www.ascentresources.co.uk
Ascent Resources plc is an independent, multi-project, European focussed oil and gas exploration and production company. Its portfolio is balanced providing access to low-risk development and revenue generating production projects, alongside exploration projects with the potential for higher returns. An experienced management team, implementing a defined development programme on primarily onshore projects, provides Ascent with a solid platform to grow and generate value for stakeholders. Licences are held in Hungary, Slovenia, Italy, Switzerland and The Netherlands.
Ascent Resources gets licence extension offshore Netherlands
Ascent Resources PLC (LON:AST) has received confirmation that its M10/M11 block licences located offshore Netherlands in the southern North Sea have been extended until June 30 2013.
The M10/M11 appraisal project is in the shallow waters off the north coast of the Netherlands.
In the licence area are three structures, all of which contain gas discovery wells with the gas present in the Slochteren unit of the Rotliegendes sandstones.
Ascent has prepared a conceptual development plan and it plans a final appraisal well for the second half of 2012 to confirm reservoir parameters for the detail project design.
The 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. It would be expected to then become a production well for the development.
Wholly-owned Ascent Resources (Netherlands) BV holds a 54 percent interest in the project. Other partners are Energie Beheer Nederland B.V with 40 percent and GTO Limited with 6 percent.
Ascent Resources has a diversified portfolio of hydrocarbon exploration and development interests across five countries in Europe: Slovenia, Hungary, Italy, Switzerland and Netherlands.
The portfolio is focused 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.
The group’s flagship operation is in Slovenia, where Ascent has a 75 percent interest in the Petišovci project alongside its Slovenian partner Geoenergo, which owns the remainder.
Last month the group announced the Pg-10 well confirmed the reservoir quality and potential commerciality. The appraisal well provided better than expected results and Ascent said it believed that Petišovci's gas-in-place resource estimates will increase significantly. The project’s gas-in-place resource is currently estimated at 412 billion cubic feet P50 gas-in-place.
