Update re Jolly Ranch Project

RNS Number : 9748T

Ascent Resources PLC

16 June 2009

 



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

16th June 2009

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

Update re Jolly Ranch Project Agreement

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, notes the announcement issued by Nighthawk Energy plc ('Nighthawk') regarding the termination of the Purchase, Sale and Option Agreement between San Severina Holdings SA ('San Severina'), Running Foxes Petroleum Inc. and Nighthawk Production LLC ('the Agreement'), in respect of the sale of a minority interest by Nighthawk in the Jolly Ranch Project ('the Project'). 

Ascent, through its asset management joint venture business with San Severina, was to be assigned a 4% interest in the Project on completion of the transaction.  San Severina has advised that failure to settle the initial consideration required under the agreement was due to delays in monetising long term financial assets required for the transaction. 

The Company continues to assess a number of other transactions in conjunction with San Severina with a view to acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

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For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent    Resources plc	Tel: [phone]
Hugo de Salis Chris Welsh	St Brides Media & Finance Ltd St Brides Media & Finance Ltd	Tel: [phone] Tel: [phone]
Max Hartley	Cenkos Securities plc	Tel: [phone]

Notes

Ascent Resources plc has a diversified portfolio of some 20 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. Ascent also has an oil and gas asset management joint venture with San Severina Holdings SA, a Swiss based investment company, which is focused on acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.

 

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