Ascent Resources and Coastal Energy are just two of 10 AIM commodities specialists providing fresh information to investors on Thursday. Read our round-up of news from all the key players...

Ascent Resources

Ascent Resources (AST) has revealed a 22% increase in P50 gas-in-place volumes to 504 bn cu ft at the Petišovci project in Slovenia.

The upgrade forms part of an audit prepared by RPS Energy Group, a leading international oil and gas reserve assessor, that included the analysis of data from the Pg-10, Pg-11 and Pg-11A wells in Slovenia, which were drilled and successfully tested during 2011.

Ascent managing director Jeremy Eng said: "The gas-in-place upgrade confirms the progress we have made over the last year as we continue to move the project towards production later this year.

"The timing of the recompletion of the Pg-10 and Pg-11A wells will now coincide with the construction work to be carried out on the connecting pipelines.

"In the meantime, work on the design, procurement and modifications to the existing gas processing facilities continues. Reservoir simulation, also by RPS, for the "F" sands at Pg-10 is complete and in progress for the Pg-11A sands, these results are designed to forecast future production and we will provide the market with an update in due course."

Coastal Energy

Shares in Coastal Energy (CEO) moved higher after the firm revealed an onshore gas strike in Thailand.

The company said the sidetrack of the Dong Mun 3 well, located on block L27/43, reached a total depth of 2,539 metres.

The well encountered a vertical gas column of approximately 113 metres with porosity of up to 6%. It was flow tested for 24 hours and produced at an average rate of 15 mmcfd with flowing pressure of 1,950 psi through a 32/64-inch choke.

Coastal has drilled two additional producing wells and one water injection well at Bua Ban North. One, which was drilled horizontally, has been tied in and is currently producing.

Current offshore production is averaging 26,000 bopd, bringing total company production to 28,000 boepd. The rig is now being mobilized to Bua Ban South and is expected to spud the first well there by the end of February.

Lansdowne Oil & Gas

Lansdowne Oil and Gas (LOGP) have revealed recently processed 3D seismic surveys over its prospects in the North Celtic Sea, offshore Ireland.

Interpretation of the Amergin prospect has been completed and has confirmed the presence of a robust rotated tilted fault block.

The primary targets are for oil in the Cretaceous Basal Wealden sands (the reservoir interval currently being appraised in the Barryroe 48/24-10Z well, some 40 km to the east) and the Upper Jurassic sands that are oil bearing in the Helvick field, some 120 km to the northeast.

Two additional targets have also been identified for oil in shallower Cretaceous Wealden sand sequences that are present in nearby wells.

Condor Resources

Condor Resources (CNR) has been given government approval to complete the purchase of the Espinito Mendoza concession from Empresa Minera La Mestiza.

The concession encompasses over 3.8 km of gold mineralised veins already defined, including historic underground mine workings along a 500 m strike length and the north-western strike extension of Condor's Tatiana resource.

"La India project hosts a JORC code mineral resource of 1,620,000 oz gold at 5.6 g/t, the Espinito Mendoza concession lies in the heart of La India project and hosts a JORC code mineral resource of 209,000 oz gold at 6.7 g/t, which has been estimated from historic exploration data," said Condor executive chairman Mark Child.

He added that the company plans to commence drilling on the concession in the second half of this year.

Tower Resources

Shares in Tower Resources (TRP) sank more than 25% after the company said that operations on the Mvule-1 exploration well in Uganda Licence EA5 have been completed.

Tower said the well reached its total depth at 590 metres - basement was penetrated at 576 metres. No significant hydrocarbon shows were encountered over the zone of interest and electric wireline logging and fluid sampling confirmed that the well was water bearing. The well is now being plugged and abandoned.

Mvule-1 was the final well commitment on EA5 and the final exploration period ends on 26 March.

Kea Petroleum

Kea Petroleum (KEA) shares moved higher despite the company posting a pre-tax losses of £1.4 million for the six months to the end of November - up from £1.1million last time.

Oerating losses rose to £1.4 million from £1.2 million and the total comprehensive loss increased to £1.2 million from £859,000.

Chairman Ian Gowrie-Smith said: "Kea plans to drill four or more wells on four different prospects commencing imminently. Two of these targets are shallow Mt Messenger plays and two are deeper targets looking for both oil and gas. It has been a long time since the company's immediate future was so exciting."

Wasabi Energy

Wasabi Energy (WAS) reported an increase in revenue of 881% compared to 2010 half year. Revenue was mostly driven by DG Khan contract and additional engineering support provided to FL Smidth.

Executive chairman John Byrne said that during the period the firm's focus was on the delivery of existing contracts and the ongoing development of new business ventures.

"We made steady progress across all of our key technologies, and we were delighted to deliver several significant business developments, including a landmark agreement with ArcelorMittal for our Kalina Cycle technology," he commented.

Alecto Minerals

Shares in Alecto Minerals (ALO) jumped after it announced an option agreement for the staged acquisition of Forward Africa Resources (FAR).

FAR holds the 711 sq km bauxite licence 223 which is located in a highly prospective south-west coastal region of Guinea which has established infrastructure and producing bauxite operations.

Alecto has been as been granted a 90-day exclusivity period in which to conduct due diligence and during this period must spend €15,000 per month on a work programme.

Goldstone Resources

West African-focused Goldstone Resources (GRL) updated investors on it operations in Ghana.

A second drill rig added to the Homase/Akrokerri project to test new targets and to accelerate resource drilling programme, while first results of a soil sampling programme over the Adubrim structure demonstrate gold mineralisation along this trend.

The company's exploration director Hendrik Schloemann commented: "The additional drill capacity and the planned geophysical surveys will add momentum to our exploration programme in Ghana. We are also encouraged by the positive tenor of the first soil results from the Adubrim structure. This structure is parallel and in close proximity to the mineralised Homase trend and we now have reason to believe there may be gold mineralisation in this area."

SeaEnergy

SeaEnergy (SEA) has appointed John Aldersey-Williams as chief executive, with immediate effect.
 
The company also updated investors, reaffirming its focus on building and acquiring complementary service businesses, including the provision of operations and maintenance to offshore wind farms and the vessels from which to provide these services.

Following the sale of SeaEnergy Renewables, the board intends to recommend a return of value to shareholders of 10p per ordinary share or £6.9 million in total, subject to the completion of the financial audit and shareholder approval at this year's AGM.

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