Has anyone seen this? It was dug out by someone on advfn, not...

Has anyone seen this? It was dug out by someone on advfn, not sure who. So why no rns from HDR?

RNS Number:1782J
Ascent Resources PLC
01 March 2005

Ascent Resources plc



Acquisition of interests in Gabon Production Sharing Contracts



Board Changes



Ascent Resources plc ("Ascent") has entered into an agreement with Hardman
Resources Ltd ("Hardman") to acquire two wholly owned subsidiaries, Gabon
Investments (Iris Marin) Pty Ltd and Gabon Investments (Themis Marin) Pty Ltd.
These companies hold a 12.86% Participating Interest in the Iris Marin
Production Sharing Contract ("PSC") and in the Themis Marin Production Sharing
Contract respectively.



The Iris Marin and Themis Marin PSCs cover two shallow water exploration
concessions offshore Gabon of 902 km2 and 607 km2 respectively.



Gabon is centrally situated in the West African oil & gas province and has a
long history of oil production. It has the third largest reserves and is the
fourth biggest producer in the region. Current production from Gabon is
approximately 250,000 bopd from its onshore and offshore fields.



Both the Themis Marin and Iris Marin concessions are surrounded by proven
oilfields and are close to pipelines and production infrastructure. Since these
concessions were awarded in 1999, a 3-D seismic survey has been acquired and
from these results a number of drilling locations have been identified. The
drilling of the first of two commitment wells is planned for this summer.



The other partners in both PSCs are:



Fusion Oil & Gas NL 20.57%

Premier Oil Gabon 18.00%

Petro Oil & Gas Corp of South Africa Pty Ltd 22.86%

Sunburnt Downs Pastoral Company Pty Ltd 25.71%



Initial consideration for the acquisition will be the issue of 12 million new
ordinary shares of Ascent to Hardman. Following completion, Ascent shall
reimburse Hardman for US$515,765 of past costs. Further payments will be made to
Hardman of A$500,000 in the event of successful recovery of hydrocarbon on
testing from a well in either of the PSCs and A$700,000 on issue of governmental
approval for exploitation of either of the PSCs.



Ascent is appointing Mr Jeremy Eng to the position of Managing Director. Mr Eng
has extensive experience in the independent oil and gas sector and a wide
network of contacts within the sector. This appointment underlines the
investment strategy of the Board to position Ascent as an active investor in the
junior oil and gas sector. At the same time, James Pratt and Gary Steinepreis
are resigning from the Board.



Jeremy Eng, aged 45, has a masters degree in petroleum engineering and more than
23 years of oil & gas industry experience. He has specialised in operations and
technical management for the independent sector. After commencing his career
with Schlumberger and subsequently working for Premier, Tullow and IPC, which
has since been renamed Lundin Oil, he founded and for many years ran a
successful petroleum engineering consultancy business. Recent positions include:
CEO of a private upstream gas company and Technical Director of WPN Resources
Ltd, a Canadian junior listed oil & gas company now called Grove Energy.



Following his appointment, Jeremy Eng will be granted options to subscribe for
10 million new ordinary shares at a price of 5p per share, exercisable at any
time between the first and fifth anniversaries of grant.



Ascent has agreed to undertake due diligence on two oil & gas interests held by
Jeremy Eng and others with a view to purchasing them on commercial terms. A
further announcement will be made in relation to this potential acquisition at
the appropriate time.