Ascent Resources Regulatory News (AST)

19 Jan 2006 07:00

Ascent Resources PLC19 January 2006 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 19th January 2006 Ascent Resources plc ('Ascent' or 'the Company') AGM Statement Ascent Resources plc, the AIM listed oil and gas exploration and productioncompany, held its Annual General Meeting yesterday and all resolutions were dulypassed. At the meeting, the Company's newly appointed Non Executive Chairman, John Kennysaid: "I am delighted to be here - my first public duty since I became Chairman ofAscent on 1 January. 2005 was a busy year for the Company as it assembled aportfolio of both production and exploration oil and gas assets focussedprimarily in Europe. Our current emphasis is on consolidating these projectswhich includes increasing production at our Spanish oil field and the drillingof up to six holes, with the intention of capitalising particularly on the gaspotential of our properties. Additionally we continue to look for opportunitiesin various European countries to build our portfolio and in line with this weare evaluating a number of new proposals that have the potential to fit ourevaluation criteria. With a strong balance sheet, loyal institutional support,a knowledgeable team with considerable exploration, production and commercialexperience, and a diverse portfolio, we remain excited about the Company'sfuture." Additionally at a Board Meeting following the AGM, the Directors resolved tochange the accounting reference date of the Company from 30 June to 31 December. * * ENDS * * 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 has assembled an extensive portfolio of oil and gasexploration and production assets across Europe since March 2004. 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 and stable European gas market, the Company's portfolio isbalanced in favour of gas over oil. Over the next twelve months, sixexploration wells are planned: two in Spain, two or three in Italy and two inHungary. Permitting of these wells has commenced. In parallel with acquiring the oil and gas assets, The Company has appointed tothe Board a team of highly experienced directors who are specialists in the oiland gas business and each of whom have expertise and experience incommercialising hydrocarbon, but particularly gas, assets. This information is provided by RNS The company news service from the London Stock Exchange