Block M10/M11 Licence Extended - Netherlands

RNS Number : 0955O

Ascent Resources PLC

13 September 2011

 



Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas

13 September 2011

Ascent Resources plc ('Ascent' or 'the Company')

Licence extended in Netherland's North Sea Block M10/M11

Ascent Resources plc, the AIM-traded European oil and gas exploration and production company, through its subsidiary Ascent Resources (Netherlands) BV ('ARN'), has received confirmation of the extension of its M10/M11 block licences ('the Project') located offshore Netherlands in the southern North Sea until 30 June 2013.

The M10/M11 appraisal project is in the shallow waters off the north coast of the Netherlands.  In the licence area there are three structures, all of which contain gas discovery wells with the gas present in the Slochteren unit of the Rotligendes sandstones.  A conceptual development plan has been prepared and a final appraisal well is being planned for H2 2012 to confirm reservoir parameters for the detail project design.  This well will be an appraisal well for the Terschelling Noord discovery, which is in a structure that lies partly within the M10/M11 licence area and partly to the area to the south.  The well would be expected to then become a production well for the development.

ARN holds a 54% interest in the Project.  Other partners in the Project are Energie Beheer Nederland B.V with 40% and GTO Limited with 6%.

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For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng	Ascent  Resources plc	Tel: [phone]
Scott Richardson Brown
Sarah Wharry	finnCap Ltd (NOMAD & Broker)	Tel: [phone]
Ben Thompson
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]

Notes:

Ascent Resources plc has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Slovenia, Hungary, Italy, Switzerland,  and Netherlands.  Its 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.

 

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