Ascent Resources Regulatory News (AST)

8 Jan 2007 07:01

Aurelian Oil & Gas plc08 January 2007 Aurelian Oil & Gas PLC ("Aurelian" or "the Company") ACQUISITION OF ROMANIAN INTERESTS FROM ASCENT RESOURCES PLC Aurelian Oil & Gas PLC ("Aurelian"), the exploration and production companyfocused on Central Europe, is pleased to announce that it has entered into anagreement with Ascent Resources plc ("Ascent") for Aurelian's Romaniansubsidiary to acquire the share capital of Ascent's wholly owned subsidiary,Millennium International Resources Corporation Limited ("Millennium"). Theconsideration is a cash payment of • 2million. Millennium's sole assets comprise its 5% interests held in the Brodina, Cuejdiuand Bacau concessions in Romania, where Aurelian is already a co-venture partnerand operator. The Brodina concession contains the Bilca Gas Project, whichcommenced production in October 2006. The acquisition of Millennium willincrease Aurelian's effective share in the Brodina (and the Bilca Gas Project)and Cuejdiu concessions to 33.75%, and in the Bacau concession to 52.5%. Michael Seymour, Managing Director of Aurelian commented:"The acquisition of these interests will be important to Aurelian as itincreases our participating interests in three of four Romanian concessionswhere we have an active drilling programme planned for 2007. Drilling in ourBrodina concession is expected to commence around 1st March of this year". 8 January 2007 Enquiries: Aurelian Oil & Gas 020 7629 7986 Michael Seymour, Managing Director Frank Jackson, Commercial Director Nabarro Wells & Co. Limited 020 7710 7400 Richard Swindells College Hill 020 7457 2020 Nick Elwes Paddy Blewer www.aurelianoil.com Notes to Editors: Aurelian, was founded in November 2002, by current Managing Director, MichaelSeymour. The Company's strategy is to explore for, appraise, develop andproduce oil and natural gas reserves in Central Europe. The Company's expertise lies in identifying sound projects, negotiating with therelevant Ministries or state companies, and conducting high quality technicalwork to upgrade its projects to the point where they are ready for drilling anddevelopment Aurelian currently has projects in four countries with a diverse range of riskprofiles. In Romania, the Company is operator and holds interests in four blocks(which, after the above deal with Ascent will be); Brodina (33.75%) Cuejdiu(33.75%), Bacau (52.5%) and Suceava (50%). In Bulgaria, Aurelian has a 50%interest in the B-Golitza and B1-Golitza Blocks. In Poland Aurelian is theoperator of the Poznan East gas appraisal project in the Central LowlandsZechstein/Rotliegendes Basin with a 90% interest and is also in the process ofacquiring a 25% participation with Polish Oil & Gas Corporation in theCarpathian Bieszczady Blocks in the southeast of the country. These latterBieszczady Blocks are contiguous to a further three Carpathian blocks (Swidnik,Medzilaborce and Snina) in Slovakia where Aurelian is the operator and holds100%. The Company listed on AIM on 22 August 2006. This information is provided by RNS The company news service from the London Stock Exchange