Award of exploration licences

Ascent Resources PLC
16 October 2006

      Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas



16th October 2006



                Ascent Resources plc ('Ascent' or 'the Company')

                 North Sea Licences awarded by Dutch Government



Ascent Resources plc, the AIM traded oil and gas exploration and production
company, through its 90% owned joint venture (JV) with GTO Limited, has been
awarded four exploration licences covering a total area of 795 square kilometres
by the Dutch Government.



The P4, M8, M10 and M11 licences were identified by the JV following a technical
evaluation by GTO and Ascent. The technical work focussed on the newly
recognised Carboniferous exploration plays as well as the traditional
Rotleigendes plays.  Gas was discovered within the M11 permit (M11-01) in 1982
following a drill programme by NAM, and was tested at a rate of 6,600 cu.m per
day (233 Mscfd) from the Upper Slochteren sandstones of the Rotliegendes (as
reported by TNO on behalf of the Dutch Ministry of Economic Affairs).  In the
area of M8, M10 and M11 a 3-D seismic survey is due for release next month and
this will form the basis for the new exploration effort.



To assist in the funding of this exploration, Ascent has agreed a farm-in from
Canadian company McLaren Resources Inc ('McLaren'), whereby McLaren will pay
62.5% of the JV costs for a 45% beneficial interest.  Also, under the terms of
the GTO JV agreement, GTO will receive 814,941 Ordinary Ascent Shares of 0.001p
at a price of 11.78p (being the average price over the past six months).



Ascent Managing Director Jeremy Eng said: 'The award of these licences in the
Netherlands adds a new dimension to Ascent.  These are the Company's first
offshore assets and they are in the shallow waters of the southern North Sea.
The exploration targets are gas reservoirs and the M11 block already contains a
gas discovery.  With Wintershall, Gaz de France and NAM (Shell-ESSO) all
operating nearby, it is our expectation that the gas potential of this area will
be developed quickly.'



Additionally, following the Letter of Intent from Swedish Company PetroPequnia
AB announced on 23rd August 2006 regarding the exploration and development of
the hydrocarbon resources of the Nyirseg Del and Nyirseg Szatmar exploration
permits in north-eastern Hungary, Ascent has finalised an agreement, whereby
PetroPequnia AB will farm-in for a 2% working interest.  They will pay a
contribution to back-costs as well as 4% of the cost of the drilling programme
with up to four wells.  The terms of the agreement are the same as those
previously agreed with DualEx Nyirseg Inc and also announced on 23rd August.
For this project, the drilling rig is currently in transit to the first drilling
location and is expected to commence drilling the PEN-104 well on 21st October
2006.



                                  * * ENDS * *



For further information visit www.ascentresources.co.uk or contact:
Jeremy Eng                   Ascent  Resources plc         Tel: [phone]
Hugo de Salis               St Brides Media & Finance Ltd  Tel: [phone]



Notes
Ascent Resources has an extensive portfolio of over 20 oil and gas projects
across six countries in Europe. The projects are onshore in Italy, Switzerland,
Hungary, Spain and Romania and now offshore the Netherlands. Ascent is
commencing a programme of six exploration wells, at least two in Hungary and two
each in Spain and Italy. In 2007, high impact gas exploration wells are also
planned in the Po Valley in Italy and in Switzerland. Ascent will also
participate in up to four non-operated exploration wells in the Aurelian Oil &
Gas PLC led project in Romania (5% Ascent) from where gas production from the
Bilca development has just commenced.  Ascent also produces about 100 barrels of
oil daily from Spain's only onshore oilfield.

With the strong and stable European gas market, Ascent's portfolio favours gas
over oil and, with the exception of the Netherlands, all of its projects are
located onshore where operating and development costs are less than they are
offshore.



Ascent's Board of Directors are specialists in the oil and gas business and each
director has extensive expertise and experience in commercialising energy
assets.  The Company's Board and Executive Management provide the basis upon
which Ascent can accommodate the rapid growth that will accompany a discovery
made during the drilling campaign.




                      This information is provided by RNS
            The company news service from the London Stock Exchange