🕐04.11.10 - 09:54 Uhr

Ascent Resources plc Completes sale of Görbeháza-1 discovery in Hungary



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 4 November 2010 Ascent Resources plc (Ascent or the Company) Completes sale of G�rbeh�za-1 discovery in Hungary
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has completed the sale of its 20.167% interest in the western part of the Ny�rs�g Szatm�r permits in Hungary, known as the Panhandle, which contains the G�rbeh�za-1 (GH-1) gas discovery.

Ascent will initially receive a cash consideration of US$300,000 and additionally pro rata payments, net to Ascent, of US$300,000 per Bcf will be made once the cumulative production from GH-1 exceeds 1 Bcf (28.31 MMm3).

The other minority partners in the licence, DualEx Ny�rs�g Inc.

and Swede Resources AB have also divested their interests on similar terms. The proceeds will be used for the development of Ascents European portfolio, which includes assets in Italy, Slovenia and Hungary and in particular the Peti�ovci-Lovaszi project area on which the Company recently announced an independently verified P50 estimate of gas-in-place of 412 Bcf (11.7 Bm3; 68.7 MMboe). The sale of the interest was to existing project partners Hungarian Horizon Energy (HHE) and JKX plc (JKX) who operate the nearby Hajd�n�n�s gasfield, where the G�rbeh�za gas is processed and sold to the main pipeline.

The G�rbeh�za-1 well was drilled in August 2009 and tested gas from the first of two gas zones targeted for completion, at a rate of 3.74 MMscfd (106,000 Mm3/d).

It eventually went on production in August 2010 and average production through the first half of September was 1.66 MMscfd (50,000 Mm3/d). Ascents Managing Director Jeremy Eng said, "The exploration licence for the Panhandle area has now expired and as the production from the GH-1 well is operated and produced by HHE and JKX through its neighbouring field facilities, it makes good sense for Ascent and the other minority partners to monetise this discovery rather than to wait for the gas to be produced.

As we had mentioned previously, the benefit of 3-D seismic was instrumental in making this discovery and the PetroHungaria partners farmed out the Panhandle area to HHE and JKX for the cost of the 3-D seismic acquisition." * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905 Simon Cunningham Ascent Resources plc Tel: 020 7251 4905 Sarah Wharry finnCap Ltd Tel: 020 7600 1658 Henrik Persson finnCap Ltd Tel: 020 7600 1658 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7236 1177
Notes Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.

Its portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside.

The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.
Elisabeth Cowell St Brides Media & Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY T: +44 (0) 207 236 1177 | M: +44 (0) 7769 658 654 | F: +44 (0) 207 236 1188 | www.sbmf.co.uk



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