Issue of Equity

Asia Energy PLC
22 October 2004

                                ASIA ENERGY PLC

                                ISSUE OF EQUITY



22nd October 2004



Asia Energy plc ('the Company'), the 100% owner of the Phulbari Energy Project
in north-west Bangladesh, today announces that it has issued and allotted
150,000 new Ordinary Shares of 10p each, at a price of 75p, to Fitel Nominees
Ltd A/c CO42255. These new Ordinary Shares are issued under the terms of the
Company's existing warrant instrument with W.H. Ireland Limited, the Company's
Nominated Adviser and Broker.



The new ordinary shares will rank pari passu with the existing Ordinary Shares
of 10p each in the Company and trading of these shares on AIM is expected to
commence on 28th October 2004.



The total number of Ordinary Shares in issue following this issue is 38,017,638.


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