Portfolio Update

Ascent Resources PLC
06 February 2008


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

6 February 2008

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

                                Portfolio Update


Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, continues exploration and development work across its portfolio of
assets in six European countries. Seven wells have been drilled in the last two
years and a further 10 are planned over the next two years. 2008 is expected to
see gas production from the Company's Hungarian assets and work is progressing
which will also enable production from the Slovenian Petisovsci project.


Overview


   •Seven wells drilled 2006-2007 including the successful PEN-104 gas
    discovery in Hungary, which is planned to produce gas in 2008.
   •Portfolio continues to grow and improve in quality through rigorous
    management of risk and value.
   •European platform provides a balance of low risk and high potential with
    managed exposure to upside value through the mix of Development, Appraisal
    and Exploration projects.
   •Focus remains on drilling and testing to prove hydrocarbon reserves - 10
    wells planned during 2008-2009.
   •Ready access to drilling rigs as a result of 22.5% strategic interest in
    Perazzoli Drilling srl ('Perazzoli').
   •Farm-outs in place enabling acceleration of projects - further risk
    reduction and provision of exploration capital from partnerships being
    explored prior to moving focus onto development and cash flow from
    production.


Ascent Managing Director Jeremy Eng said, 'The Company's strategy is to operate
in Europe where it can benefit from highly profitable development projects, well
developed infrastructure with deregulated local market access and both political
and financial stability. In line with this, our portfolio continues to improve
in quality and value as the Company's technical staff work to reduce risk and
calibrate the value of each asset within the portfolio. As our portfolio
matures, the drilling and testing to prove hydrocarbon reserves will remain the
primary objective, with development and cash flow from production a secondary
focus.


'The Company has gained a competitive advantage in the countries of operation
and farm-outs for the time being will be the predominant source of exploration
funds. Over the past 12 months, we have used our specialist local knowledge to
acquire additional assets in Slovenia and Hungary and aim to use our minority
interest in the Italian drilling contractor Perazzoli to take advantage of the
severely limited rig market in Europe.'


Key Activities for 2008


The most important activities for 2008 are summarised below whilst the
geoscience, engineering and administration work that ultimately generates the
drilling plans continues across the portfolio.


   •Up to €14 million of third party funds through farm-outs have already
    been secured for exploration and appraisal drilling in Italy's Po Valley and
    for the Hermrigen appraisal well in Switzerland. The two wells planned in
    2008 are both to be drilled by Perazzoli's new build 200T low environmental
    impact drilling rig.
   •Two production projects in Hungary:
        •The Peneszlek gas processing facilities are being manufactured and
         the export pipeline has been successfully tested. The PEN-104 well will
         be completed in March subject to rig availability and production will
         follow shortly after.
        •The Bajcsa gasfield rehabilitation project that is anticipated to
         produce gas in 2008 is in the final stages of permitting.
   •The Szolnok exploration project with Toreador in Hungary is to drill two
    shallow gas exploration wells and to acquire 3-D seismic, all scheduled to
    start in April.
   •Acquisition of 2-D seismic in the Frosinone Permit in Italy to better
    define the Anagni structure is scheduled to commence in March 2008 and plans
    are underway to acquire regional seismic lines to improve the understanding
    of the thrust features in the south-eastern part of the permit.


Value Added During 2006-2007


Of the seven wells drilled in 2006 and 2007, the successful PEN-104 gas
discovery will commence production later this year. The results of each of these
wells are summarised below.


   •One commercial discovery:
        •PEN-104 in Hungary - currently being prepared for production
   •Two technically successful wells:
        •Arrone-1 in Italy encountered a sub-commercial tight gas reservoir
        •Anagni-1 in Italy discovered excellent quality reservoir with oil
         shows both in core samples and from testing operations
   •One suspended well:
        •PEN-102 in Hungary - awaiting additional seismic to determine
         sidetrack options
   •Three dry holes:
   • FGY-1 in Hungary - found good reservoir but no gas
   • VAM-1 in Hungary - encountered thin coals at the target depth
   • Hontomin-4 in Spain - found down-faulted reservoir below the oil water
     contact


Summaries of Projects in the Company's Portfolio


Development


Peneszleck Gasfield Development (Hungary - 52.5% interest)

Facilities construction is underway following the discovery of gas in the
Peneszlek-104 well in November 2006. The PEN-104 well is planned for completion
in March, and the facilities are to be delivered in April. Production will
commence once hook-up to the pipeline is completed and production authorisations
received. In addition to the planned tie-in of the PEN-9 and PEN-12 wells,
further appraisal of the area will be undertaken by the acquisition of circa 100
sq km of 3-D seismic including the area of the partially depleted Peneszlek
field, which is a candidate for re-development.


Bajcsa Gasfield Redevelopment (Hungary - 45% interest)

A study of the Bajcsa field subsurface over the past six months has confirmed
the presence of un-produced gas in at least two of the seven reservoirs that
have been identified. Ascent's geologists and engineers have been working on the
most cost effective way to access this gas and have considered several options
including re-entry or workover of old wells and the drilling new wells. The
project is now ready to progress and as soon as delays in the permitting have
been resolved, drilling will commence. The most attractive part of the
rehabilitation projects is that the production infrastructure is already in
place and so production can realise immediate cash flow


Petisovsci Shallow Reservoirs (Slovenia - 45% interest)

Ascent acquired an interest in these fields in February 2007 and has been
assimilating the data provided by the former operator. During the 1950s and
1960s the field underwent a trial gas and water injection programme in an
attempt to halt the decline in production. Currently, production from the field
very low and the Ascent technical team is working hard on rebuilding the
subsurface model with the intent of restarting full scale production.


Petisovsci Deep Reservoirs (Slovenia - 15.75% interest)

Ascent has recognised that the existing geological model of the deep gas field
is not adequate to plan for new production. During September 2007, Ascent worked
over the D14 well and produced minor amounts of gas following a coiled tubing
intervention on a previously untested reservoir. Ascent recognises further
prospectivity and is reworking the geological model in order to effectively
manage the exploitation potential. Further data acquisition is planned in the
D-14 well to determine its productivity.


Appraisal


Seeland Exploration and Appraisal (Switzerland - 80% interest)

Ascent has completed the geoscience work in the area and plans to drill the
Hermrigen-2 well as an appraisal to the 1982 Hermrigen-1 gas discovery. This
well tested gas from reservoirs at 2,250m but due to drilling complications it
did not reach its deeper, primary target. The Hermrigen-2 well is planned as a
3,000m vertical well that will re-test the productive gas reservoir and drill
the deeper target. It is planned to drill the Hermrigen-2 well in the second
half of 2008, subject to the issue of a construction permit and the consent of
the local community. The well will be drilled with Perazzoli's newly built,
latest generation, low environmental impact 200 tonne rig.


Offshore blocks M10 and M11 (Netherlands - 27% interest)

The blocks contain an extension of the Terschelling Noord gas field and two
discoveries drilled by the M11-1 and M10-1 wells. Ascents geologists and
geophysicists have completed their work and Ascent engineers are now studying
the flow characteristic and economic potential of the reservoir and options to
enhance the production rate. Well planning started in December last year and
Ascent is investigating the options for maximising future value in these assets
including a possible farm-out.


Exploration


Frosinone Exploration (Italy - 80% interest)

Plans for the plugging and abandonment of the Anagni-1 well have now been
submitted to the authorities. Whilst testing failed to realise more than
significant shows of oil, importantly the analysis of the oil recovered from the
well shows that the oil is similar to the oil from the Ripi oilfield located
40km to the south-east. Seismic recorded in the well to supplement the low
resolution conventional surface seismic indicated that the well was drilled in a
less than optimal subsurface location on the flank of the Anagni structure. New
seismic acquisition is planned during March 2008 and detailed mapping will be
undertaken in order to more fully assess the potential of the Anagni structure.


Cento and Bastiglia permits, Po Valley Exploration (Italy - 50% interest)

Ascent completed its technical work on the Gazzata prospect and now well
planning is underway with the Gazzata-1 well expected to spud in the second half
of 2008. Under the terms of the farm-out announced in November 2007, the first
well is fully funded as will be a second well if the Gazzata-1 well is a
commercial discovery.


Fiume Arrone exploration (Italy - 56% interest)

The Arrone-1 well, drilled in August 2007, found sub-commercial gas because the
reservoir was both thin and low permeability. The presence of all the other
requirements for a commercial gas field were conclusively demonstrated by the
Arrone-1 well and future plans are under discussion with the partners in this
project.


Szolnok exploitation Project (Hungary - 27.5% interest, subject to farm-in)

Ascent's regional work in Hungary recognised the potential of the Szolnok block
and in particular the shallow, amplitude driven plays. Two wells are to be
drilled on the Szolnok block in the first half of 2008. A 3-D seismic survey
will also be acquired to de-risk several other prospects identified in the
southern part of the block.


Nyirseg exploration project (Hungary - 52.5%)

It is expected that the 3-D seismic survey planned for the Peneszlek field area
will also provide information on the prospectivity of the area surrounding the
previous three discoveries. There is also further gas exploration potential both
in the southern and western parts of the permits where seismic reprocessing has
just been completed.


Offshore block M8 (Netherlands - 27% interest)

During the evaluation of the adjoining M10 and M11 blocks, two prospects were
identified on the M8 block in 2007. It is expected that the M11-1 and M10-1
discoveries will be the prime focus for this area and that the M8 prospects will
provide additional upside.


Rocamundo Exploration application (Spain - 50% interest)

Ascent submitted an application for exploration acreage in northern Spain during
2007 and it is expected that a licence will be issued during 2008. This permit
has previously had two deep exploration wells drilled, which encountered gas
shows.


Strangolagalli Exploration (Italy - 50% interest)

Ascent's geoscientists are progressing the interpretation of the deeper
structures in the concession which contains the Ripi oilfield currently
producing small amounts of oil from shallow reservoirs. The regional lines that
are planned to be acquired in the neighbouring Frosinone permit will continue
into the concession.


Linden Exploration and Appraisal (Switzerland - 90% interest)

The Linden-1 well was drilled by Elf Aquitane in 1972 and tested gas from a deep
Triassic reservoir. An appraisal well is being considered for this Linden
discovery but will require a large drilling unit capable of reaching a depth of
5,000m.


Vaud Exploration and Appraisal (Switzerland - 90% interest)

The Vaud concession includes numerous active oil and gas seeps and the
Essertines-1 well drilled in 1962 which tested oil from Jurassic reservoirs.
Although an appraisal of this discovery is a possibility, the exploration of
nearby Triassic gas prospects is also under consideration.


Offshore block P4 (Netherlands - 27% interest)

The geological interpretation has identified several undrilled structures and
the Company's technical experts are reviewing the future work programme for this
area.


In addition to the oil and gas assets, Ascent owns a minority (22.5%) interest
in the Italian drilling contractor, Perazzoli Drilling srl. This company owns
two rigs, a 40T Ballerini and a 100T Cosrsair 300 and has a 200T Drillmec HH200
on order. Drilling contractors are very busy in Italy and the company has a
strong order book


The technical information contained in this announcement has been reviewed and
approved by Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who
has 19 years relevant experience in the oil industry.


                                  * * ENDS * *


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

Jeremy Eng Ascent Resources plc Tel: [phone]
Hugo de Salis St Brides Media & Finance Ltd Tel: [phone]
Max Hartley Cenkos Securities plc Tel: [phone]


Notes

Ascent Resources plc has a diversified portfolio of over 20 hydrocarbon
exploration and development projects across six countries in Europe: Italy,
Switzerland, Hungary, Spain, Slovenia and Netherlands. Ascent's 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 are
offshore.




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