Issue of Equity

Ascent Resources PLC
02 June 2005

                Ascent Resources Plc ('Ascent' or 'the Company')
                        'Placing to Raise £2.4 Million'

•          Raising £2,738,410 through an institutional placing
•          Aims to advance existing projects in Gabon, Hungary, Switzerland and
           Italy
•          Currently evaluating three additional projects in Spain and Italy
•          Strong technical team with oil and gas experience

Ascent Resources Plc, the AIM listed oil and gas exploration and production
company, is raising £2,738,410 net of expenses through the proposed placing (the
'Placing') of 60,184,835 new ordinary shares of 0.1 pence each in the Company at
4.55 pence per ordinary share (the 'Placing Shares'), together with one warrant
for each two Placing Shares subscribed, each warrant entitling the holder to
subscribe for one ordinary share in the Company at 5 pence per share (the '
Warrants').  The Warrants to be issued pursuant to the Placing will not be
admitted to trading on AIM.  Each Warrant granted shall be exercisable in whole
or part or in parts at any time and from time to time up to 24 months from the
date of admission of the Placing Shares to trading on AIM becoming effective in
accordance with the AIM Rules.

As part of the Placing Ascent Chairman, David Steinepreis, is acquiring a
further 2,197,802 shares in the Company, as a result of this Mr Steinepreis will
be interested in 21,447,802 shares being 10.29% of the enlarged Company.

The funds raised will enable Ascent to fund the expansion of its portfolio of
exploration and production projects in Africa and Europe and to take advantage
of further acquisition prospects.

Application has been made for the new shares to trade on AIM and it is expected
that dealings in these shares will commence on 7 June 2005.  The new ordinary
shares will rank pari passu in all respects with the existing shares in issue.
The number of shares in issue following the Placing will be 208,518,168.

Ascent Managing Director, Jeremy Eng said: 'The fund raising provides Ascent
with further institutional support and enables us to take advantage of the
opportunities being identified in the oil and gas sector across the full
spectrum of exploration and production activities. We already have a portfolio
of projects in Gabon, Hungary, Switzerland and Holland and an experienced
technical team with strong industry contacts and a proven track record to
develop them.  We have also identified other acquisition targets in Italy and
Spain which we believe have the potential to provide significant value going
forward.'

Information on Ascent

Ascent admitted to trading on AIM in November 2004 following a share placing at
1 pence and embarked on a two stage development strategy.   The first phase,
funded through the proceeds of the Placing and previous fundraisings, is focused
on operating a core of majority owned European projects, holding minority
interests in projects with high potential in Europe and Africa and spreading
risk both geographically and by commodity with a balance of oil and gas
projects. The second phase involves the acquisition of a lesser number of
interests in larger scale projects while maintaining a European/African focus.

Reasons for the Placing

Under Ascent's first phase, the existing projects are being developed from the
proceeds of the Placing and previous fund raisings. The Company has a number of
other exciting opportunities in the pipeline.  It is currently in the process of
undertaking due diligence on three other key European projects, two in Italy and
one in Spain, to spread the risk for shareholders.  A team of leading
consultants, all recognised as experienced industry professionals, have been
retained to identify opportunities meeting suitable criteria.

2 June 2005

                                  * * ENDS * *

Contacts:

Jeremy Eng          Ascent  Resources Plc               Tel: [phone]
Hugo de Salis       St Brides Media & Finance Ltd       Tel: [phone]




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