Ascent Resources Regulatory News (AST)

16 Sep 2005 13:32

Ascent Resources PLC16 September 2005 Ascent Resources Plc / Epic: AST / Index: AIM / Sector: Oil and Gas Ascent Resources Plc ("Ascent" or "the Company") Acquisition in Gabon Ascent Resources Plc, the AIM quoted oil and gas exploration and productioncompany, through its wholly owned subsidiary Ascent Gabon Limited, has beenawarded a 20% interest in a one year technical evaluation agreement for theIbekelia Permit in partnership with Sterling Energy (Operator) and Pan-OceanEnergy Corporation each with 40%. The 673 square kilometres Ibekelia Permitlies between the Iris Marin and Themis Marin permits in which Ascent has a 1.75%net profits interest and is adjacent to the Olowi Marin oilfield. Subject topartner and governmental approvals, Ascent will assign 50% of this interest (10%net) to Afren plc and Ascent will therefore retain a 10% working interest in theIbekelia Permit. * * ENDS * * Issued on behalf of Ascent Resources Plc by St Brides Media & Finance Ltd, 46Bedford Row, London, WC1R 4LR. Contacts: Jeremy Eng Ascent Resources Plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes: Ascent Resources Plc is an AIM quoted oil and gas company with a primary focusin Europe. Since being founded in November 2004, Ascent has assembled aportfolio of exploration assets that include majority interests in eightexploration permits. Applications for a further two are in progress. Ascentconsiders the full spectrum of projects covering exploration, early stagedevelopment and production. The Company has an experienced technical team withstrong industry contacts and a proven track record. They have implemented astructured two phase development strategy: Phase 1 is to develop the core ofEuropean projects; while Phase 2 is to acquire a lesser number of larger scaleprojects across a wider geographical range. The Company now has a 90% interestsin projects in Hungary (gas), Switzerland (gas & oil), and Holland (gas), a 100%interest in an Italian gas exploration project and a 70% interest in Italian oilexploration as well as the royalty and working interests in Gabon. The balanceof oil and gas assets and the geographical spread of projects mainly in netenergy importing countries are designed to mitigate the risk in commodity pricefluctuation and changes in global energy politics. This information is provided by RNS The company news service from the London Stock Exchange