Ascent Resources plc – Issue of Equity

Ascent Resources plc – Issue of Equity

Ascent Resources plc, the AIM traded oil and gas exploration and production company, has, further to the announcement of 14 May 2009, issued 17,350,000 new ordinary shares of 0.1 pence each to GEM Global Yield Fund Limited as part of a draw down on the equity line of credit provided by GEM. The price of the subscription is 7.4 pence per Ordinary Share, being a discount of 9% to the average closing price over the past 15 trading days.

Application will be made for the shares to be admitted to trading on AIM on 12 June 2009.  Following the issue of the new Shares the Company’s issued share capital will consist of 322,132,042 Ordinary Shares with voting rights.

Ascent Managing Director Jeremy Eng said, “These funds will enable us to further advance the development of a number of the assets in our portfolio.  These include the drilling of the Anagni-2 appraisal well in the Frosinone exploration licence in Italy where permitting is in the final stages, planning and procurement for the drilling campaign on the Nyírség Permit in Hungary, where 3D seismic data acquired in late 2008 identified a number of additional prospects in the Penészlek area, and permitting for seismic over the Petisovci field in Slovenia, where a 3D acquisition is planned later in 2009.”

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