Last checked at 15 Jul 2010 07:00
Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas
15 July 2010
Ascent Resources plc ('Ascent' or 'the Company')
Increase in Interest in North Sea Blocks M10/M11
Ascent Resources plc, the AIM-traded oil and gas exploration and production company, through its subsidiary Ascent Resources (Netherlands) BV ('ARN'), has increased its interest in the M10/11 block in the southern North Sea off the Netherlands' coast. Following the transfer of McLaren Resources Inc's ('McLaren') 27% interest in the block, ARN now holds a 54% interest in the project. McLaren will receive a 3% net profit interest from ARN on the 27% interest transferred and a one-off payment of $125,000 CDN if the licence extension for drilling is granted. Other partners in the project are EBN with 40% and GTO with 6%.
This M10/11 appraisal project is in the shallow waters off the north coast of the Netherlands. The discovery well, M11-1 was drilled by Nederlandse Aardolie Maatschappij ('NAM') in 1985. The area benefits from good quality 3-D seismic coverage and in addition to the discovery in the Rotligendes sandstones, a number of other prospects and leads have been identified. Ascent and the other project partners are considering the drilling of an appraisal well for the Terschelling Noord discovery which was also drilled by NAM in 1992. This structure lies partly within the M10/11 license area and partly to the area to the south.
Ascent Managing Director Jeremy Eng said, "While our attention is focussed on the Petišovci-Lovászi project areas for 2010/11, we continue to position our whole portfolio to maximise potential value for shareholders. By taking an increased stake in the North Sea block, with no initial outlay, we are able to direct the decision on the drilling of appraisal wells so that we can act in the best interest for Ascent."
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For further information visit www.ascentresources.co.uk or contact:
| Jeremy Eng | Ascent Resources plc | Tel: 020 7251 4905 |
| Simon Cunningham | Ascent Resources plc | Tel: 020 7251 4905 |
| Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Paul Youens | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
| Charles Vaughan | Astaire Securities (Corporate Broking) | Tel: 020 7492 4765 |
| Gavin Burnell | Astaire Securities | Tel: 020 7492 4773 |
| Toby Gibbs | Astaire Securities | Tel: 020 7492 4774 |
| Phil Davies | Fox-Davies Capital Ltd | Tel: 020 7936 5200 |
| David Porter | Fox-Davies Capital Ltd | Tel: 020 7936 5200 |
Notes
Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development projects across five countries in Europe: Italy, Switzerland, Hungary, Slovenia and Netherlands. Ascent's portfolio contains a solid base of field redevelopment projects with selected exposure to exploration upside. The portfolio is focussed on gas and with the exception of the shallow water Netherlands project, all of its projects are located onshore where operating and development costs are substantially lower than they would be offshore.