Disposal

Ascent Resources PLC 08 January 2007 Ascent Resources plc ('Ascent' or the 'Company') Disposal of Romanian Interests Ascent Resources plc, the AIM-traded European oil and gas exploration and production company, has entered into an agreement to sell its wholly owned subsidiary, Millennium International Resources Corporation Limited ('Millennium'), to Aurelian Oil & Gas PLC for a cash consideration of EUR 2,000,000. The assets of Millennium are a 5 per cent. non-operated interest in three concessions in Romania. The proceeds of the sale will be used to further develop Ascent's operated European exploration and production portfolio. Millennium's Romanian assets, the 5 per cent. interest in the Brodina, Cuejdiu and Bacau concessions, although producing some gas from the Bilca development, were non core to the Company's strategy. With a substantial appreciation in the value of the Millennium assets, the decision was taken to realise this value and to invest the proceeds in accelerating the development of Ascent's operated interests. Following the disposal, Ascent will hold interests of 50 per cent. or more in the majority of its portfolio located in Italy, Switzerland, Hungary, Spain and offshore Netherlands. From gas sales in October, November and December 2006, Millennium had a turnover (unaudited) after Government Royalty of EUR 70,000. Ascent Managing Director Jeremy Eng said: 'The increase in the value of Millennium since we acquired it in April prompted the Board to sell this non core asset and invest the proceeds in Ascent's extensive operated portfolio. We are currently drilling our third well in as many months. When the rig has finished in Italy, it will move to Spain to continue drilling. Despite our high level of activity, and with more Hungarian and Italian drilling already planned, Ascent's portfolio includes 15 operated projects that will remain undrilled at the conclusion of this campaign.' * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes Ascent Resources has a portfolio of 20 oil and gas projects across five countries in Europe. The projects are onshore in Italy, Switzerland, Hungary and Spain and offshore Netherlands. Ascent is at present drilling a programme of six exploration wells. Two have already been drilled in Hungary, one of which was a gas discovery. The first of two Italian wells is currently drilling ahead and two further wells are scheduled for Spain. Later in 2007, two gas exploration wells are to be drilled in Hungary, high impact gas exploration wells are planned in the Po Valley in Italy, and one well in Switzerland subject to permitting and rig availability. Ascent operates Spain's only onshore oilfield where production currently averages over 100 barrels of oil per day. 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 have 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. This information is provided by RNS The company news service from the London Stock Exchange