Ascent has increased its interest in the M10/11 block in the southern North Sea off the Netherlands' coast. Following the transfer of McLaren 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 $125,000 CDN if the license 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.
Ascent Managing Director Jeremy Eng said, "While our attention is focused on the Petišovci-Lovászi project areas for 2010/11, we continue to position our whole portfolio to maximize potential value for shareholders. By taking an increased stake in the North Sea block, with no initial outlay, we are able to direct the decision on the drilling of appraisal wells so that we can act in the best interest for Ascent."
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