Ascent Resources Provides Half Year Review, Slovenian Assets To Bolster Production

Ascent Resources plc, the AIM listed European oil and gas production and exploration company, today announced its unaudited interim results for the six months ended 30 June 2011.

Highlights

• Slovenian appraisal drilling at Ascent operated Petišovci Project completed;

1. Two deep wells drilled as planned
2. Middle Miocene reservoirs present and gas bearing as evaluated by RPS
3. Pg-11A - discovered 114m new net pay in deeper Miocene reservoirs, Pg-10 - confirmed lateral extent of the discovery with 123m net pay in deeper Miocene reservoirs

• Slovenian gas production now anticipated mid 2012
• Commerciality report undertaken by PDC demonstrates significant expected value in Petišovci Project
• Acquired additional 48.75% interest in Petišovci from Enquest
• Raised £17m in an equity placing to rapidly advance the Petišovci Project to early gas production
• Fracture stimulations on Pg-11A and Pg-10 being undertaken shortly by Halliburton which will be funded from existing cash resources
• Cash flow continues from gas production at the Penészlek project in eastern Hungary
• Hermrigen-2 drilling and site construction permit has been received from Swiss authorities

Ascent managing director Jeremy Eng said: "Considerable progress has been made during the period under review, notably at our Slovenian operations where Ascent operates the Petisovci Project and holds a 75% interest alongside partner and concessionaire, Geoenergo d.o.o. The successful raising of £17m from UK institutional investors in March has allowed the second phase of the drilling campaign at the Petišovci project to be largely completed. The two wells drilled this year have discovered 114m new net pay at the Pg-11A location and confirmed 123m of net pay in the deeper Miocene reservoirs at Pg-10, of which 63m was of moderate to good sand quality. These positive results validate our strategy and we now look forward to the fracture stimulation of the two wells and exploiting their commercial potential in the near future. Once the results of the fracture stimulation have been fully interpreted, it is expected a detailed field development plan will be drawn up for long term production.

"The outlook in the medium and long term for European energy prices is favourable and the successful drilling campaign during the period at Ascent's gas assets in Slovenia puts us in a strong position to commercialise what I believe will be a game changing asset for us."

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