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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%Thats Sterling Energy

Premier Oil Gabon 18.00%

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

Sunburnt Downs Pastoral Company Pty Ltd 25.71%


Heres the financial details:-

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 $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.

KBC Peel Hunt Buy Recommendation plus many more.

Thanks to zooshare on ADVFN for the find.

http://www.kbcpeelhunt.com/pdfs/Oil04Mar05.pdf

Nice rise this pm, no doubt many more to come.

What do you think sww?

I think you are right.

Great opportunity for a long term gain terrific upside, we can't really lose provided we keep a watch on it.

By the way do you talk to yourself?

Mmmmm...............

It has been known.

I can change the weather too, but only locally.

Watch and I will make the sun shine Wednesday next week. (meant to say all day).

Well, have a good weekend all.

You too.

Attention men in white coats - we've found him at last. Bring the medication quickly, he's delirious and talking to himself.

This is looking good in the short term.



What do you think sww?

Dran good, glad I bought at the 60-p level.

Money in the ramp, er bank.

Quick, increase the dose - he's still at it.

LOL

lol

I'll give you a break seawallwalker! :)

BTW, where did you get a name like that? I do some of that, living close to the river banks on the east coast.

Patience is all that is required here at HNR, best smaller oil company punt around!

Good luck anyway, imo you don't need too much of it here, it's on the way up.

Hi rayrac, thanks for noticing.

You too Pond Life.

The name came from what I do most days, sea wall walking with my dog(s).

I go out along the Crouch Estuary at South Fambridge and Wallasea Island, sometimes down to Potton Island.

I totally agree about HNR, this time next year, who knows?

SWW,
Hardman is on my watch list. I am heavily invested in SEY, so I don't want more of the same, but Hardman is looking interesting on a price / assets basis and I agree that a takeout by Woodside looks increasingly likely at some stage. One problem - what do I seel to buy Hardman? I hold BUR, JKX and SEY, plus other energy industry plays such as HTG and HMY. None of these do I want to sell just at the moment.

Pondy

Pondy

I cannot advise you to sell any of those.

Leave Hardman on your watch list, take a note of the trading ranges and work out the tops and bottoms so that if you decide to take a profit on any of the others you know more or less where the bottom is if you decide to buy.

For instance, I have read that a possible trading range this year would be between 1 and 1.30 for HNR.

Bottom range before Christmas was 60p. (Thats were I bought). It may not go there again though.

It is more of the same in respect of BUR,SEY & JKX.

I would not do a swap for swaps sake.

seawallwalker

I live close to the river next (north) to yours and it's either down to Millbeach or the promenade!! I have an acquaintance or two, who live in your area (N Fambridge), we sing in the S Woodham Ferrers MVC! Try it some time, we are always on the lookout for new members! No test!:)

PS, I've just realised you are across the other side from N Fambridge...but still close enough to W Ferrers!! :)

Hi Pond Life, I'm not that keen on SEY and so I don't hold, but as seawallwalker says, it's down to you in the end. I wouldn't want to be out of HNR under any circumstance, they do unfortunately look to be T/A fodder, but last evening I watched CNBC and they interviewed the president of Exxon Mobil and he thought there would be consolidation among the larger oilers, eg, Woodside perhaps, or Unicol. Exxon (and most of the 'big boys') are stuffed with money and are on the prowl , so he inferred.

If Woody gets taken out then sure as eggs is eggs, the end is in sight for HNR! All imo of course.

Good luck anyway!

Well that put the 'stoppers' on that. It was only a suggestion seawallwalker, I'll stay with HNR! :)

Rayrac been out all day, I'll read this tomorrow.

550 miles, nackered.