Ascent Resources Regulatory News (AST)

19 Apr 2007 14:30

Ascent Resources PLC19 April 2007 Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas Ascent Resources plc ("Ascent" or the "Company") Offshore Netherlands Project Update Ascent Resources plc, the European focused gas and oil exploration andproduction company, announces that Energie Beheer Nederland BV ("EBN") willparticipate in the exploration of the P4, M8, M10 and M11 exploration licencesin the Dutch Sector of the North Sea with a 40% interest, following the approvalby the Dutch Minister of Economic Affairs (de Minister van Economische Zaken). EBN, the Dutch State owned oil and gas company, participates in the explorationand production of most of the hydrocarbons in the Netherlands. Offshore, thelicensee has the option to invite EBN to participate in the exploration stage.However the oil ministry will regardless, require a 40% participation of EBN ifa discovery is made, whereby a production licence is issued unless participationof EBN is financially disadvantageous to the Dutch State. EBN is not a licenceholder and will neither carry out exploration activities on its own initiativenor will it act as principal. The interests in the four exploration licences will now be: Participation Paying Interest % % Ascent Resources plc 27.0 22.5Energie Beheer Nederland BV 40.0 40.0McLaren Resources Inc 27.0 37.5GTO Limited 6.0 Carried until production The applications for the P4, M8, M10 and M11 exploration licences, which coveran area of 795 square kilometres, were made following the analysis of seismicand exploration data purchased from the Netherlands Institute of AppliedGeoscience ("TNO"). The technical work focuses on the newly recognisedCarboniferous exploration plays as well as the traditional Rotliegend plays. Within the M11 licence area, the M11-01 well, drilled by NAM (Shell-ESSONetherlands) in 1982, discovered gas and was tested at a rate of 6,600 cu.m perday (233 Mscfd) from the Upper Slochteren sandstones of the Rotliegend (asreported by TNO on behalf of the Ministry of Economic Affairs). Within the M10licence area there is a northern extension of the Terschelling Noord field, theexploration of which is operated by NAM in the Terschelling licence area to thesouth. In the area of M8, M10 and M11, a number of 3-D seismic surveys on open release,have now been loaded and the interpretation of these data, which form the basisfor the new exploration work, has now commenced. Ascent Managing Director Jeremy Eng said, "EBN participates in virtually everyoil and gas project in the Netherlands and as such brings invaluable experienceas well as unrivalled financial capability. Ascent, as operator of thisexploration effort, aims to identify drilling targets as soon as possible andwelcomes the support and assistance of EBN." * * ENDS * * For further information visit www.ascentresources.co.uk or contact: Jeremy Eng Ascent Resources plc Tel: 020 7251 4905Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 Notes: Ascent Resources has a portfolio of over 20 oil and gas projects across sixcountries in Europe. The projects are onshore in Italy, Switzerland, Hungary,Spain, Slovenia and offshore Netherlands. In the current drilling campaign,Ascent has already drilled two wells in Hungary, one of which was a gasdiscovery. The Anagni-1 well, first of two Italian wells, has been temporarilycompleted as an oil discovery and is to be deepened and tested. The Hontomin-4well, the first of two wells in Spain is on-going. Two gas exploration wellsare scheduled to be drilled in Hungary shortly. Later in the year, high impactgas exploration wells are planned in the Po Valley in Italy and a Switzerland,subject to permitting and rig availability. Ascent operates Spain's only onshore oilfield where production currentlyaverages over 100 barrels of oil per day. With the stable European gas market, Ascent's portfolio favours gas over oiland, with the exception of the Netherlands, all of its projects are locatedonshore where operating and development costs are substantially lower than theyare offshore. This information is provided by RNS The company news service from the London Stock Exchange