Spanish Update

Ascent Resources PLC
04 December 2006


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

4 December 2006


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

                   Spanish production and exploration update


Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has made significant progress with its production and exploration
activities in the Sedano Basin in Northern Spain, which it believes has
considerable upside potential. The Company has stabilised production from the
Ayoluengo field, obtained permits for two appraisal wells to be drilled in known
oil bearing structures in its exploration areas and submitted an application for
contiguous exploration acreage with known gas potential.


Last week, the Official Gazette of Spain published the final approval of the
transfer of the 25% interest in the La Lora Concession from Petroleum Oil and
Gas Espana to Ascent's affiliate NPEL (as announced on February 14th, 2006). As
part of the consideration, Ascent is issuing 562,967 New Ordinary Shares at 12
pence per share (value of €100,000). Accordingly, application has been made for
the admission of these new shares to trading on the AIM market where they will
rank pari passu with the existing ordinary shares of 0.1 pence each in the
Company. Dealings in the New Ordinary Shares are expected to commence on
December 6th, 2006.


Production on the Ayoluengo oilfield within the La Lora Concession (Ascent:
88.75%, Gold Oil plc: 11.25%) has been maintained at over 110 barrels of oil per
day for the past eight months (November average: 116 bopd) following the summer
implementation of a workover programme designed to improve well efficiency.
Further production enhancements are being planned to increase production and
further improve profitability by Q2 2007 including additional workovers, new oil
production technology and enzyme treatments for enhanced oil recovery.


On the exploration front, permits for drilling have been granted for the
Hontomin-4 Well in the Huermeces Concession and the Tozo-1 Well in the
Basconcillos 'H' Concession. Drilling will commence when the drilling rig
arrives from Italy after drilling the Anagni-1 Well, which is scheduled to spud
this week. Seismic interpretation is on-going in the Valderredibles concession
to map oil bearing prospects in that area.


Through its newly incorporated operating company, Compania Petrolifera de Sedano
(CPdS), Ascent has submitted an application for exploration acreage to the east
where two wells have discovered deep high pressure gas. Ascent, as in the other
exploration areas, has a 50% interest in this Rocamundo application.

Ascent's Managing Director Jeremy Eng said, 'We are making good progress in
Spain. The Company benefits from the steady cash-flow from the Ayoluengo
oilfield and the prospect of higher production rates from the field and
additional reserves from the new wells provides considerable upside. The
expansion of the exploration areas demonstrates the viability of an exclusively
European portfolio where there are still plenty of unlicensed opportunities to
be exploited.'


                                  * * 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]

Hugh Oram Nabarro Wells & Co. Limited Tel: [phone]


Notes

Ascent Resources has a portfolio of over 20 oil and gas projects across six
countries in Europe. The projects are onshore in Italy, Switzerland, Hungary,
Spain and Romania and offshore the Netherlands. Ascent is currently drilling a
programme of six exploration wells, two in Hungary and two each in Spain and
Italy. In 2007, high impact gas exploration wells are also planned in the Po
Valley in Italy and in Switzerland. Ascent plans also to participate in up to
four non-operated exploration wells in the Aurelian Oil & Gas PLC led project in
Romania (5% Ascent) where gas is produced from the Bilca development. Ascent
also produces over one hundred net barrels of oil daily from Spain's only
onshore oilfield.


With the strong and stable European gas market, Ascent's portfolio favours gas
over oil and, with the exception of the Netherlands, all of its projects are
located onshore where operating and development costs are substantially lower
than they are offshore.


Ascent's directors are specialists in the oil and gas business and each director
has expertise and experience in commercialising energy assets. The Company's
Board and Executive Management provide the basis upon which Ascent can
accommodate the rapid growth that the Company plans in the short term.



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