Italian Farm-in

Ascent Resources PLC
06 December 2007

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



6th December 2007



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

                 Italian Po Valley Gas Project Farm-Out Update



Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has entered into an agreement whereby Otto Energy Limited ('Otto') will
participate in the farm out of a 50% interest in the 828 sq km Cento and
Bastiglia exploration permits in the Po Valley of Italy.  The first of two wells
is scheduled to be drilled in the second half of 2008 and targets the Gazzata
prospect, which has a third party estimated recoverable reserve of over 100 Bcf
of gas.



The new agreement supersedes the farm-in agreement with Deltana, previously
announced on 1 August 2007.  The terms remain essentially unchanged with Deltana
and Otto paying a contribution towards the project back costs and the purchase
of existing seismic data.  Deltana and Otto will also pay 100% of the cost of
the first exploration well and 100% of the cost of a second exploration well if
the first well discovers commercial quantities of gas.  The future value of the
farm-in package amounts to circa €13 million.



Ascent Managing Director Jeremy Eng said, 'The latest phase of exploration in
the Po Valley uses state-of-the art techniques in seismic processing, which
still further improves the already impressive success rate in gas exploration in
the region.  The Cento and Bastiglia permits, which are among the largest in the
area, have multiple exploration targets as well as established infrastructure
close to hand.  This farm-out again confirms the strength of Ascent's strategy
and demonstrates the depth of the Company's portfolio of European projects.'



The Po Valley, which extends across the northern part of Italy from Turin in the
west to Venice and Ravenna in the east, is the one of the most productive areas
for gas and oil onshore Europe.  Since the 1950s, over 130 fields have been put
on production.  Ascent's exploration permits are centrally located near the
cities of Modena to the south, Mantova to the north and Bologna to the south
east.



Otto Energy Limited is an Australian public company with projects in Turkey,
Argentina and the Philippines.  The division of the 50% participating interest
between Otto and Deltana are subject to an agreement between those two companies
and their participating interests are to be finalised by 31st March 2008.



                                  * * 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]
Max Hartley             Cenkos Securities plc                 Tel: [phone]



Notes

Ascent Resources plc has a portfolio of 20 hydrocarbon exploration and
development projects across six countries in Europe: Italy, Switzerland,
Hungary, Spain, Slovenia and Netherlands.  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.



Glossary

Bcf             Billions standard cubic feet of gas, a measurement of gas volume
AAPG            Association of American Petroleum Geologists




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            The company news service from the London Stock Exchange