Ascent Resources to Sell Dutch Assets

Ascent Resources has announced that it will sell its non-core assets in the Dutch North Sea to Tulip Oil Netherlands.

The deal and Licenses for both the Terschelling-Noord and M10a and M11 cost around €450,000.

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With the contract, Ascent Resources has the right to regain a 10% interest from Tulip Oil in the two Licenses when Tulip Oil chooses to make a final investment based on the marketing development of the Terschelling-Noord Field.

The agreement will also allow Ascent to reclaim a part of its technical appraisal costs acquired during the time it kept the Licences.

M10a and M11 are situated in the north of Terschelling Island in the southern part of the Dutch North Sea.  The location has complete 3D seismic coverage and other opportunities.

Ascent Resources is an independent European company specializing in oil and gas exploration and production.