Ascent Resources Ups Interest In North Sea Blocks M10/M11

15th Jul 2010 07:39

LONDON (Dow Jones)--Ascent Resources PLC (AST.LN), an oil and gas exploration and production company, said Thursday that 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. MAIN FACTS: -Following the transfer of McLaren Resources Inc's (MCL.L) 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 C$125,000 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. -Shares closed Wednesday at 3.9 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 15, 2010 02:39 ET (06:39 GMT)