Ascent Awarded Third Swiss Exploration License

Ascent Resources plc

Ascent Resources plc, the AIM-traded oil and gas exploration and production company through its joint venture partner SEAG, has been awarded a third exploration permit in the Swiss canton of Vaud.

The exploration permit, covering an area of 735.8 square kilometers, includes the Essertines well, drilled by BEB drilled in 1962. Oil in a Jurassic Rhaetian reservoir was covered in this well, producing on test light (41.5 degrees API) oil with associated gas.

Ascent's 90% owned joint venture with SEAG (Schweizerisches Erdol AG), also has two exploration permits in the Bern canton. Each permit contains gas discovery wells drilled by Elf Aquitaine in 1972 and 1982.

An ongoing work program for Ascent’s three permits is underway at the company’s Technical Services Division in Budapest. It includes the collation of all the geological and geophysical data for the region and the reprocessing of the seismic.