Placing & Operational Update

Ascent Resources PLC
14 November 2007


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

                Ascent Resources plc ('Ascent' or 'the Company')
                         Placing and Operational Update


Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has placed convertible loan notes with institutional funds managed by
CIM Investment Management to raise £2.5 million. The proceeds will be primarily
used to advance the redevelopment of the Bajcsa gasfield in south western
Hungary as well as for the Company's general working capital and capital
expenditure requirements.

The loan notes, which carry interest of 8.5 per cent. per annum, are convertible
into 12,500,000 ordinary shares of 0.1p each in the Company ('Ordinary Shares')
at a conversion price of 20p per Ordinary Share on or before November 14th 2010.
The loan notes have a call option at 40p per share and interest is to be paid
twice annually in arrears.  The holder of the loan notes will also be issued
4,375,000 warrants for Ordinary Shares in the Company at an exercise price of
30p per Ordinary Share and exercisable on or before November 14th 2010.   The
average closing mid price of an Ordinary Share over the last 25 days was 17.3p.

Operational Update

Hungary

The main purpose of this convertible loan is to enable Ascent to fast track its
Hungarian gas development projects.

In the Bajcsa redevelopment, being carried out in conjunction with partners MOL,
the first horizontal recompletion is planned to commence, subject to rig and
equipment availability, towards the end of December 2007 and to take about a
month to complete. As a recompletion, this well will have the capability of
immediately being put into production and therefore to generate cashflow from
gas sales.

In the Peneszlek development, the first 20km of the 31km export pipeline has
been satisfactorily pressure tested and the final section is now being tested.
It is planned that three wells, including the PEN-104 discovery, will be
incorporated in to the first phase of development.

Italy

A new operating permit has been issued by the Italian authorities for the
continuation of the Anagni-1 test operations and for a plug-back at the bottom
of the open-hole section before January 31st 2008.  The latest information from
the core samples taken from the well indicates that there is mobile oil in the
well down to 1,205m. The deepest core taken at 1,350m appears to contain
residual oil. To ensure a conclusive test result and to investigate only the
more prospective interval, it is planned to completely isolate the deeper
residual oil section by plugging-back from the bottom of the well to 1,170m.

To date, about 75 per cent. of the fluids lost while drilling have been
recovered, and pumping has now been suspended pending the arrival of a
lightweight workover rig, expected early December 2007, to carry out the
plug-back operation in the well.

In the Ascent operated Cento and Bastiglia permits in the Po Valley, Ascent is
continuing with the planning and permitting of the Gazzata-1 well. It is
intended that this well will be one of the first wells to be drilled by the new
rig under order by Perazzoli Drilling, the drilling contractor in which Ascent
holds a 22.5 per cent. equity interest.

Switzerland

Following the approval of the reverse takeover by Leni Gas and Oil plc's
shareholders, their farm-in to the Ascent operated Swiss Seeland-Frienisberg
Permit (in addition to the sale of Ascent's Spanish oil assets) can now proceed.
 The partner group plan to agree the location of the first well to be drilled as
soon as possible.  A drilling slot for the new-build Perazzoli Drilling rig is
also reserved for this well.

Ascent Managing Director Jeremy Eng said, 'Good progress is being made by Ascent
on a number of fronts.  Although operations in Anagni-1 are frustratingly slow,
the results to date are encouraging, especially the latest information from the
cores which appears to show oil down to at least 1,205m and therefore may
indicate a substantial oil column.  If production can be initiated in our two
Hungarian projects and we drill both the Swiss and the Italian Po Valley wells,
then 2008 is shaping up to be a very important year for Ascent.'

The information contained in this announcement has been reviewed and approved by
Gavin Ward, Ascent's Exploration Manager (member of the Association of American
Petroleum Geologists) who has 19 years relevant experience in the oil and gas
industry.

                                  * * 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.


                      This information is provided by RNS
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