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Ascent Resources MD snaps up 1.8 million shares at 2.75 pence

Last updated: 22:45 08 Jan 2009 AEDT, First published: 23:45 08 Jan 2009 AEDT

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Ascent Resources, the European focused oil and gas exploration and production company, said that Jeremy Eng, Managing Director purchased approximately 1.8 million shares at a price of 2.75p per share.

The share purchase nearly doubled Mr. Eng's stake to 1.25%, or 3.8 million shares.

In November, Ascent Resources announced that it had agreed to establish a ‘oil and gas asset management joint venture’ with San Severina Holdings, a Swiss based investment company. The joint venture will see Ascent provide management services to projects in return for a carried equity stake. San Severine will provide investment funding for appraisal, development and production oil & gas projects, and will commit an initial sum of €100 million to establish the division.


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