Issue of new equity

RNS Number : 4116C

Ascent Resources PLC

07 March 2011

 



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

7 March 2011

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

Issue of new equity

Ascent Resources plc, the AIM-traded oil and gas exploration and production company, has issued 6,062,579 ordinary shares of 0.1p each in the Company to YA Global Master SPV Ltd ('Yorkville'), an investment fund managed by Yorkville Advisors LLC.  The shares have been issued under the Standby Equity Distribution Agreement ('SEDA'), details of which were announced on 19 November 2010.  The shares were issued at an average of 6.6p per share to raise £400,000 for the Company which will assist the Company's working capital needs following the recent successful drilling of its appraisal well Pg-11 in Slovenia.   

Application has been made for the admission of these shares to trading on AIM and dealings are expected to commence on 10 March 2011.  The shares will rank pari passu in all respects with the Company's existing ordinary shares, including the right to receive any dividends and other distributions declared by the Company.   Following the issue of the shares the Company's total issued share capital will be 685,509,722 ordinary shares of 0.1p each in the Company.

The above figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

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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]

Notes

Ascent Resources plchas 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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