We initiate coverage of Ascent Resources with a Buy rating and 3.3p target price. Ascent is operating the Petisovci tight gas field in Slovenia, which is projected to produce 35mmcfd by 2021, equivalent to roughly 40% of total Slovenian gas demand, and will likely displace expensive, imported Russian gas. Notwithstanding uncertainties regarding well productivity and short-term funding, the market is valuing Ascent’s gas resources at a significant discount to our very conservative risked ....