The Company intends to use the proceeds primarily to cover the additional costs resulting from the recent Anagni-1 oil discovery in the Frosinone Exploration Permit in Italy's Latina Valley and to increase its interest in the Frosinone Exploration permit by 10% to 80%. Other additional expenditure is planned for accelerating the development of the PEN-104 gas discovery in Hungary as well as preliminary engineering design associated with the Company's Tight Gas initiative in southwest Hungary and Slovenia.
Ascent's Managing Director Jeremy Eng said, "We have had a high level of success in the development of our portfolio during the last six months having made two discoveries from our on-going drilling campaign. The funds raised will, in the most part, be used to advance the Italian oil discovery made in the Latina Valley earlier this year and the Hungarian gas discovery made at the end of last year."
Ascent has entered into a placing agreement with Cenkos Securities plc, pursuant to which Cenkos Securities plc has, on behalf of Ascent, conditionally placed the Placing Shares with institutional investors.
Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that admission will become effective and that trading in the Placing Shares on AIM will commence on March 22nd 2007.
The total number of Ordinary Shares in issue immediately following the placing will be 290,504,891.
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, Slovenia and offshore Netherlands.
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