Ascension Securities Ltd Announce Their Appointment as Corporate Advisers to Phoenix Resources Plc

London, United Kingdom, March 24, 2007 --(PR.com)-- Ascension Securities Ltd are pleased to announce that they will be acting as corporate advisers to Phoenix Resources PLC, which was incorporated in April 2006 in order to take advantage of opportunities to acquire working interests in three oil and gas prospects in Western Australia through farmin arrangements with wholly owned subsidiaries of Empire or Victoria Petroleum Limited, companies listed on the Australian Stock Exchange. Farmin arrangements, whereby the owner of a permit grants an interest in the permit to a third party in return for that party paying an agreed amount of exploration and/or development costs, are a common mechanism for the financing of exploration opportunities in the natural resources sector.

The Company has the entitlements, through the Farmin Agreements:
10% interests in EP104, R1 and L98-1, being an exploration permit, a retention lease and an application for a production licence in respect of potential hydrocarbon (oil and gas) fields in the Canning Basin 1,800 km north of Perth. The cost of the interest in EP104 and R1 is A$450,000, of which A$100,000 has already been paid by the Company. These monies must be applied towards the drilling of an appraisal well, Stokes Bay -1. that will test an updip culmination of the Point Torment gas discovery. The cost of the interest in L98-1 is A$45,000 to be applied towards a makeover of the West Kora-1 Well.

A 25% interest in EP435, an exploration permit in the Carnarvon Basin in Western Australia. The Company has agreed to contribute A$800,000 to the cost of drilling the Parrot Hill 2 well, which has already been paid, and will contribute an estimated additional A$225,000 for completion in the event of a discovery.

A 50% interest in EP359, an exploration permit in the Carnarvon Basin in Western Australia. The Company has already contributed the A$100,000 for the option to acquire the interest. This sum is to be used for an airborne Transient Electromagnetic (TEM) survey and ground geochemical surveys. To exercise the option the Company must contribute A$1.5 million to the drilling of one of four prospects in EP359.

The Licence Interests have the following hydrocarbon potential: EP104, R1 and L98-1. Stokes Bay -1 will test an updip culmination of the Point Torment gas discovery; EP435: Parrot Hill 2 - an updip appraisal well of the 1987 Parrot Hill 1, which encountered a 6.2 metre oil column, recovered some oil but failed to flow fluids to surface.; and EP359 - the Wogatti and Whaleback prospects are ready to drill, while Paterson North and Cape Range East require further geophysical or geochemical definition. Further details are available by contacting Stephen Lee, Ascension Securities Ltd.

Additionally, the Company has an experienced Board and team of consultants who together have substantial mining, finance and legal experience and expertise, including in relation to mining in Western Australia, and the listing of companies on AIM.

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