Stmnt re Share Price Movement

12 Jul 2007 16:18

Ascent Resources PLC12 July 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas Ascent Resources plc ("Ascent" or the "Company") Statement re share price movement Ascent Resources plc, the AIM-traded European focussed oil and gas explorationand production company, notes the recent rise in its share price. Further tothe announcement on 28 June 2007, the Company is drilling the Anagni-1 well inItaly and has just commenced logging the well. The Company will completelogging in the coming days and, following preliminary analysis, it plans toupdate the market early next week. * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes: Ascent Resources has a portfolio of over 20 gas and oil projects across sixcountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,Spain, Slovenia and offshore Netherlands. Ascent is at present drilling aprogramme of exploration wells across its portfolio. The Company operatesSpain's only onshore oilfield where production currently averages over 110barrels of oil per day. With the stable European gas market, Ascent's portfoliofavours gas over oil. With the exception of the Netherlands, all of its projectsare located onshore where operating and development costs are substantiallylower than they are offshore. This information is provided by RNS The company news service from the London Stock Exchange