Spain Drilling Update

Ascent Resources PLC 30 April 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas 30th April 2007 Ascent Resources plc ('Ascent' or the 'Company') Results of Drilling Operations on Huermeces Licence Onshore Spain Ascent Resources plc, the AIM-traded oil and gas exploration and production company, in conjunction with its 50% partner Tethys Oil AB, has completed the drilling of the Hontomin-4 well in Spain. Following the analysis of the log data, the well is now to be plugged and abandoned, with the drilling rig then returning to Italy to continue the evaluation of the Anagni-1 oil discovery announced in January. Ascent Resources CEO, Jeremy Eng, said, 'Whilst the Hontomin-4 well could have provided us with profitable incremental production because of its proximity to the Ascent operated Ayoluengo oilfield, the relatively small reserves targeted by the well minimises the impact on the value of the Company's portfolio. Elsewhere, our drilling campaign progresses; in Hungary drilling has restarted on the first of two Nyirseg wells and in Italy, the Arrone-1 exploration well is planned to be drilled immediately after the rig has completed its work on the Anagni-1 re-entry'. The Hontomin-4 well was drilled to a depth of 1,610 metres and although the target Lower Jurassic clastics and the Triassic Carniolas carbonates were present, they did not contain oil. The well was drilled into the underlying Triassic Keuper evaporites. Preliminary analysis suggests that the complexity of the faulting in the formations above the target has resulted in the lack of an adequate seal for the reservoir. The well, equally funded by Ascent and Tethys, is expected to be on budget despite delays caused by extreme weather conditions with heavy snow on the location at the end of March and the failure of drilling contractor equipment, particularly the mud pumps. The Ayoluengo oil field is producing at an average rate of over 110 barrels per day and production enhancement programmes on the field continue. In the nearby Basconcillos-H exploration permit, again in conjunction with Tethys, the planned re-entry of the Tozo 1 well, to test some 30 m of good hydrocarbon shows in the Cretaceous Purbeckian sands, has been postponed for operational reasons. The information contained in this release has been reviewed and approved by Dr Eloi Dolivo, Ascent's Exploration Manager. Dr Dolivo (member of the AAPG) has 26 years experience in the evaluation of hydrocarbon resources. * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes: Ascent Resources has a portfolio of over 20 gas and oil projects across six countries in Europe. The projects are onshore in Italy, Switzerland, Hungary, Spain, Slovenia and offshore Netherlands. Ascent is at present drilling a programme of exploration wells across its portfolio. The Company operates Spain's only onshore oilfield where production currently averages over 110 barrels of oil per day. 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 The company news service from the London Stock Exchange
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