Ascent to Divest 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, to Aurelian Oil & Gas PLC for a cash consideration of EUR 2,000,000. The assets of Millennium are a 5-percent. 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-percent. 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 percent. 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."
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