Ascent Resources Regulatory News (AST)

4 Nov 2005 07:00

Ascent Resources PLC04 November 2005 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 4 November 2005 Ascent Resources plc ("Ascent" or "the Company") Secures further production through acquisition of Teredo Oils Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, has acquired the entire share capital of Teredo Oils Ltd ('Teredo'),for a consideration of 1,500,000 new ordinary shares and cash. Teredo holds a52.5% interest in the producing Ayoluengo oil field in Northern Spain, 22.5% ofwhich is held through its wholly owned subsidiary Windsor Petroleum. Thisacquisition gives Ascent a total interest of 63.75% in the Ayoluengo field,which is currently producing c. 110 barrels of oil per day. The Ayoluengo field, which has already produced some 17 million barrels of oil,is in the Sedano basin where Ascent has recently acquired a 50% interest in theHuermeces, Valderredible and Basconcillos-H exploration permits covering a totalof 556 square kilometres. Ascent's Managing Director Jeremy Eng commented: "This is a major step forwardin our Company's development, as this acquisition of production provides us withcash flow to contribute to the running of the Company and the development of itsportfolio. As to the Ayoluengo field, we believe that with some investment, theproduction rates can be increased and reservoir engineering studies willcommence shortly with the aim of achieving this objective. "We are committed to an active work programme on our European portfolio. We arealso actively seeking further opportunities that can add value to the Companyand help us achieve our objective of becoming a mid-tier oil and gas explorationand production company." * * ENDS * * Contacts: Jeremy Eng Ascent Resources Plc Tel: 020 7251 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 This information is provided by RNS The company news service from the London Stock Exchange