UK-based junior explorer Ascent Resources reported Wednesday that it has sold its interests in exploration licenses Terschelling-Noord and M10a & M11, offshore the Netherlands, to Tulip Oil Netherlands for $600,000 (EUR 450,000).
Ascent said the licenses did not form part of the core asset base on which the company intends to focus, but that the agreement grants Ascent the right to repurchase from Tulip a 10-percent interest in each license if Tulip makes a final investment decision with respect to the Terschelling-Noord field.
Ascent CEO Len Reece commented in a company statement:
"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."
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