Business
Netherlands Update
Netherlands Update.
About this update from Ascent Resources Plc
[{"type":"text","content":"\n Ascent Resources PLC\n19 April 2007\n\n\n Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas\n\n\n Ascent Resources plc ('Ascent' or the 'Company')\n Offshore Netherlands Project Update\n\n\nAscent Resources plc, the European focused gas and oil exploration and\nproduction company, announces that Energie Beheer Nederland BV ('EBN') will\nparticipate in the exploration of the P4, M8, M10 and M11 exploration licences\nin the Dutch Sector of the North Sea with a 40% interest, following the approval\nby the Dutch Minister of Economic Affairs (de Minister van Economische Zaken).\n\nEBN, the Dutch State owned oil and gas company, participates in the exploration\nand production of most of the hydrocarbons in the Netherlands. Offshore, the\nlicensee has the option to invite EBN to participate in the exploration stage.\nHowever the oil ministry will regardless, require a 40% participation of EBN if\na discovery is made, whereby a production licence is issued unless participation\nof EBN is financially disadvantageous to the Dutch State. EBN is not a licence\nholder and will neither carry out exploration activities on its own initiative\nnor will it act as principal.\n\nThe interests in the four exploration licences will now be:\n\n Participation Paying Interest\n % %\n\nAscent Resources plc 27.0 22.5\nEnergie Beheer Nederland BV 40.0 40.0\nMcLaren Resources Inc 27.0 37.5\nGTO Limited 6.0 Carried until production\n\nThe applications for the P4, M8, M10 and M11 exploration licences, which cover\nan area of 795 square kilometres, were made following the analysis of seismic\nand exploration data purchased from the Netherlands Institute of Applied\nGeoscience ('TNO'). The technical work focuses on the newly recognised\nCarboniferous exploration plays as well as the traditional Rotliegend plays.\n\nWithin the M11 licence area, the M11-01 well, drilled by NAM (Shell-ESSO\nNetherlands) in 1982, discovered gas and was tested at a rate of 6,600 cu.m per\nday (233 Mscfd) from the Upper Slochteren sandstones of the Rotliegend (as\nreported by TNO on behalf of the Ministry of Economic Affairs). Within the M10\nlicence area there is a northern extension of the Terschelling Noord field, the\nexploration of which is operated by NAM in the Terschelling licence area to the\nsouth.\n\nIn the area of M8, M10 and M11, a number of 3-D seis...