Issue of Convertible Notes

RNS Number : 7760K

Ascent Resources PLC

21 July 2011

 



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

21 July 2011

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

Issue of Convertible Notes

Ascent Resources plc, the AIM-traded oil and gas production and exploration company, has placed convertible loan notes with existing Italian creditors to raise €552,525 with an option to issue a further €70,000 of convertible loan notes in the future for additional services.  The proceeds will be used to advance work on the Company's Italian portfolio.

The unsecured loan notes, which carry interest of 8.5% per annum, are convertible into ordinary shares of 0.1p each in the Company ('Ordinary Shares') at a conversion price of 12 pence per Ordinary Share on or before the 31 December 2013, reflecting a premium to the closing share price on 20 July 2010 of approx. 310%.  The loan notes may be repaid for their principal value plus any outstanding interest at any time by the Company.

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

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Scott Richardson Brown
Sarah Wharry	finnCap Ltd (NOMAD & Broker)	Tel: [phone]
Henrik Persson
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Felicity Edwards

Notes:

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands.  Its 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 would be offshore.

 

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