Increase in Interest in North

RNS Number : 3717P

Ascent Resources PLC

15 July 2010

 



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: [phone]
Simon Cunningham	Ascent  Resources plc	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Paul Youens	St Brides Media & Finance Ltd	Tel: [phone]
Charles Vaughan	Astaire Securities (Corporate Broking)	Tel: [phone]
Gavin Burnell	Astaire Securities	Tel: [phone]
Toby Gibbs	Astaire Securities	Tel: [phone]
Phil Davies	Fox-Davies Capital Ltd	Tel: [phone]
David Porter	Fox-Davies Capital Ltd	Tel: [phone]

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.

 

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