Farm out Agreement and Update

Ascent Resources PLC
23 August 2006


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

23rd August 2006

                Ascent Resources plc ('Ascent' or 'the Company')
                        Farm out and Drilling Operations


Ascent Resources plc, the European focused oil and gas exploration and
production company, through its 90% owned Joint Venture PetroHungaria kft, has
entered into a farm-out agreement with DualEx Nyirseg Inc. ('DualEx'), a wholly
owned subsidiary of DualEx Energy International Inc. of Canada (TSX-V: 'DXE').
The companies will jointly explore and develop the hydrocarbon resources of the
Nyirseg Del and Nyirseg Szatmar exploration permits in the Pannonian Basin in
North Eastern Hungary.

Under the terms of the Agreement, DualEx will reimburse some of the historical
exploration costs and fund 75% of the costs of drilling two wells to earn a
37.5% working interest in 45% of the area of the Exploration Permits.  DualEx
also has the option to participate in two further wells to earn a 37.5% working
interest across the whole of the two permits.

The first well, Peneszlek-104 (PEN-104) is a re-appraisal well for the Peneszlek
field and has a secondary target in Pannonian sandstone formations.  The second
well, Fehergymat-1 (FGY-1), targets a gas prospect also in the Pannonian
formations.  The FGY-1 well with a planned depth of 1,100m is to be drilled
immediately after the PEN-104 well, scheduled to commence drilling in September
to a depth of 1,350m.

The Peneszlek field produced a total of 4.8 Bcf of gas from 1983 to1989 from six
wells.  The gas reservoir is in Miocene tuff sediments.  Following re-mapping
using the seismic data acquired in 2005 by PetroHungaria, it is anticipated that
the remaining reserves of this field are substantially more than previously
estimated and redevelopment studies are on-going.  During the 1980's two
satellites of the Peneszlek field were discovered and tested gas but were not
put on production at that time.

The first optional well is planned as an appraisal of one of these Peneszlek
satellite discoveries; the second optional well targets a seismically defined
(AVO) prospect in the Pannonian sandstones in the south of the permits.

Ascent has also received a Letter of Intent from a Swedish Company PetroPequnia
AB which seeks to enter in to an agreement under the same terms to farm-in for a
5% working interest by funding a further 10% of the cost of the drilling.

Besides these operations in Hungary, Ascent has four other wells planned for
Italy and Spain.  Despite delays caused both by permitting and the shortage of
equipment and services, the Company has, through its Italian subsidiary,
contracted a rig to drill the Anagni-1 and Arrone-1 wells in the Frosinone
permit of the Latina Valley and the Fiume Arrone Permit near Rome's Fiumicino
airport.  Following the drilling of these two wells it is planned to move the
same rig to Spain for the drilling of the Hontomin 4 appraisal well.  Subject to
receiving final authorization, the rig is expected on location to commence
drilling the Anagni-1 well in October 2006.  The Tozo-1 re-entry will use
another rig which is currently working on wells in the Ayoluengo oilfield in
Spain.

Ascent Managing Director Jeremy Eng said: 'The farm-out agreement in Hungary
allows us to fast-track the exploration and development of the Nyirseg Permits
and Peneszlek gasfield.  DualEx is a great partner for PetroHungaria bringing
invaluable experience and a Canadian operating philosophy to the project.  The
Hungarian farm-out generated considerable interest and served as a peer group
review to validate our seismic interpretation and geological model.

'I am also very pleased that we have the possibility of an additional two wells
to be added to our six well drilling campaign, and that two rigs are now
available to us to start drilling next month.'



                                  * * 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. These include an 88% interest and operatorship
of the only onshore Spanish oilfield which produces over 100 barrels of oil per
day. Ascent's other projects are in Italy, Switzerland, Hungary and Romania, as
well as applications offshore Netherlands. Starting late this summer Ascent will
drill six (with two optional extra) exploration wells, two (or four) in Hungary
and two each in Spain and Italy. In 2007, high impact gas exploration wells are
planned in the Po Valley in Italy and in Switzerland. The Company will also
participate in up to four non-operated exploration wells in the Aurelian led
project in Romania (5% Ascent) from which gas production and sales from the
Bilca development are to commence shortly.

With the strong and stable European gas market, the Company's portfolio is
balanced in favour of gas over oil, and with the exception of Netherlands,
projects are located onshore where operating and development costs are much less
than they are offshore.

The Company has appointed to its Board a team of experienced directors who are
specialists in the European energy business and each of whom has expertise and
experience in commercialising energy assets.  This provides the structure under
which the Company can accommodate the rapid growth that will accompany a
discovery made during this year's drilling campaign.




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