EnQuest completes the disposal of its Slovenian asset to Ascent Resources

EnQuest completes the disposal of its Slovenian asset to Ascent
Resources

Independent oil and gas production and development company, EnQuest PLC,
(“EnQuest”) announced on 21 December 2010 that it had agreed to dispose
of its 48.75% interest in the Petişovci Project (‘the Project') in
Slovenia, in return for a 22.5% equity stake (150,903,958 new ordinary
shares) in Ascent Resources plc (“Ascent”).  Ascent is an AIM traded oil
and gas exploration and production company.  EnQuest had acquired its
interest in the Project through its November 2010 acquisition of Stratic
Energy Corporation.  EnQuest now reports that it has completed this
transaction.

As a result of this completion, Ascent has issued 150,903,958 ordinary
shares in Ascent to EnQuest. 

EnQuest also has a nil-cost option to receive 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. 

EnQuest has now transferred its former interest in the Petişovci Project
to Ascent, increasing Ascent's stake in the Petişovci Concession from
26.25% to 75%.

Graham Cooper, EnQuest's Head of Business Development, has been
appointed to  the Board of Ascent as a non-executive director.

EnQuest still maintains exposure to the potential benefits of the
Petişovci project and will continue, its involvement through its
ownership in Ascent enabling EnQuest to maximise the value of this asset
for EnQuest shareholders. 

ENDS

For further information please contact:
EnQuest PLC                                                    Tel: +44
(0) 20 7925 4900          
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor Relations)
Finsbury                                                           Tel: 
+44 (0) 20 7251 3801
Andrew Mitchell
Conor McClafferty