Ascent 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.
The 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.
The disposal enables Ascent to recover a proportion of its technical appraisal costs incurred during the period it held the Licences.
Len 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.”
Press Release, August 7, 2013