Oil and gas hopeful Ascent Resources, chaired by Australian entrepreneur David Steinepreis, plans to raise £2.7 million to develop prospects in West Africa and Europe.

AIM-quoted Ascent, which is backed by the ubiquitous Bruce Rowan, is to offer 60.2 million shares in a placing at 4.55p, with one 5p warrant for every two shares. Steinepreis is subscribing to the placing, which, says managing director Jeremy Eng, should provide the company with institutional backing.

Already involved in projects ranging from Gabon to Holland, Hungary and even Switzerland, London-based Ascent, which switched brokers in April from Nabarro Wells to WH Ireland has 'also identified other acquisition targets in Italy and Spain'.

Ascent shares, which floated on AIM in November after a placing at 1p, have performed strongly and are now quoted at 5p, down 0.25p this morning. They could well repay a flutter if enough of the company's projects bear fruit.