Hungarian JV - MOL

Ascent Resources PLC
10 September 2007



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


10th September 2007


                Ascent Resources plc ('Ascent' or the 'Company')
                 Finalises Hungarian Joint Venture with MOL RT


Ascent Resources plc, the AIM traded oil and gas exploration and production
company, through its 90% owned Hungarian company PetroHungaria kft, has signed a
Joint Development and Joint Operating Agreement with Hungarian company MOL, for
the redevelopment of the Bajcsa Gasfield in south western Hungary.  The
redevelopment project is designed to recover additional gas reserves through the
horizontal recompletion of existing wells.

The Bajcsa field is 6 kilometres south of Nagykanizsa near the Hungarian
Croatian border.  It was originally brought on stream in 1961 and has produced
from over 20 wells.  The field has seven stacked reservoirs with the majority of
production coming from two, VII/b and III.  Total production to date is circa
470 million cu. m (16.6 Bcf).  The horizontal recompletions, to be drilled from
the existing vertical wells, are designed to significantly increase production
rates and recover gas from un-depleted parts of the reservoirs.  It is planned
to drill the first two horizontal recompletions towards the end of 2007.
Importantly, because the field is already on production, gas from these wells
can immediately be delivered to market.

The Joint Venture has already completed extensive reservoir and horizontal well
studies and will jointly plan and implement the drilling of the new wells, which
will use Rotary rigs already under contract to MOL.  Incremental production will
be shared between MOL and PetroHungaria.

Ascent's Managing Director Jeremy Eng said, 'This project has many important
elements; By working in an existing producing field it will provide additional
proven reserves to the Group; it has the ability to immediately sell produced
gas without having to wait on new development approval and there are other
similar opportunities in the surrounding area, not least of which is one of the
Ascent operated Slovenian gas project at Petisovci Globocki.'


                                  * * 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 a portfolio of over 20 gas and oil projects across six
countries in Europe. The projects are onshore in Italy, Switzerland, Hungary,
Spain, Slovenia and offshore Netherlands.  The Company operates Spain's only
onshore oilfield where production currently averages over 110 barrels of oil per
day. With the stable European gas market, Ascent's portfolio favours gas over
oil. With the exception of the Netherlands, all of its projects are located
onshore where operating and development costs are substantially lower than they
are offshore.


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