Business
Disposal of Netherlands Offshore Licenses
Disposal of Netherlands Offshore Licenses.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0901L Ascent Resources PLC 07 August 2013 \n\n7 August 2013\n \nAscent Resources plc.\n \n(\"Ascent\" or the \"Company\")\n \n \nDisposal of interest in Netherlands Offshore Licences\n \nAscent Resources plc, the AIM listed European oil and gas exploration and production company, today announces that it has agreed to dispose of its full interests in the Netherlands Exploration Licences Terschelling-Noord and M10a & M11 to Tulip Oil Netherlands B.V. for a total cash consideration of up to €450,000, before selling expenses, once the consents for the transfer of the Licences become irrevocable. These licences did not form part of the core asset base on which the board has decided to focus.\n \nThe agreement grants Ascent the right to re-purchase from Tulip Oil a 10% interest in each of the Licences once Tulip Oil has made a final investment decision with respect to the commercial development of the Terschelling-Noord Field.\n \nThe disposal enables Ascent to recover a proportion of its technical appraisal costs incurred during the period it held the Licences.\n \nLen Reece, Ascent's Chief Executive Officer, commented: \"This transaction is in accordance with our corporate strategy of disposing of non-core assets. It provides additional cash for the Company in the short term and allows Ascent to focus our efforts and resources on our core Petišovci project in Slovenia.\"\n \n \nEnquiries:\n \n \nAscent Resources plc.\nClive Carver\nTel: +44 (0)20 7251 4905\n \nfinnCap (Nominated Adviser and Broker)\nMatt Goode / Charlotte Stranner \nTel: +44 (0) 20 7220 0500\n \nFirstEnergy Capital LLP(Financial Adviser)\nHugh Sanderson / David van Erp \nTel: + 44 (0) 20 7448 0200\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DISUNVSROWAWRAR\n ","length":3457,"tagName":"div"}]