EnQuest Sells 48.75% Of Peti Ovci Project To Ascent Resources

EnQuest PLC (ENQ.LN), an independent oil and gas production and development company, said Tuesday that it has agreed to dispose of its 48.75% interest in the Peti ovci Project in Slovenia, in return for a 22.5% equity stake (150,903,958 new ordinary shares) in Ascent Resources PLC (AST.LN).

MAIN FACTS:

-EnQuest acquired its interest in the Project through its recent acquisition of Stratic Energy Corporation.

-Based on Ascent's closing share price of 8.5 pence on Dec. 20 , the value of the shares which will initially be issued to EnQuest is GBP12.83 million.

-EnQuest also has a nil-cost option to acquire a further 29,686,000 new ordinary shares in Ascent, subject to certain criteria related to the successful development of the Project.

-The option will potentially allow EnQuest to benefit from the future success of the Project.

-On completion of this transaction, EnQuest will transfer its existing interest in the Peti ovci Project to Ascent, increasing Ascent's stake in the Peti ovci Concession from 26.25% to 75%.

-EnQuest has committed to a 12 month lock-in and a subsequent 12 month orderly market agreement on all of its shares in Ascent, including those resulting from any exercise of the option.

-Ascent is an AIM traded oil and gas exploration and production company.

-EnQuest Shares at 1105 GMT up 2 pence, or 1.44%, at 140.50 pence, valuing the company at GBP1.12 billion.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [e-mail]