Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 27 November 2009 Ascent Resources plc (‘Ascent’ or ‘the Company’) Placing to raise £6 million of development funds and notice of EGM
Ascent Resources plc, the AIM-quoted oil and gas production and exploration company, has conditionally raised £6 million (before expenses) by way of a placing by Astaire Securities plc (‘Astaire’) of 120,000,000 new ordinary shares of 0.1 pence each in the capital of the Company (‘the Placing Shares’), with new and existing shareholders at a price of 5 pence per Placing Share (‘the Placing Price’) (‘the Placing’).

The funds raised will be used to accelerate the development of the Company’s balanced portfolio of European oil and gas production and exploration projects.
Ascent Managing Director Jeremy Eng said, “Our business model of investing primarily onshore in Europe has proved popular with investors.

Naturally, the fact that our last four drilling programmes have all been successful has also ensured support from new and existing shareholders.

Not only does the Placing strengthen our institutional shareholder base, but it also enables us to implement our 2010 development plan, which is focussed on proving up reserves and increasing production.
“Our priority is to realise near term value and therefore the funds from the Placing will be applied to those projects that can produce near term cash flow.

With this in mind, a key focus will be the Petişovci oilfield in Slovenia where preliminary results from the 3-D seismic are above our expectations; new prospects are available for drilling and there is near term potential for production in 2010.”
Ascent’s main focus for 2010 is in Hungary and Slovenia.

Gas production from the Penčszlčk area is expected to be from five wells by mid-2010 and should provide a substantially higher revenue stream compared to the revenue generated by production from a single well during 2009.
In order to issue all of the Placing Shares, the Company needs to increase its authorised share capital - therefore the Placing is being effected in two stages.

Under the first stage, the Company intends to issue 35,800,000 of the Placing Shares raising gross proceeds of £1,790,000 (before expenses) ("First Placing").

The First Placing is subject to the admission of the First Placing shares to trading on AIM, which is expected to take place on 4 December 2009.


Following the Extraordinary General Meeting, the Company intends to issue a further 84,200,000 of the Placing Shares raising gross proceeds of £4,210,000 (before expenses) ("Second Placing").

The Second Placing is conditional on the relevant resolutions being duly passed by Shareholders at an Extraordinary General Meeting, scheduled for 14 December 2009 to authorise the issue of the Second Placing Shares, and on admission of the Second Placing Shares to trading on AIM which is expected to take place on 15 December 2009.
All of the Placing Shares will, when issued, rank pari passu in all respects with the Companys existing ordinary shares in issue, including the right to receive any dividends and other distributions declared by the Company.

Following the Placing, the Companys total issued share capital will be 500,132,042 ordinary shares of 0.1p each in the Company.

The Placing Shares will represent approximately 24% of the enlarged issued share capital of the Company.
Ascent is proposing to convene an Extraordinary General Meeting to, inter alia, increase the Board’s authority to allot the Company’s share capital on 14 December 2009 at 2.00pm at the offices of Sprecher Grier Halberstam LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG.
The circular convening the Extraordinary General Meeting is being sent to Shareholders today, and a copy will be available shortly on the Companys website www.ascentresources.co.uk.
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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 7236 1177 Paul Youens St Brides Media & Finance Ltd Tel: 020 7236 1177 Lindsay Mair Astaire Securities Tel: 020 7448 4400 Jerry Keen Astaire Securities (Corporate Broking) Tel: 020 7448 4492 Toby Gibbs Astaire Securities Tel: 020 7448 4400
Notes Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.

Ascents 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 are offshore.

Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focussed on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.
Paul Youens St Brides Media & Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY T: +44 (0) 207 236 1177 | M: +44 (0) 7989 384 551 | F: +44 (0) 207 236 1188 | www.sbmf.co.uk
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