Frienisberg-Seeland Hermrigen gas exploration and appraisal project follows on from the gas discovery drilled by Elf Aquitaine in 1982.  The original Hermrigen well was drilled before gas pipeline infrastructure was built in the area and consequently was not developed at this time.  In April 2010 Ascent sold its 100% owned Swiss subsidiary, PEOS AG ('PEOS'), to eCORP Europe International Ltd. ('eCORP'), for a cash consideration of €8 million, together with various farm-in options on certain potentially successful discoveries.

Ascent retains the right to acquire 45% of any conventional discovery from the Hermirigen-2 appraisal well by paying 45% of drilling costs post any discovery with no obligation to participate.

Ascent retains the right to 22.5% of any discovery from certain additional conventional prospects by paying 22.5% of the drilling costs post discovery, again with no obligation to participate.