Ascent Resources Regulatory News (AST)

24 Mar 2005 07:00

Ascent Resources PLC24 March 2005 Ascent Resources plc RAB Energy Fund subscribes for shares RAB Energy Fund Limited has agreed to subscribe for 33,333,333 ordinary sharesof Ascent Resources PLC at a price of 4.5p for gross proceeds of £1.5 million.Application will be made for admission of the new ordinary shares to trading onAIM. Ascent Resources has further agreed to issue to RAB Energy Fund warrants topurchase a further 20,000,000 shares at a price of 5p. A well is scheduled to bedrilled in Ascent's offshore Gabon interests in August 2005. The warrants issuedto RAB Energy Fund are exercisable within of 30 days of a successful testing ofhydrocarbon in this well or within two years following the date of issue if thewell does not test hydrocarbons. Whilst some of the proceeds will be used to defray the cost the Company's shareof the Gabon well, most will be used to further the Company's projects inHungary and new ventures in Europe. Contact: Jeremy Eng Managing Director Telephone: +44 20 7251 4905 Facsimile: +44 20 8681 2680 E-mail: jeng@ascentresources.co.uk David Steinepreis Chairman Telephone: +44 7913 402 727 E-mail: dcs@ascentcapital.com.au www.ascentresources.co.uk This information is provided by RNS The company news service from the London Stock Exchange