Oil and gas hopeful Ascent Resources expects at least one out of eight recently acquired prospects in Italy's Po Valley to hold between 150 and 200 billion cubic feet of gas, says managing director Jeremy Eng. AIM-quoted Ascent, which recently raised £2.7 million at 4.55p (with warrants), is pursuing other prospects in Italy, Hungary, Holland and Switzerland (seen as a potentially exciting area after years of neglect), with the backing of significant shareholder RAB Capital. With investors Bruce Rowan and Framlington also prominent on its shareholder list, the company is understood to be close to agreeing two joint ventures with well-regarded sector players. Ascent, trading at 4.75p, retains a 1.75 per cent profit share in Gabonese interests profitably disposed of and Eng says it has no need to raise more funds. If these projects look like working out, the shares could achieve a relative re-rating.