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%.