and Capital Markets division, Scott then became a Partner in the
Corporate Broking/Finance division of Oriel Securities Limited where he gained significant experience in a range of sectors including oil and
gas. In his most recent role of Corporate Finance and Investor Relations Director for CSR plc, a FTSE 250 semiconductor company, in addition
to the day-to-day capital and corporate finance activities, he managed a number of corporate transactions.
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