Acquisition

22 Dec 2005 15:40

Ascent Resources PLC22 December 2005 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 22nd December 2005 Ascent Resources plc ("Ascent" or "the Company") Acquires interest in the Fiume Arrone Exploration Permit in Italy Ascent Resources plc, the AIM traded oil and gas exploration and productioncompany, has signed an agreement to acquire a 40% participating interest in theFiume Arrone Exploration Permit in Italy. Ascent is to pay 50% of the cost ofthe first exploration well and a 1% royalty on any hydrocarbons produced. The 358 sq km onshore Fiume Arrone Permit, is along the coast to the west ofRome. It contains the Roma 1 and Roma 2 wells drilled in 1955 the latter ofwhich was reported to have had shows of gas. The first well, planned to be 950mdeep, is to be drilled in 2006 and will target a gas prospect identified fromseismic. The other partners with an interest in the Permit are Italmin Exploration andJKX Oil and Gas plc. * * ENDS * * Contacts: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905Hugo 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