Business
Update re Jolly Ranch Project
Update re Jolly Ranch Project.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n RNS Number : 9748T Ascent Resources PLC 16 June 2009 \n \nAscent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n16th June 2009\nAscent Resources plc ('Ascent' or 'the Company')\nUpdate re Jolly Ranch Project Agreement\n\nAscent Resources plc, the AIM-traded oil and gas exploration and production company, notes the announcement issued by Nighthawk Energy plc ('Nighthawk') regarding the termination of the Purchase, Sale and Option Agreement between San Severina Holdings SA ('San Severina'), Running Foxes Petroleum Inc. and Nighthawk Production LLC ('the Agreement'), in respect of the sale of a minority interest by Nighthawk in the Jolly Ranch Project ('the Project'). \n\nAscent, through its asset management joint venture business with San Severina, was to be assigned a 4% interest in the Project on completion of the transaction. San Severina has advised that failure to settle the initial consideration required under the agreement was due to delays in monetising long term financial assets required for the transaction. \n\nThe Company continues to assess a number of other transactions in conjunction with San Severina with a view to acquiring minority interests and providing investment funding for producing and development or appraisal stage oil and gas projects.\n\n\n* * ENDS * *\n\n\nFor further information visit www.ascentresources.co.uk or contact:\n\n\n\n\nJeremy Eng\n\n\nAscent Resources plc\n\n\nTel: 020 7251 4905\n\n\n\n\nHugo de Salis\nChris Welsh\n\n\nSt Brides Media & Finance Ltd\nSt Brides Media & Finance Ltd\n\n\nTel: 020 7236 1177\nTel: 020 7236 1177\n\n\n\n\nMax Hartley\n\n\nCenkos Securities plc \n\n\nTel: 020 7397 8924\n\n\n\n\n\nNotes\nAscent Resources plc has a diversified portfolio of some 20 hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, 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...