Ascent Resources

Ascent Resources plc (LSE:AST) is an independent European focussed oil and gas exploration and production company. Its portfolio consists of a balance of assets providing access to low-risk development and revenue generating production projects, alongside exploration projects with the potential for higher returns. An experienced management team, implementing a defined development programme on primarily onshore projects, provides Ascent with a solid platform to grow and generate value for stakeholders. Ascent has interests in Hungary, Italy, Slovenia, Switzerland and The Netherlands.te value for stakeholders. Ascent has interests in Hungary, Italy, Slovenia, Switzerland and The Netherlands.

Ascent Resources plc is headquartered in London with subsidiaries in Hungary, Slovenia, Italy, Switzerland and The Netherlands;

Balanced portfolio providing access to low-risk development and revenue generating production projects, alongside exploration projects with the potential for higher returns;

European onshore focus provides:

• Cost effective evaluation, development and exploration
• Strong market for production, particularly gas
• Well developed infrastructure
• Stable fiscal, legal and political framework

Ascent is the Operator for most of its projects using local operating entities maximising their expertise

Funding approach is centred on debt/equity funding for development projects and farm-outs for exploration projects to mitigate risk

Ascent has a high calibre board and management team providing a wealth of experience, commercial experience and access to world class technical resources.

STRATEGY

• Pursue low cost onshore oil and gas assets with high upside potential primarily in western and central Europe;
• Prioritise 'Reserve Growth' over production although expecting to be cash flow positive in 2010
• Operate projects utilising 'Local Operating Entities'
• Utilise modern exploration and development techniques -3D seismic use provided 100% success in last 4 wells
• Funding approach centred on debt/equity funding for development projects and farm-outs for exploration projects to mitigate risk
• Disciplined capital management funding approach

For information about Ascent Resources' Environmental, Health, Safety & Social Responsibility Policy click here.

Development & Redevelopment

Nyírség - Penészlek Area Development
Within the NyÍrség exploration permits of eastern Hungary, Penészlek  is a shallow, conventional reservoir, gas production, appraisal and exploration project.

Petişovci - Dolina Project
Ascent Resources Petişovci project is centred around the redevelopment of the tight gas reservoirs of the Petişovci field in south eastern Slovenia. This project has multiple development, appraisal and exploration targets in the tight gas reservoirs as well as in the shallower conventional oil and gas productive horizons.

Strangolagalli - Ripi Redevelopment
Ascent Resources Ripi Oilfield is is a redevelopment project for a very shallow oilfield south-east of Rome in the Latina Valley.  The field has been producing oil since the 1950’s and has been developed without the benefit of seismic.

Lovászi - Petişovci
Ascent Resources Lovászi Project in south-western Hungary is adjacent to the Petişovci Project across the border in Slovenia. Based on the regional 3-D seismic and to be merged with a new acquisition planned for April 2010, this area contains substantial tight gas reserves as well as shallower conventional oil and gas.

Nyírség - Panhandle
In the western part of the Nyirség exploration permits of eastern Hungary, the panhandle-shaped area is a gas production and exploration project targeting shallow conventional reservoirs.

Appraisal

Frienisberg-Seeland - Hermrigen Project
Ascent resources Frienisberg-Seeland project is located in the northern part of the Canton of Bern, with an appraisal well is planned for the Hermrigen gas discovery.  Within the exploration concession substantial additional gas prospects are ready to be explored.

North Sea - Blocks M10/M11
Close to the northern coastline of the Netherlands in shallow water, these two undeveloped gas discoveries were drilled in the 1980’s. An appraisal well will be required to confirm the development of these discoveries.

Frosinone Exploration Permit - Latina Valley
Ascent Resources Frosinone project is located in the Latina Valley mid-way between Rome and the Ripi oilfield. This project is focused on the search for oilfields in the Miocene carbonate platform.

Bern Canton - Linden Permit
Located in the central part of the Canton of Bern, Ascent Resources gas appraisal project is centred on the Linden gas discovery. This well, drilled in 1972, discovered gas in deep Triassic formations.

Exploration

Po Valley - Cento & Bastiglia Exploration Permit
Ascent Resources Cento and Bastiglia exploration permits are adjacent to one another in Italy’s Po Valley and contain multiple gas exploration plays.

Fiume Arrone - Latina Valley
Fiume Arrone is an Ascent Resources gas exploration project on the Latium Coast close to Rome. Situtated close to Fiumicino airport of Rome, the exploration targets are Pliocene biogenically charged gas sands.

East Slovenia - Three exploration permits
New 3-D seismic data covering 200 sq km has been acquired for Ascent Resources three permits in eastern Slovenia. Appraisal wells are planned for 2010  for this exploration joint venture which is to the north of the Petişovci/Lovaszi project.

Concordat Exploration Project - Switzerland
Ascent Resources Concordat project comprises a minority interest in an oil and gas exploration project across 10 Cantons in the north-eastern part of Switzerland.

Gros de Vaud - Switzerland
Ascent Resources Gros de Vaud  oil and gas exploration project is in the Canton of Vaud, north of the city of Lausanne.

John Kenny, Chairman

Jeremy Eng, Managing Director

Simon Cunningham, Executive Finance Director

Nigel Moore, Non-Executive Director

Cameron Davies, Non-Executive Director

Significant Shareholders  

Enquest North Sea BV                                      15.69%

Barclayshare Nominees Limited                          6.12%

TD Waterhouse Nominees (Europe) Limited       5.79%

State Street Nominees Limited                       5.46%

LR Nominees Limited                                       4.28%

Morstan Nominees Limited                               3.82%

HSDL Nominees Limited (IWeb)                          3.47%

Morstan Nominees Limited                               3.30%

HSDL Nominees Limited                               3.28%

% not in public hands  

In so far as the Company is aware, the percentage of shares not in public hands at 08 April 2011 is 0.71%. This figure includes the following holdings by directors:

Cameron Davies                                                0.03%

Jeremy Eng                                                0.58%

John Kenny                                                        0.07%

Nigel Moore                                                        0.01%

Scott Richardson Brown                                        0.02% 

The information on this page is accurate at: 08 April 2011