Hungarian Update

Ascent Resources PLC
10 April 2007


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



10th April 2007

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

                           Hungarian Projects Update



Ascent Resources plc, the European focused gas and oil exploration and
production company, in conjunction with its 90% owned Hungarian joint venture,
PetroHungaria Kft, announces an update on its Hungarian activities.



The gasfield redevelopment project in the south west of Hungary, in association
with MOL, the Hungarian oil and gas company, has been granted project sanction
from MOL's Upstream management.  Additionally, the project has been granted by
the Ministry of Economy and Transport a reduced royalty rate of 12.46%, down
from 70% previously, for gas produced under this redevelopment initiative.
Planning for the drilling of horizontal recompletions (horizontal drilling from
an existing wellbore) continues and the availability of suitable drilling rigs
and associated specialist equipment is being checked.



In the Nyirseg project in the north east, drilling locations are being prepared
for the upcoming two well drilling programme. These wells are the option wells
under the farm-in agreement and are 79% funded by DualEx and PetroPequnia but
with PetroHungaria retaining a 60.5% working interest.  The first well, PEN-102,
is an appraisal well of a gas discovery, made in 1983, but never placed on
production. This well is targeting lower Miocene tuffaceous reservoir rocks that
produced in the Peneszlek gas field 6km to the east. In addition, the prospect
includes a shallower Pannonian Sand prospect similar to that successfully tested
in the PEN-104 discovery.  The second well, VAM-1, will test an exploration
prospect in the Vamospercs area, roughly 18 km to the southwest of the Peneszlek
field. Drilling of PEN-102 is anticipated to commence in May, immediately
followed by VAM-1.



Also in Nyirseg, a development feasibility study for the PEN-104 gas discovery
(announced on the 14 November 2006) has been completed with options currently
being assessed for bringing PEN-104 to market in 2007, subject to contract,
permitting and approvals.



Ascent Managing Director Jeremy Eng said. 'Good progress has been made on the
Company's two projects in Hungary and both of these have the capability to
increase reserves as well as to produce and sell gas in the short-term, thereby
providing additional cashflow for the Company.'



                                  * * 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 oil and gas projects across six
countries in Europe. The projects are onshore in Italy, Switzerland, Hungary,
Spain, Slovenia and offshore Netherlands.  In the current drilling campaign,
Ascent has already drilled two wells in Hungary, one of which was a gas
discovery.  The Anagni-1 well, first of two Italian wells, has been temporarily
completed as an oil discovery and is to be deepened and testing and the
Hontomin-4 well, the first of two wells in Spain is drilling at present.
Starting in May 2007, two gas exploration wells are to be drilled in Hungary.
High impact gas exploration wells are planned in the Po Valley in Italy and a
gas exploration well in Switzerland, subject to permitting and rig availability.



Ascent operates Spain's only onshore oilfield where production currently
averages over 100 barrels of oil per day.



With the 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 substantially lower than they
are offshore.








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