Strategy

Ascent Resources operates only in Europe where it enjoys the multi-fold benefits of:

• Highly profitable oil and gas development projects;
• Well developed infrastructure with deregulated local market access;
• Political and financial stability.

Ascent Resources operates a portfolio approach with no single project dominating either a country or the Group. Ascent Resources' project selection criteria include:

• Projects in proven hydrocarbon basins;
• A spread of exploration, appraisal and development projects;
• High initial equity interest to farm-down for exploration or appraisal funding;
• Minimising exploration risk by targeting working petroleum systems.

Ascent Resources' business model is to operate in each country with in-country management or equity partners. The organisation in each country is tailored to the local conditions, regulations and business practices.

Ascent Resources will generate and maximise value:

• Initially by proving and upgrading reserves through an active drilling programme;
• Then, by building production cash-flow through development of reserves.