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Ascent Resources to sell non-core Dutch assets

Published: 02:47 07 Aug 2013 EDT

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Ascent Resources (LON:AST) has agreed a deal to sell its Dutch assets for €450,000 in cash.

The AIM quoted oil and gas firm said the business unit is not part of the core asset base on which it is focused.

Under the terms of the deal, with Tulip Oil Netherlands, Ascent will have the right to buy-back a 10% stake in the assets should a final investment decision on the commercial development of the Terschelling-Noord field.

"This transaction is in accordance with our corporate strategy of disposing of non-core assets,” said chief executive Len Reece.

“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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