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Ascent Resources, Bridge Energy, Premier Oil news briefs

Contributed by Fox-Davies Capital

Ascent Resources: Sharpening Up the Focus - News that ascent is in discussions with potential farminees for its Slovenian operation is no surprise, especially when you consider the spread of its assets, the limited resources (~$750m) and a previously announced strategic review. This move wold allow the Company to focus on its core areas where is has a better chance of "moving the needle."

Bridge Energy: OIL! - Bridge's announcement that it has made a discovery on its Garantiana well certainly bodes well for the outlook for the share price, that initial flows averaged ~4m bpd and the oil / water contact ("OWC") has not been intersected is also promising, but as they say, many a drop has been spilt b'twixt cup and mouth, i.e., an appraisal well testing the extent of the field and long term well test will be required before anybody can opine on the commerciality of the find. Nevertheless, this is what exploration is all about, creating value at the drill bit.

In this news:

- Discovery of a new oil accumulation by well 34/6-2S, known as the Garantiana Well
- Triassic Lunde Formation
- Norwegian North Sea PL554
- 20% license partner in PL554
- Oil rate ~4m bpd (28/64" choke)
- Sidetrack may be drilled (dependent on availability

Premier Oil: Debt Swapout Deadline Extended - Premier has extended the offer period for the existing bondholders to swap out their 2014 instrument for a 2018 instrument. Given that it holds acceptances from 98% of the existing bondholders, and the remaining bondholders can be "swapped out" under the terms of the Class' terms and conditions, the Company seems to have cleared the way for the pending expense that will have to be borne during the development of Sea Lion. Following this news, we are reiterating our BUY Recommendation and 485p Target Price.