Ascension Securities Ltd announce the application of Wharf Resources Plc to trade on the Ofex Market.

Ascension Securities Ltd (http://www.ascensionsecurities.com) are pleased to announce that Wharf Resources Plc has applied for its ordinary shares to be admitted to trading on the Ofex Market.

Wharf Resources Plc was formed in July 2005 in order to carry out oil and gas exploration and production activities in Slovakia and Australia. The company will invest in both exploration and production projects focused on oil and gas and Ascension Securities Limited have been appointed as the company’s corporate adviser.

In Slovakia, Wharf Resources Plc has acquired exploration licences over two properties:
Orvaska Polhora, which covers an area of 242 sq km and has two areas within it; and Cadca, which has a licence for an area of 205 sq km and is situated within 40km of Orvaska Polhora. The potential for hydrocarbons has been computed on a speculative basis only, and estimates that the Oravska Polhora locality could contain about 3 million tonnes of crude oil and about 15 billion m3 of gas. The Cadca locality could contain about 1.5 million tonnes of crude oil and 10 billion m3 of gas.

In Australia, Wharf Resources Plc has the right to earn up to a 60 per cent interest in an onshore exploration licence (EP 389) in the Northern Perth basin of Western Australia, under a farm-in agreement with Empire Oil Company (WA) Limited. A 25% working interest will be earned on payment of A$700,000 (approximately GBP300,000) by 20 May 2006. If a decision is taken to drill an exploration well, the company may earn a further 35% working interest on payment of a further A$4,000,000 (approximately GBP1,699,600). Wharf Resources Plc will also be obliged to pay a proportionate share of ongoing costs.

The Australian Property is located in an area with a strong infrastructure including an oil refinery, a road and rail network and two gas pipelines running north and south through the Northern Perth basin and the permit area. The assessment of the prospectively of certain target areas within the Australian Permit area has concluded that, although gas has been produced in the permit area, the reservoir is relatively deep, the ground structure is complex and extensively faulted. The structures may be compartmentalized, making commercial hydrocarbons difficult and expensive to produce, and follow-up leads will require a further round of seismic to elevate to drillable status.

Should the application, announced by Ascension Securities Ltd, be accepted, the admission to Ofex will be a significant milestone in the potential growth of Wharf Resources Plc and its future ability to raise capital in connection with its key objective to advance the projects in Slovakia and Australia with supplementary seismic measurements and ultimately on a decision to drill.

For further information, please contact Ascension Securities:

Magnus James

020 7929 1500

mjames@ascensionsecurities.com