Ascent Resources Regulatory News (AST)

6 Apr 2006 08:40

Ascent Resources PLC06 April 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 6 April 2006 Ascent Resources plc ("Ascent" or "the Company") Acquires Romanian Gas Interests Ascent Resources plc, the AIM quoted oil and gas exploration and productioncompany, is acquiring Millennium International Resource Company ("MIRC"), aBritish Virgin Island registered company, in a cash and shares deal. MIRC holdsa 5% interest in Brodina, Cuejdiu and Bacau exploration blocks, covering 3,800km(2) of the Carpathian Thrust Belt in the north eastern part of Romania, whichis one of the country's main oil and gas producing areas. On the Brodina block, in the Bilca Development Area, three gas discoveries havebeen drilled in the last two years and first gas production is currentlyexpected at the end of July 2006. Additionally, an active exploration programmeis underway in all three blocks, including new seismic work, and it isanticipated that four exploration wells will be drilled at the end of 2006. The operator for the three blocks is UK based Aurelian Oil & Gas Limited, whichholds a 28.75% interest in Brodina and Cuejdiu and a 47.5% interest in Bacau.AIM listed Europa Oil and Gas Plc holds 28.75% in the Brodina and Cuejdiu blocksand 47.5% in Bacau, while the Romanian state gas company, Romgaz SA, holds a37.5% stake in the Brodina and Cuejdiu blocks. Ascent Managing Director Jeremy Eng said: "This acquisition gives us an entryinto a country that has excellent oil and gas potential. Within a few months itwill provide us with gas revenue additional to the cash flow being received fromthe Ayoluengo oil field in Spain." In addition to the consideration of cash and 678,906 New Ordinary Shares, Ascentwill pay a 1% net revenue interest on the Bilca Development Area. Applicationhas been made for the admission of the New Ordinary Shares to trading on the AIMmarket and dealings in the New Ordinary Shares are expected to commence on 10April 2006. The Company will issue an operations update of at the end of April, which willinclude reports on its activities in Spain, Italy, Hungary and Switzerland. * * ENDS * * Contacts: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes Ascent Resources plc has assembled an extensive portfolio of 20 oil and gasexploration and production assets across Europe since March 2005. These assetsinclude oil production from the Ayoluengo Field of northern Spain along withnearby oil and gas exploration, oil and gas exploration in Switzerland andItaly, gas exploration and tight gas reservoir re-development in Hungary, aswell as an exploration application offshore Holland and minor assets in Gabon. With the strong European gas market, the Company's portfolio is balanced infavour of gas over oil. Over the next 12 months, six exploration wells areplanned: two in Spain, two or three in Italy and one or two in Hungary.Permitting of these wells has commenced. In parallel with acquiring the oil and gas assets, the Company has appointed tothe Board a team of experienced directors who are specialists in the Europeanoil and gas business and each of whom have expertise and experience incommercialising oil and gas assets. This information is provided by RNS The company news service from the London Stock Exchange