Europe-focused Ascent Resources plans to drill up to six wells, after losing an initial £402,450 for the year to June.

London-based Ascent, steered by managing director Jeremy Eng, has interests in Hungary, where it is in partnership with powerful local groups, as well as Holland, Switzerland and the more conventional exploration terrain of Gabon. The company has assembled a portfolio of oil and gas assets in these places over eight months and has started production from its 63.5 per cent-owned Ayoluengo field in northern Spain.

At 11.75p, with £4.2 million raised through placings, Ascent is well placed to make new acquisitions, says Eng. The shares have speculative appeal.