Netherlands Update
Ascent Resources PLC
19 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 and
production company, announces that Energie Beheer Nederland BV ('EBN') will
participate in the exploration of the P4, M8, M10 and M11 exploration licences
in the Dutch Sector of the North Sea with a 40% interest, following the approval
by the Dutch Minister of Economic Affairs (de Minister van Economische Zaken).
EBN, the Dutch State owned oil and gas company, participates in the exploration
and production of most of the hydrocarbons in the Netherlands. Offshore, the
licensee has the option to invite EBN to participate in the exploration stage.
However the oil ministry will regardless, require a 40% participation of EBN if
a discovery is made, whereby a production licence is issued unless participation
of EBN is financially disadvantageous to the Dutch State. EBN is not a licence
holder and will neither carry out exploration activities on its own initiative
nor will it act as principal.
The interests in the four exploration licences will now be:
Participation Paying Interest
% %
Ascent Resources plc 27.0 22.5
Energie Beheer Nederland BV 40.0 40.0
McLaren Resources Inc 27.0 37.5
GTO Limited 6.0 Carried until production
The applications for the P4, M8, M10 and M11 exploration licences, which cover
an area of 795 square kilometres, were made following the analysis of seismic
and exploration data purchased from the Netherlands Institute of Applied
Geoscience ('TNO'). The technical work focuses on the newly recognised
Carboniferous exploration plays as well as the traditional Rotliegend plays.
Within the M11 licence area, the M11-01 well, drilled by NAM (Shell-ESSO
Netherlands) in 1982, discovered gas and was tested at a rate of 6,600 cu.m per
day (233 Mscfd) from the Upper Slochteren sandstones of the Rotliegend (as
reported by TNO on behalf of the Ministry of Economic Affairs). Within the M10
licence area there is a northern extension of the Terschelling Noord field, the
exploration of which is operated by NAM in the Terschelling licence area to the
south.
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 basis
for the new exploration work, has now commenced.
Ascent Managing Director Jeremy Eng said, 'EBN participates in virtually every
oil and gas project in the Netherlands and as such brings invaluable experience
as well as unrivalled financial capability. Ascent, as operator of this
exploration effort, aims to identify drilling targets as soon as possible and
welcomes 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 4905
Hugo 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 six
countries 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 gas
discovery. The Anagni-1 well, first of two Italian wells, has been temporarily
completed as an oil discovery and is to be deepened and tested. The Hontomin-4
well, the first of two wells in Spain is on-going. Two gas exploration wells
are scheduled to be drilled in Hungary shortly. Later in the year, high impact
gas 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 currently
averages over 100 barrels of oil per day.
With the stable European gas market, Ascent's portfolio favours gas over oil
and, with the exception of the Netherlands, all of its projects are located
onshore where operating and development costs are substantially lower than they
are offshore.
This information is provided by RNS
The company news service from the London Stock Exchange