Re San Severina Agreement

RNS Number : 7505D

Ascent Resources PLC

08 December 2009

 



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

8 December 2009

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

Termination of San Severina Asset Management Agreement

Ascent Resources plc, the AIM-traded oil and gas production and exploration company, announces the termination of the Asset Management Agreement with San Severina Holdings SA ('San Severina'), a Swiss based investment company.  

Both parties agreed that following the recent untimely death of the San Severina Executive Chairman, who was instrumental to the relationship, the agreement for the joint acquisition of minority interests in producing and development, or appraisal stage oil and gas assets was no longer likely to be beneficial to either party.

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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]
Paul Youens	St Brides Media & Finance Ltd	Tel: [phone]
Lindsay Mair	Astaire Securities	Tel: [phone]
Jerry Keen	Astaire Securities (Corporate Broking)	Tel: [phone]
Toby Gibbs	Astaire Securities	Tel: [phone]

Notes

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they are offshore.  

 

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