Gas Discovery in Hungary

Ascent Resources PLC
14 November 2006

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



14th November 2006



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

                            Gas Discovery in Hungary



Ascent Resources plc, the AIM traded oil and gas exploration and production
company, announces its first gas discovery following the drilling and testing of
the PEN-104 well in Peneszlek gasfield in Hungary. The gas flowed from a
previously untested reservoir horizon and validates the Company's geological
model and seismic interpretation of the area. This in turn increases the
Company's confidence in the target horizons for the next wells to be drilled in
the Nyirseg exploration permits.



The Company's 90% owned subsidiary PetroHungaria kft, with partners DualEx of
Canada (37.5%) and Petro Pequnia of Sweden (2%), drilled and tested two
intervals in the PEN-104 well. The first interval did not flow, with some water
and gas in the tubing, but the second test produced gas at a restricted rate of
96,000 cu.m/day (3.4 MMscfd; 600 boepd). The gas rate was restricted because the
very high permeability of the formation caused a high flowing pressure (91
barg), which reached the maximum pressure rating of the separator.  The drawdown
at this rate through an 8mm choke was 3 barg and the Mining Regulations preclude
by-passing the separator under these conditions.



Ascent's Managing Director Jeremy Eng said: 'This is the first well drilled in
this area for over 20 years and it is encouraging that the well has made a new
gas discovery. The test proves our geological model and underlines the large
potential of the region. Together with our partners, we have already chosen four
other drilling locations. The choice of these locations is based on modern
seismic techniques and we feel that the methodology has been significantly
de-risked with the positive results of the PEN-104 well.'



The PEN-104 is situated on exploration permits that cover an area of 2,483 sq km
in Eastern Hungary adjacent to the Romanian border. It is a re-appraisal well
within the once productive Peneszlek gasfield and targets gas reservoirs in the
Pannonian Clastics and the underlying Miocene Tuffs.  Once the PEN-104 well has
been suspended for future production, the rig will be moved to the northern part
of the permits to drill the Fehergyarmat 2 (FGY-2) well, which is scheduled to
commence next week.



PEN-104 Testing:
                    Depth (m)              Formation                  Recovery
                Top          Bottom
Test 1         1,262         1,285         Miocene Tuff               Some water with gas
Test 2         1,064         1,068         Pannonian Clastics         Dry gas at 3.4 MMscfd



Glossary of Terms:



cu.m/day         cubic meters of gas per day

MMscfd           millions of standard cubic feet of gas per day

boepd            barrels of oil equivalent per day

barg             pressure bar gauge



The information contained in this release has been reviewed and approved by Dr
Eloi Dolivo, Ascent's Exploration Manager and Dr Clive Ninnes, Ascent's
Engineering Manager.  Dr Dolivo (member of the AAPG) and Dr Ninnes (member of
SPE) have 26 and 25 years experience respectively in the evaluation of
hydrocarbon resources.



                                  * * 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]

Hugh Oram                  Nabarro Wells & Co. Limited        Tel: [phone]



Notes:

Ascent Resources has a portfolio of over 20 oil and gas projects across six
countries in Europe. The projects are onshore in Italy, Switzerland, Hungary,
Spain and Romania and offshore the Netherlands. Ascent is drilling a programme
of six exploration wells, at least two in Hungary and two each in Spain and
Italy. In 2007, high impact gas exploration wells are also planned in the Po
Valley in Italy and in Switzerland. Ascent will also participate in up to four
non-operated exploration wells in the Aurelian Oil & Gas PLC led project in
Romania (5% Ascent) where gas is produced from the Bilca development.  Ascent
also produces a hundred barrels of oil daily from Spain's only onshore oilfield.



With the strong and stable European gas market, Ascent's portfolio favours gas
over oil and, 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.



Ascent's Board of Directors are specialists in the oil and gas business and each
director has expertise and experience in commercialising energy assets.  The
Company's Board and Executive Management provide the basis upon which Ascent can
accommodate the rapid growth that the Company plans in the short term.






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